Possible changes to savings rate with Chase from 13 May

allegro120

ToastLady said:

Agree that the Chase savings account isn't competitive. It's just handy for keeping monthly spend in and gaining something, moving to current a/c when needed within the app, rather than faff with transfers from one bank to another, especially if out and about.

I tend to keep my Chase balance at around £100.  I use Asda self serving petrol station and they require £99 to be available in your account regardless how much fuel you buy.  Also use Chase for for most purchases to reap the benefit of 1% cash back.

ToastLady

RedImp_2 said:

ToastLady said:

Agree that the Chase savings account isn't competitive. It's just handy for keeping monthly spend in and gaining something, moving to current a/c when needed within the app, rather than faff with transfers from one bank to another, especially if out and about.

I guess it depends on which bank you use but it’s no more pfaff to me to transfer from my other bank than to go into Chase to do it.  And it’s pretty much instantaneous 

I find it a hassle with having so many payees all in my name with different banks to transfer on mobile app, I'd have to search through to find the right one, whereas on website, it's plain to see. Hence why it's way easier to deal just with Chase for monthly spend for groceries, petrol etc. Also I know exactly what I have to spend each month without having to tally it up in my head, which is nigh on impossible with my aging memory. Anything left at the end of the month is transferred to higher paying easy access account, and I start again from scratch. It works for me, but appreciate that others operate differently.

icsys

Now they have drummed up business perhaps they should concentrate on keeping that business.

The next big change to happen is to increase the minimum monthly deposit from £500 to £1500 in order to qualify for the 1% cashback in the following month.
This will happen when your current cashback offer expires.

Of course you can circumvent this by depositing £500 taking it out and depositing it again three times

steven141

icsys said:

Now they have drummed up business perhaps they should concentrate on keeping that business.

The next big change to happen is to increase the minimum monthly deposit from £500 to £1500 in order to qualify for the 1% cashback in the following month.
This will happen when your current cashback offer expires.

Of course you can circumvent this by depositing £500 taking it out and depositing it again three times

I’m not sure if I’ll stick around with Chase when my existing offer ends which asks me to pay in £500 a month. I need to have a think about it. 

I do like how simple parts of the Chase app are but in some parts it is very messy especially I when transferring money between your own accounts it doesn’t ask you to select where from, it defaults to one of them and it can be confusing ( I have one current account and 4 savings accounts with them), if transferring in a rush it’s easy to make a mistake if you forget to change the preselected account from. 

If the cashback offer on spending wasn’t there I wouldn’t stick around as I prefer the other banks. 

ToastLady

icsys said:

Now they have drummed up business perhaps they should concentrate on keeping that business.

The next big change to happen is to increase the minimum monthly deposit from £500 to £1500 in order to qualify for the 1% cashback in the following month.
This will happen when your current cashback offer expires.

Of course you can circumvent this by depositing £500 taking it out and depositing it again three times

I'm now in the £1500 month bracket. Can confirm taking out and depositing again works. Did it on 1st-2nd March and have cashback for April. Agree with Steven141, if it wasn't for the cashback, I wouldn't be faffing about. It is a handy card for spending abroad with though, so wouldn't be ditching it.