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New Chase Regular Saver 6.5%
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The original objective of these regular savers were for people short of free money to encourage them to start saving on a small regular basis by offering them an account which they could put what they did have as 'spare' money and in reward for starting the savings habit they would get a much higher rate of interest. This target saver were only going to be able to save a few £xxx anyway per month.
At the higher rates offered, being loss leaders for the savings group, they are clearly going to restrict the amount those with lots of money could put in. And those with lots of money were never the target saver for the savings group. Hence as well as the low max monthly sums we often see other restrictions, by post code/local only, by age, by exisiting member, by having a current account, by being in person only and so on.
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It does, making it worth the effort to those who will have to pay tax on the interest moreso than the average RS. Basic rate taxpayers in particular, given that the 2 percentage point rise is a 10% tax rise to them but only a 5% rise to higher payers.
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This new Chase Regular Saver does change the calculus a bit in terms of whether it might worth jumping through the hoops to qualify for the Chase current account cashback… but again I see the requirement to make 15 payments a month and conclude that I just can't be faffed with it.
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I agree, far to much hassle for me as well. I've set my new reg saver minimum interest rate at 8%. Chase at 6.5% is way off the market leaders.
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In addition to 15 payments a month the payments have be on this list:
- groceries
- restaurants
- cafes
- takeaways
- everyday transport
- fuel, and
- public electric vehicle charging points
And more:
"Just so you know – sometimes purchases might seem eligible for cashback, but aren't because of their Merchant Category Code (MCC). The MCC is a specific code given to merchants based on the type of things they sell. We don't assign or decide a merchant's MCC – but we use their code to work out whether you can earn cashback on a purchase."
I use HSBC Reward credit card for almost all my purchases, it's 1% cash back on everything. The only exception is fuel, I use Santander credit card for this because they pay 3% cash back for fuel.
I opened Chase RS on it's own merits. I won't be chasing Chase's 2% offer.
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I used my Chase card with my local bus company and it wasn't eligible for cashback.
Too much hassle trying to jump through their hoops for cashback, so I don't bother any more. The regular saver is worth it though, for me anyway.
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Would a gift card for use at supermarkets, purchased through a cashback site, qualify for the 2% Chase cashback?
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It depends on how the merchant categorises it. You could try a low value purchase and see if it works before committing to a larger spend.
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Possibly, yes.
Though you can probably get more than 2% cashback with Everup, without having to maintain a £1,000 savings balance to qualify.
Whether you can stack Everup and Chase, I don't know, but I do get stacked cashback on Everup when paying with the Lloyds Ultra credit card. It's a matter of trying, I suppose.
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