Chase safe for larger deposits

friolento

Wheres_My_Cashback said:

ColdIron said:

Wheres_My_Cashback said:

masonic said:

One thing to be slightly concerned about is their faster payments daily limit. I don't recall what it is, but it caught some people out when it took them over a week to move their money back out. Should be able to find the details using a search of the main Chase thread.

£25k daily which can be increased to up to £250k via app chat/phone.

It's not the same for everybody, my limit (daily/transaction) is £35,000

Yes, forgot that if you joined Chase in the first year? which they set up, limits were I believe up to £50K, but if you've joined in the past 2+ years its been £25K.

I have been a Chase UK customer from day one, and my limit is £25k. This has so far been sufficient for my needs as I never had reason to deposit more than a few £k in Chase.

Wheres_My_Cashback

friolento said:

Wheres_My_Cashback said:

ColdIron said:

Wheres_My_Cashback said:

masonic said:

One thing to be slightly concerned about is their faster payments daily limit. I don't recall what it is, but it caught some people out when it took them over a week to move their money back out. Should be able to find the details using a search of the main Chase thread.

£25k daily which can be increased to up to £250k via app chat/phone.

It's not the same for everybody, my limit (daily/transaction) is £35,000

Yes, forgot that if you joined Chase in the first year? which they set up, limits were I believe up to £50K, but if you've joined in the past 2+ years its been £25K.

I have been a Chase UK customer from day one, and my limit is £25k. 

............

cricidmuslibale

Chase is likely to be very safe for larger deposits as previous contributors to this thread have already stated; however I hope that all those who choose to save any amount of money, large, medium or small, with Chase UK are aware of and comfortable with the fact that JP Morgan Chase is the bank that currently makes the largest worldwide financial contribution to the fossil fuel industry by some margin! If you're ok with that then fine but knowing that to be the case, I simply cannot use them at all, ever, no matter how attractive the products they offer at present and in the future are!

Futuristic

Yes, Chase is one of few that I would be comfortable having such large amounts of money in and have had so when it had higher market rates. 

Daily FPS limit is 25/50k but you can call/live chat and get temporary increase to 100k (or more not sure) a day. 

Easyjet77

cricidmuslibale said:

Chase is likely to be very safe for larger deposits as previous contributors to this thread have already stated; however I hope that all those who choose to save any amount of money, large, medium or small, with Chase UK are aware of and comfortable with the fact that JP Morgan Chase is the bank that currently makes the largest worldwide financial contribution to the fossil fuel industry by some margin! If you're ok with that then fine but knowing that to be the case, I simply cannot use them at all, ever, no matter how attractive the products they offer at present and in the future are!

I accept your views. However, I, from a family of coal miners and service personell,  couldn't care less about so called ethical opinions and happily invest where I wish! Armaments,  chemicals whatever.My family has given enough to this country without the need for sob stories about ethics.You have your thoughts and then there is the real world. Each to their own, without preaching. Regards 

TheBanker

poseidon1 said:

Malthusian said:

flopsy1973 said:

Hi
I need to empty my santander EA and was thinking about adding it to my chase saver which has the bonus. That will bring my balance to about 140k. Is anything likely to happen to chase in the short term ?

Chase is as safe as Northern Rock and Halifax were in 2007; that is, nobody really knows how safe they actually are. That is why we have compensation schemes.

Or the other alternative is put it in my partners name in something as she has not used her PSA any thoughts

Are you married?

If you aren't, and you aren't feeling generous enough to make a gift to her of £65,000, put it in a different bank, or NS&I.

Absolutely no comparisons between J P Morgan Chase, and those tiny insignificant british banks. 

The US bank tops the Forbes Global 2000 list of the most valuable business in the world, it is also the world's largest financial entity and looking at the global economy arguably the most economically important institution outside the world's central banks. At last count JPM Chase assets exceeded the entire nominal GDP of the UK!

As pointed out by la531983 above, in the event of the likes of  Chase going bust you probably looking at a real existential threat to the entire global banking system, an entity which can be truly defined as 'too big too fail'. 

 The likes of Halifax and Northern Rock ( or any British Bank for that matter ) could only dream of ever attaining the strength and security  status of Chase ( arguably an impossibility given the moribund nature of British banking).

I  personally would be more concerned of my Chase account being potentially hacked by criminals than losses occurring by virtue of the bank failing.

What about RBS? For a brief period in 2008, they were the biggest bank in the world. It did not end well. Having said that customers did not lose any money thanks to the actions of the UK Government.

Personally, I think the risk of anything happening to Chase is miniscule, and I would not lose sleep if I had over £85k there. But at the same time, the FSCS is effectively free insurance, so why not take advantage? It also means you still have access to some of your savings if Chase have a system problem or decide to freeze your account because they think you're money laundering. Plus other banks offer better rates anyway. 

penners324

Malthusian said:

flopsy1973 said:

Hi
I need to empty my santander EA and was thinking about adding it to my chase saver which has the bonus. That will bring my balance to about 140k. Is anything likely to happen to chase in the short term ?

Chase is as safe as Northern Rock and Halifax were in 2007; that is, nobody really knows how safe they actually are. That is why we have compensation schemes.

Or the other alternative is put it in my partners name in something as she has not used her PSA any thoughts

Are you married?

If you aren't, and you aren't feeling generous enough to make a gift to her of £65,000, put it in a different bank, or NS&I.

Chase is globally part on 1 of the top 5 biggest banks in the world.

If they are definitely in the 'too big to fail' category.

Malthusian

poseidon1 said:

Absolutely no comparisons between J P Morgan Chase, and those tiny insignificant british banks. 

Can I interest you in some Lehman Brothers bonds? It's the fourth largest investment bank in the good ol' USA #1. (Or was.)

Or if that doesn't interest you I can offer you some shares in Enron, one of the top ten largest companies in the US and a crucial part of their energy infrastructure. "Too big to fail" is the company motto. 

flopsy1973

What banks are paying more ?
Not married and low rate tax 

cricidmuslibale

Easyjet77 said:

cricidmuslibale said:

Chase is likely to be very safe for larger deposits as previous contributors to this thread have already stated; however I hope that all those who choose to save any amount of money, large, medium or small, with Chase UK are aware of and comfortable with the fact that JP Morgan Chase is the bank that currently makes the largest worldwide financial contribution to the fossil fuel industry by some margin! If you're ok with that then fine but knowing that to be the case, I simply cannot use them at all, ever, no matter how attractive the products they offer at present and in the future are!

I accept your views. However, I, from a family of coal miners and service personell,  couldn't care less about so called ethical opinions and happily invest where I wish! Armaments,  chemicals whatever.My family has given enough to this country without the need for sob stories about ethics.You have your thoughts and then there is the real world. Each to their own, without preaching. Regards 

And I accept your views as well. However my personal choice to never ever place any of my money with Chase does not stem from a 'so called ethical opinion', rather it is a direct consequence of my understanding that, like it or not, potentially very serious climate change is already underway, and it is likely to get a lot worse if on a global, societal and individual level there is a general refusal to take certain, necessary and, yes at times, thoroughly inconvenient steps that will help to reduce it and mitigate against it. I'm actually cautiously optimistic though that, in time, individuals, communities and countries all around the real world will come together sufficiently to make real, lasting and substantial changes for the better, for planet Earth and for all the creatures (including ourselves) that inhabit it.

Thus I have decided that one small, positive difference that I can make right now is not to lend my money to massive, global giants such as JP Morgan Chase, Goldman Sachs (Marcus, Saga), Barclays, HSBC etc., all of whom are known to invest very large amounts of money in fossil fuels but instead to deposit my funds with, for example, Nationwide, Coventry Building Society, Yorkshire Building Society, Saffron Building Society, Paragon Bank and Virgin Money, none of which actively support the fossil fuel industry as far as I know and all of which have offered very competitive, good value products during the last few years!