New Chase Regular Saver 6.5%

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82152276#Comment_82152276

That's interesting, have you actually had this link working and showing Chase cashback on these PayPal payments?

I've got a memory of something similar not working but it might have been Curve or somesuch.

CRAIGSVILLE1

Yes, I can see on the app, that I have qualified for all the 15 transactions, but not the £1000 , and 95% of them have been direct debits linked from PayPal+ payments.

I think Curve might not, but PayPal definitely does

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82152324#Comment_82152324

Ah, my misunderstanding. You're using linked Chase account to make the 15 qualifying transactions, not using the link to make purchases that actually generate 2% cashback.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82152276#Comment_82152276

Aside from petrol and rail tickets, which I don't use a lot, there's nothing that attracts me to the Chase cashback. The pre-reqs (£1,000 held in savings, minimum 15 debit card transactions every month) are not worth it for me. I use Everup for much better, and instant, cashback on all the other purchases, and for the next year, I pay for everything (incl. the Everup cards) with my 1% cashback Lloyds Ultra card.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/82152276#Comment_82152276

Funny, I'll be the opposite. I've made a point of earning the 2% cashback to justify holding £1k in a 2.25% account, but they'll be less need to do that now!

Money_Stitch

For those who haven't noted, monthly interest is paid corresponding to the date of opening, not the the 1st of each month as the savers do. e.g. 28th of the month if opened yesterday.

Thanks to those who've had CS confirm the RS balance is included in the cash back qualification. So good to get that 1K moved to a better home.

topyam

https://forums.moneysavingexpert.com/discussion/comment/82152276#Comment_82152276

Where are you seeing Paypal gets another 1%?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82152366#Comment_82152366

https://www.paypal.com/uk/digital-wallet/paypal-plus-loyalty-programme

Pay for stuff using Paypal - 1% loyalty cashback.

The Chase account is linked to the PayPal account as the actual source of funds, cash is taken by direct debit. These debits count towards the 15 Chase transactions required in the PRECEDING month to get cashback THIS month on actual Chase spend.

exxtrasaving

I contacted Chase this morning as I felt there was a contradiction to how interest would be treated for tax purposes. They have confirmed in writing that even though the interest is earned monthly, it is paid out one year after opening the account, unless you close the account earlier,eg. in February 2027. In which case the interest becomes taxable at that earlier time. They confirmed that if you were to open the account today and hold it open for a year, all of the interest earned would be reported to HMRC next tax year, ie. 2027/28 tax year. Even though I have it in writing, I still feel uncomfortable with their answer as my understanding is that "access" to the interest is what determines in which tax year it is paid. Thought I'd share it with you all.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82152391#Comment_82152391

I agree, that "confirmation" sounds wrong.

But TBH, unless you are a very rare edge case, is £125 max going to be a problem when planning your tax affairs?