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Chase Bank UK Review
Chase is a UK digital bank offering a feature-rich current account with 1% cashback on everyday spending for the first year, competitive savings rates, and a clean, intuitive mobile app. Backed by JPMorgan, Chase combines strong rewards with simple money management tools, making it one of the most attractive all-round app-only banks for day-to-day use.
FSCS Protection Guide — Click here to learn how the £120,000 FSCS protection scheme safeguards your savings with UK digital banks →
Key Features
| FSCS Protection | Yes — up to £120,000 per person (FSCS protected) |
| Monthly Fee | £0 — No monthly fee for the current account |
| Current Accounts | Yes — Personal current account with a contactless Visa debit card, 1% cashback on everyday debit card spending for the first 12 months (up to £15/month), and no fees for spending abroad |
| Savings Accounts | Yes — Easy Access Saver (4.1% AER variable) and Linked Saver (4.5% AER boosted rate for new customers for 12 months) |
| Credit Card | Not offered — Uses Visa Debit only |
| Spending Abroad | Fee-free — No Chase fees on card purchases or ATM withdrawals abroad. Visa exchange rate applies |
| App Features | 1% cashback tracker, round-up savings, goal tracking, investment access (via Nutmeg), spending insights, instant spending notifications |
| Loans | Not offered — No overdraft or personal loan facilities (coming soon) |
| Top Savings Rate | 4.5% AER variable — Boosted rate available for new customers for the first 12 months via the Linked Saver. Standard rate 4.1% AER after |
Chase Bank UK at a Glance
- Chase is a UK app-only bank backed by JPMorgan, offering 1% cashback on everyday spending (for new customers in the first 12 months, up to £15/month), a competitive linked saver account with a boosted 4.5% AER introductory rate, round-up savings, and fee-free spending abroad — all with no monthly fees.
Chase Bank UK Services
Chase offers a well-rounded set of digital banking services including a current account with 1% cashback on eligible spending for the first year, a linked saver account (standard rate 4.1% AER with a 4.5% AER boosted rate for new customers for 12 months), round-up savings, fee-free spending abroad, investment access via J.P. Morgan Personal Investing, and the option to switch using the Current Account Switch Service (CASS).
✅ Pros
- 1% cashback on eligible everyday spending (groceries, transport, fuel) for first 12 months (up to £15/month)
- Competitive savings with boosted 4.5% AER rate for new customers (first 12 months)
- No monthly account fees
- Fee-free spending abroad on card purchases
- Access to investments through J.P. Morgan in the app
- Backed by JPMorgan Chase (strong financial backing)
- Round-up savings feature
- Participates in the Current Account Switch Service (CASS)
- Instant spending notifications and clear app interface
⚠️ Cons
- Cashback is for new customers only, limited to the first 12 months and £15/month maximum
- No physical branches for in-person support
- No overdraft or personal loan facilities (though loans may be added later)
- Savings boosted rate is a time-limited introductory offer (12 months)
- Limited product range compared to traditional high street banks
- No joint accounts available yet
- Cashback excludes certain transactions (e.g., gambling, cash withdrawals)
Why We Like Chase Bank UK
Chase Bank UK stands out for combining valuable cashback, a genuinely competitive savings account with an attractive introductory rate, and fee-free spending abroad in one clean, easy-to-use app. Its JPMorgan backing provides strong financial stability, and the structured rewards make it a compelling choice for everyday digital banking in the UK, especially for new customers who can maximise the first-year benefits.
How We Compare Digital Banks
Compared with other UK digital banks, Chase stands out for its dual offering of cashback and a top-tier easy-access savings rate. It directly competes with banks like Monzo on user experience but offers more immediate financial rewards through its 1% cashback programme. Its savings rate challenges dedicated savings platforms, though the boosted rate is introductory. Unlike Monzo or Starling, Chase currently lacks overdrafts and joint accounts, making it a strong primary bank for spending and saving but not yet a full-featured replacement for all banking needs.
Financial Information Disclaimer
The information on this website is provided for general guidance only and may not always reflect the latest fees, rates, or terms offered by each bank. While we do our best to keep content accurate and up-to-date, you should always check the bank’s official website or app before applying for an account. Nothing on this site constitutes financial advice.
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