Chase ends 1% interest on debit card balances

Gerry1

Seems to vary a bit, some states have umpteen locations but there are only five Chase ATMs in the whole state of Maine.

Makes you realise how lucky we are when you're seldom more than a mile or two from a free ATM.

redpete

"This allows us to keep offering you great rates on Chase saver accounts"
Each time I fill in one of their customer surveys I point out that their savings rates are not that "great"

"and to keep investing in your banking experience."
After 2 years with them I'm still not used to their rather quirky navigation and presentation of transactions and statements, feels like they're trying to be too clever and over-complicated.

It's useful having the savings accounts that are instant easy access that allow diret payments from the to other banks, with the cashback and fee-free foreign spend, it's still just about enough for me to stay with them.

Ballard

I’m a little surprised that people are so down on losing the 1% interest. I'd have thought that majority of customers would open a 4% account with them and move excess cash there.

Chase has become my main overseas account because of the cashback and while that's still on offer I'll stick with it. The 1% interest is irrelevant to me. 

kev2009

I got the email earlier too and tbh I'm not overly bothered by no interest, I mainly use it for cashback on daily items as I don't believe I have another card giving me cashback.  My credit card used to but they stopped this a while back.

Most monthly I don't get the max £15 back tbh but when I have bigger items to buy/pay for then I do.

Kev

friolento

Ballard said:

I’m a little surprised that people are so down on losing the 1% interest. I'd have thought that majority of customers would open a 4% account with them and move excess cash there.

Chase has become my main overseas account because of the cashback and while that's still on offer I'll stick with it. The 1% interest is irrelevant to me. 

Currently, nearly everyone can get the boosted 5.1% Chase Saver

Gerry1

friolento said:

Ballard said:

I’m a little surprised that people are so down on losing the 1% interest. I'd have thought that majority of customers would open a 4% account with them and move excess cash there.

Chase has become my main overseas account because of the cashback and while that's still on offer I'll stick with it. The 1% interest is irrelevant to me. 

Currently, nearly everyone can get the boosted 5.1% Chase Saver

...except loyal customers who have more  than £500 in their savings account.👺

alanwsg

Gerry1 said:

friolento said:

Ballard said:

I’m a little surprised that people are so down on losing the 1% interest. I'd have thought that majority of customers would open a 4% account with them and move excess cash there.

Chase has become my main overseas account because of the cashback and while that's still on offer I'll stick with it. The 1% interest is irrelevant to me. 

Currently, nearly everyone can get the boosted 5.1% Chase Saver

...except loyal customers who have more  than £500 in their savings account.👺

I think they've just changed that as I've just opened one giving 5.1% until January.
Looking at the T&C's it seems you must have less than £50K in their savers now.

FishInGlass

I can't see it will make much difference to me. I am only preloading Chase prior to using abroad. I then keep most of the required money for the trip in my savings (currently boost pot) and drip feed the current account as necessary. I earned £2.42 in total during May of which just 3p came from the 1% interest.

Gerry1

alanwsg said:

Gerry1 said:

friolento said:

Currently, nearly everyone can get the boosted 5.1% Chase Saver

...except loyal customers who have more  than £500 in their savings account.👺

I think they've just changed that as I've just opened one giving 5.1% until January.
Looking at the T&C's it seems you must have less than £50K in their savers now.

Thanks for that very useful tip, it changed today.  Shame Chase didn't tell me, I'd have remained blissfully unaware.

Chase are really grinding my gears right now.  They sent me a survey today asking for my thoughts about them and I responded promptly, only to be told a couple of hours later than they were scrapping interest on the current account; very sneaky.

Seems like their policy is to treat new customers more favourably than existing ones.  Possibly accidental rather than intentional (e.g. the left hand may not know what the right hand is doing), but it's not a good outcome.

Johntea

Yes thanks for that 5.1% tip I wouldn't have even looked if I hadn't just read that post