Chase questions 23 February at 8:28AM in Savings & investments 25 replies 1.9K views

slhqoue

Hi all,

I've been using Chase to save at 3%, but for the first time am considering using the current account and round up features.

1% cashback on normal debit card spending for a year. This is unlimited for 12 months if you sign up before 1 May, but sign up after that and it's capped at £15/month. It does exclude cashback for buying cars, art, gambling and a few others - see the full list.

New. Cashback continues after a year. For new and existing customers, the cashback will now continue, though after 1 April those who have had the account over a year will see cashback capped at £15/month (£1,500 of spending). Plus you'll need to pay in £500+/month to the current account, so set up a standing order. 

Does this mean I should transfer over say £500-1000 from my primary bank account to Chase after pay day every month and just use it for spending?

5% 'round-up' savings pot on spare change from purchases.

Does this happen automatically? 

I'd also be interested to know how much interest people regularly accrue from these two methods (I know all of our spending levels are different, I'm just curious - especially for the 5% round-up.

Thanks!

jimexbox

Just transfer in £500 , then straight out again if you're not transfering to a savings pot.

As regular savers are now above 5%, is there any point to the round up? 

Band7

There was never much point in the Roundup to start with. Even if you managed to top up the Roundup with £50 on each 1st of a month (impossible unless you make ‘unnatural’ transactions), you’d barely make £16 over 12 months. More likely, people will make a tenner at most. 

It’s been a Marketing gimmick from day 1, to catch the attention of people.

RedImp_2

The round up was automatic, might have had to opt in can’t remember but I’ve earned grand total of £2.13 in 10 months.
The other is literally 1% of what I spend so not sure what value you would get from knowing my figure.
Just be aware the comment about transferring £500 in and out again there was something in the t’s & c’s about using it normally (can’t remember the wording) which made me think they may not allow if you literally transfer in and straight out

Band7

RedImp_2 said:

The round up was automatic, might have had to opt in can’t remember but I’ve earned grand total of £2.13 in 10 months.
The other is literally 1% of what I spend so not sure what value you would get from knowing my figure.
Just be aware the comment about transferring £500 in and out again there was something in the t’s & c’s about using it normally (can’t remember the wording) which made me think they may not allow if you literally transfer in and straight out

Chase won't be able to stop people from paying in £500 and taking it straight out again. After all, it is a current account.

However, why would people do this? How are they planning on making their 1% cashback without money in their Chase account? Are people misunderstanding how the Chase cashback works?

They'd also need to deposit anything up to three times £500 if they wanted to maximise their monthly cashback.

Band7

RedImp_2 said:

The round up was automatic, might have had to opt in 

yes, it is opt in. You can also opt out again at any time. There's no limit to how often you can opt in and out but hopefully people have better things to do with their time 

jimexbox

Band7 said:

RedImp_2 said:

The round up was automatic, might have had to opt in can’t remember but I’ve earned grand total of £2.13 in 10 months.
The other is literally 1% of what I spend so not sure what value you would get from knowing my figure.
Just be aware the comment about transferring £500 in and out again there was something in the t’s & c’s about using it normally (can’t remember the wording) which made me think they may not allow if you literally transfer in and straight out

Chase won't be able to stop people from paying in £500 and taking it straight out again. After all, it is a current account.

However, why would people do this? How are they planning on making their 1% cashback without money in their Chase account? Are people misunderstanding how the Chase cashback works?

They'd also need to deposit anything up to three times £500 if they wanted to maximise their monthly cashback.

Transfers between a savings pot and the spend account won't activate the cashback. So if you're spending money you already have deposited, you'll still need to transfer £500 in and out. 

Band7

jimexbox said:

Band7 said:

RedImp_2 said:

The round up was automatic, might have had to opt in can’t remember but I’ve earned grand total of £2.13 in 10 months.
The other is literally 1% of what I spend so not sure what value you would get from knowing my figure.
Just be aware the comment about transferring £500 in and out again there was something in the t’s & c’s about using it normally (can’t remember the wording) which made me think they may not allow if you literally transfer in and straight out

Chase won't be able to stop people from paying in £500 and taking it straight out again. After all, it is a current account.

However, why would people do this? How are they planning on making their 1% cashback without money in their Chase account? Are people misunderstanding how the Chase cashback works?

They'd also need to deposit anything up to three times £500 if they wanted to maximise their monthly cashback.

Transfers between a savings pot and the spend account won't activate the cashback. So if you're spending money you already have deposited, you'll still need to transfer £500 in and out. 

I know that transfers from the saver account , or other Chase account, won't count towards the minimum monthly deposit. It's clearly spelt out in their T&Cs, and I have never suggested that an internal transfer would count.

Not sure what you mean by needing to transfer £500 out. There is no requirement for transferring anything out. If you want to earn cashback, you need to spend money from your current account, on your debit card, and with retailers which Chase aren't excluding from cashback.

metrobus

https://www.chase.co.uk/gb/en/support/cashback-offer/

You need to pay in the £500 a calendar month before the month you want to get cash back for.

35har1old

slhqoue said:

Hi all,

I've been using Chase to save at 3%, but for the first time am considering using the current account and round up features.

1% cashback on normal debit card spending for a year. This is unlimited for 12 months if you sign up before 1 May, but sign up after that and it's capped at £15/month. It does exclude cashback for buying cars, art, gambling and a few others - see the full list.

New. Cashback continues after a year. For new and existing customers, the cashback will now continue, though after 1 April those who have had the account over a year will see cashback capped at £15/month (£1,500 of spending). Plus you'll need to pay in £500+/month to the current account, so set up a standing order. 

Does this mean I should transfer over say £500-1000 from my primary bank account to Chase after pay day every month and just use it for spending?

5% 'round-up' savings pot on spare change from purchases.

Does this happen automatically? 

I'd also be interested to know how much interest people regularly accrue from these two methods (I know all of our spending levels are different, I'm just curious - especially for the 5% round-up.

Thanks!

Yes send the required amount of £500 does not have to remain in the current you could transfer some to savings account and if required you then can transfer it back.

Cash back goes into a pot and i think on anniversary is is transferred into the current account
Round up Happens Automatically

Its not really down to spending habits its down to total on the bill 
For example if total came to £14.98 round up would be 2p + 15p cash back or if total was £14.01 round up 99p + 14p cash back
so you can see that it would take sometime to build up a sum of money in the round up pot if you bills where always near the pound mark are exactly on the pound.

1% cash back is alright compared  with cash back credit cards through you do have less protection when it comes to making large purchase. Even at the cap you would have to spend  £1428 a month If every transaction was for £10.50 this would amount to £68 Round up but that's 136 transactions Cash Back £14.96

Zopa_Trooper

I presume you could transfer the £500 into the current, then move it again into the 3% savings pot, transferring it back when you need to spend any of it?