new chase cashback rules

eastmidsaver

hi,
so last night i received an email from chase explaining the rules to get the 1% cashback for a further year.
it says i need to deposit £500 in the prior month,  meaning i will then get 1% cashback on any spend (up to £15).   so if i deposit £500 in June,  then July will be the qualifying period,  and repeat each month for 1 year.
however,  what is not so clear.   can you put the £500 in,   and then move it back out again?
or would you need to leave that £500 in there for the entire month?
many thanks.

ColdIron

The condition is to pay in, you can move it out again. It only has to be in the account for a shake of a nanny goat's tail

Doctor_Who

I pay £500 in each month and then immediately either pay the same sum out or transfer to the linked savings account

Nebulous2

You need to pay it into your current account, not a savings account,  and there are no issues with moving it. That's the case with all the accounts I've come across that require a specific turnover. 

I'm only on my third month of this, but I've been paying it into my current account, moving it to a savings account, then moving it back in dribs and drabs, as I need it through the month. 

eskbanker

ColdIron said:

It only has to be in the account for a shake of a nanny goat's tail

....and then paid out into a kid's account?

eastmidsaver

thanks for the info.

baser999

When I paid my £500 in there was a note appear saying that I’d now qualify for the following months cashback; I then transferred some of the money back out and left the rest in the saver account which is earning a comparable interest rate any way

km1500

make  sure you transfer it from an external.account

MisterMotivated

eskbanker said:

ColdIron said:

It only has to be in the account for a shake of a nanny goat's tail

....and then paid out into a kid's account?

That depends...  Is the kid named Billy?

adindas

baser999 said:

When I paid my £500 in there was a note appear saying that I’d now qualify for the following months cashback; I then transferred some of the money back out and left the rest in the saver account which is earning a comparable interest rate any way

Could you please share your experience. Where did you get that message ? Is it in the email, text or in the apps ??

cwep2

km1500 said:

make  sure you transfer it from an external.account

It can be a Chase account in someone else's name.
I was able to transfer in £500 to my Chase account then transferred it straight to my wife's Chase account and we both qualified for the cashback.

Of course you will need to pay in to have funds to spend anyway, this is only an issue if 1. You spend less than £500 per month or 2. You keep your spending money in the linked Chase savings account as the transfer from this>Chase current account won't qualify.

I used to do the latter when the 3% rate was competitive enough (within 0.25%) vs other savings accounts but these changes just gave me another reason to move my ready cash savings somewhere else and drip feed into Chase as I spent money there.