Chase Bank paying 1% interest on Current Account

baser999

Band7 said:

Don’t spend that interest all at once 🤠

Could buy a biscuit to go with the cuppa in the canteen 😏

TheBanker

RG2015 said:

TheBanker 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.

I've always kept a balance in my Chase current account to cover my debit card spending. Transferring from savings is indeed easy, but not something I want to do every time I buy a cup of tea in the work canteen! I've normally transfer about £200 to the current account to cover my spending, then top it back up to £200 when it starts to run low. 

So the 1% interest will benefit me, although given I only keep a small balance in the current account it will generate less than £1 per year (so missing out on up to £2 by not keeping it in the Savings account). 

I’ll admit I was playing devil’s advocate a bit.

I lose far more in possible interest by keeping larger amounts in my main current accounts (not Chase). There is a limit to how much I faff about to get a few more pennies a month versus the convenience factor.

1% on up to a few hundreds in a current account is just not worth the bother for me.

I thought you might be. I've always kept a relatively low balance with Chase, I only use it for debit card spends so there's no point keeping a lot there. The fact it now earns 1% interest won't change my behaviour at all, the only difference will be I might have an extra pound at the end of the year.

Although 12 months ago an account paying 1% would have been very attractive indeed! 

TheBanker

Dietofsoup said:

I remember a seasoned, albeit under one of their previous many iterations, poster.stating that they'd be furious if they'd be even 1p underpaid interest from a different organisation.

So as you can see from my user name I work in a bank. We do occasionally get complaints from customers who think they've been short-changed by 1p on their interest. It's usually the case that their calculation is wrong, but personally I wouldn't waste my time complaining over 1p even if I was convinced I was right! 

I remember years ago someone coming into the branch I was working in to complain about a 1p shortfall following an FX conversion. He was quite aggressive. The manager rummaged around in his pocket, found a 1p coin, gave it to the customer and told him to do one

Band7

Beware of bankers telling you that a 1p difference doesn’t matter 🤣🤣 





https://www.google.com/search?rlz=1CDGOYI_enGB827GB827&hl=en-GB&sxsrf=APwXEdfbrKlZ3UU2LrZqCqQkqHAyuoOiJA:1681825869334&q=Guy+who+stole+1+cent+from+every+bank+account&sa=X&ved=2ahUKEwih0Y_MybP-AhUah1wKHQ-yD3EQ1QJ6BAg2EAE&biw=428&bih=859&dpr=3

TheBanker

Band7 said:

Beware of bankers telling you that a 1p difference doesn’t matter 🤣🤣 





https://www.google.com/search?rlz=1CDGOYI_enGB827GB827&hl=en-GB&sxsrf=APwXEdfbrKlZ3UU2LrZqCqQkqHAyuoOiJA:1681825869334&q=Guy+who+stole+1+cent+from+every+bank+account&sa=X&ved=2ahUKEwih0Y_MybP-AhUah1wKHQ-yD3EQ1QJ6BAg2EAE&biw=428&bih=859&dpr=3

You've rumbled me!

Actually, one of the banks I worked for had a complaint about a 1p interest shortfall, and when the complaint handler checked the customer's calculations, she agreed with him that there had been an error. She identified an issue with the logic used to calculate interest due if a particular sequence of transactions was applied in a specific order, at a specific time of the week. So they did a review of all accounts to see how many customers had been impacted. As a result thousands of customers received redress, although the maximum payment was about 20p. If you've ever seen a random couple of pence interest credit on a statement, that's probably what happened. It cost more to print statement inserts to explain the adjustment, than the cost of the adjustments themselves.

baser999

TheBanker said:

Dietofsoup said:

I remember a seasoned, albeit under one of their previous many iterations, poster.stating that they'd be furious if they'd be even 1p underpaid interest from a different organisation.

So as you can see from my user name I work in a bank. We do occasionally get complaints from customers who think they've been short-changed by 1p on their interest. It's usually the case that their calculation is wrong, but personally I wouldn't waste my time complaining over 1p even if I was convinced I was right! 

I remember years ago someone coming into the branch I was working in to complain about a 1p shortfall following an FX conversion. He was quite aggressive. The manager rummaged around in his pocket, found a 1p coin, gave it to the customer and told him to do one

Similar to the petrol stations that would charge whole pounds for a *99p transaction, then saying “well it’s only a penny”. But over the course of a week, all those pennies would add up in favour of the petrol station.

ForumUser7

I note that Chase pays interest on current accounts monthly. What date of the month is this normally please, or is it just on the monthly anniversary please? Thank you

refluxer

ForumUser7 said:

I note that Chase pays interest on current accounts monthly. What date of the month is this normally please, or is it just on the monthly anniversary please? Thank you

Chase pay interest on both the current and saver accounts on the 1st of the month.

adindas

I have not followed this cashback since recently. I understand that you could extend to get the 1% cashback once one year is elapse by depositing £500+ into your account each month. 
Is it still the case nowadays for every customer, or only for specific customer ?
I tried to search this info from chase but could not find it. If there is a link confirming thus from Chase ?
Thanks

flaneurs_lobster

adindas said:

I tried to search this info from chase but could not find it. If there is a link confirming thus from Chase ?
Thanks

Do you have the Chase app? Take "Support" button on home page and monthly cashback is the first help page in the list of topics.