Chase Bank paying 1% interest on Current Account

SAC2334

Email just now from them starting 24 th April .Better than nothing I suppose and my 1% cashback ends soon 

Wheres_My_Cashback

https://forums.moneysavingexpert.com/discussion/6295399/chase-uk-discussion#latest

Band7

As you say, better than nothing - but not enough to tempt me to use Chase as my main current account. My trusted old 123 Lite in combination with CHIP instant access still trumps it for me.

If Chase ever offer CASS, cashback on DDs, the market leading savings rate, and auto-refill from their savings account, or something along those lines, I will reconsider.

RG2015

SAC2334 said:

Email just now from them starting 24 th April .Better than nothing I suppose and my 1% cashback ends soon 

It is relatively easy to reinstate the 1% cashback by depositing £500. If you wish you can withdraw it immediately.

RG2015

It is also simple and quick to transfer from the current account to the savings account.

Why would anyone leave money in the current account earning 1% when it would earn over 3 times more in the saver.

wmb194

RG2015 said:

It is also simple and quick to transfer from the current account to the savings account.

Why would anyone leave money in the current account earning 1% when it would earn over 3 times more in the saver.

Because you have a DD, SO, CPA or whatever coming out of the current account sometime soon and Chase doesn't presently offer an overdraft that you could use temporarily?

RG2015

wmb194 said:

RG2015 said:

It is also simple and quick to transfer from the current account to the savings account.

Why would anyone leave money in the current account earning 1% when it would earn over 3 times more in the saver.

Because you have a DD, SO, CPA or whatever coming out of the current account sometime soon and Chase doesn't presently offer an overdraft that you could use temporarily?

I hadn’t thought of that as I have never even considered Chase for automatic payments. It still doesn’t seem like a real bank and I mainly use it for the 1% cashback which remains market leading.

It does though remind me of the halcyon days of the Santander 123 with 3% on up to £20k.

Now that was current account interest worth shouting about.

Band7

wmb194 said:

RG2015 said:

It is also simple and quick to transfer from the current account to the savings account.

Why would anyone leave money in the current account earning 1% when it would earn over 3 times more in the saver.

Because you have a DD, SO, CPA or whatever coming out of the current account sometime soon and Chase doesn't presently offer an overdraft that you could use temporarily?

why not have those DDs, SOs and CPAs coming out of the Chase savings account to start with?

wmb194

Band7 said:

wmb194 said:

RG2015 said:

It is also simple and quick to transfer from the current account to the savings account.

Why would anyone leave money in the current account earning 1% when it would earn over 3 times more in the saver.

Because you have a DD, SO, CPA or whatever coming out of the current account sometime soon and Chase doesn't presently offer an overdraft that you could use temporarily?

why not have those DDs, SOs and CPAs coming out of the Chase savings account to start with?

Well yes, of course, I'm just thinking about how some people will use the account but how do you do a CPA via the savings account? It doesn't have a debit card.

wiseonesomeofthetime

You can't. 

You cannot even determine which current account the CPA comes out of (if you have multiple current accounts) because they will always come out of the current account upon which the debit card is assigned at that precise moment of calling for the payment.

My DDs and SOs come out of three separate savings accounts, with ease.

Band7

wmb194 said:

Band7 said:

wmb194 said:

RG2015 said:

It is also simple and quick to transfer from the current account to the savings account.

Why would anyone leave money in the current account earning 1% when it would earn over 3 times more in the saver.

Because you have a DD, SO, CPA or whatever coming out of the current account sometime soon and Chase doesn't presently offer an overdraft that you could use temporarily?

why not have those DDs, SOs and CPAs coming out of the Chase savings account to start with?

Well yes, of course, I'm just thinking about how some people will use the account but how do you do a CPA via the savings account? It doesn't have a debit card.

OK, fair enough. Shows that I know nothing about CPAs as I never use them