Chase Bank UK Account Review 2023 - Is Chase better than Monzo?
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- Опубликовано: 28 июл 2024
- Chase Bank UK recently released a digital-first current account in the UK. This Chase Bank UK account gives you access to a Chase Saver account which is great easy access, high interest savings account. In this video we will look closely at this Chase Saver & current account and also how it compares to Monzo.
Learn more about Chase 👉 bit.ly/3GZNyKY
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Chapters:
0:00 Intro
1:27 Chase Bank UK waiting list
1:39 Registering
2:24 Once you’re registered
2:36 Account overview
3:40 Cashback
5:09 Chase Saver account
6:34 Chase Saver Monzo comparison
7:36 Round-ups
8:32 Monzo round-ups and interest
9:26 International banking with Chase UK
10:14 Potential disadvantages
11:50 JP Morgan Chase question of ethics
Updates: Chase has increased the interest rate of their Saver account to 2.1% this will be effective from the 24th of October 2022. They also increased their international monthly withdrawal limit to £1500, and have a daily limit of £500. Comparatively, Starling doesn't have a monthly limit just a daily limit of £300, domestically and abroad. ^Jonny
Great video mate, editing, presenting with a smile, very informative and well done 👍🏻
Cheers Wrathzy, glad you enjoyed the vid! ^Jonny
Very informative video! The quality is top-notch
Thanks SETH! ^Jonny
Excellent clear concise video
Cheers mate! ^Jonny
Great high quality video! Deserve a lot of subs
Thanks mate! ^Jonny
Thank you so much!! Great video 😁
You’re welcome Giancarlo! Let me know if you want me to explore anything else. I’m guessing you have a Chase account? ^Jonny
I’ve been in Thailand last month and used Chase everywhere. Works good in any restaurant or shopping centre,plane tickets.
Good to know! ^Jonny
I absolutely love using Chase, I use it for all of my daily-spending, and have been a member since September 202. Since then I have made over £150 in cashback and £270 on the roundups feature. When I say I use it for everything, I mean it 😀
Hey Niall, that’s amazing great work and thanks for sharing! I’m yet to even start spending with the account although I deposited some money into the Chase Saver and it’s earning some nice interest! ^Jonny
Is it legit?
@@Black.Sabbath yep all legit, Chase is owned by JP Morgan, which is one of the biggest banks in the world. Theyre just new to the UK
Have you thought about doing voice over for audible etc? I find your voice relaxing haha
That hadn't crossed my mind 😂 But I'm glad you're enjoying the videos and finding my voice relaxing! ^Jonny
Thanks for such an informative video. Is Chase card better than Starling for using it outside UK when touring around in Europe from the UK?
They're relatively similar, both are fee-free on transactions and withdrawals and use Mastercards exchange rates which are pretty good. The issue with Chase though is the monthly withdrawal limits, they did recently increase their monthly international ATM withdraw limit to £1500/£500 per day. Starling doesn't have a monthly limit but they do have a daily limit of £300, and for that reason Starling IMO are the better travel card. ^Jonny
@@Monitodotcom thanks for replying back.
No problem and thanks for all the comments! Keep them coming. ^Jonny
Hi
Great video
I have Just open a Chase account
Cool! Glad you liked the video. ^Jonny
How to I send ghana to India
I don't even need to watch - Yes, it is.
Cash back for the first year and savings made me switch to them while the others offered very little or nothing. Chase is FSCS covered so no worries.
Totally agree. I hope you watched the video anyway 😅
FSCS?
How. Would log into chase bank if you delete your application
Hey Daryl, without sounding too basic, did you try and reinstall the app? ^Jonny
Would I get 1% cash back when paying rent (bank transfer to landlord)?
Hey Tom, unfortunately you wouldn’t if you paid via BACS. ^Jonny
what will they do after 1% cashback ends something else?
That’s a good question. Difficult to say, long-standing users may just receive brand specific cashback after a year while new users may get 1% for 3 months instead of a year. Your guess is as good as mine though! ^Jonny
Hello,
I like your videos and i can see how much research and time you have spent on these. Thanks for that!
However, I have a few queries. I am from India and will be shifting to the UK soon for work.
1. Which card would you suggest me? Starling or Chase? I would like to keep 2 different accounts - one for my direct salary credit. Then transfer some from this account into another for my monthly/daily expenses (food, shopping, travel, rent etc)
2. Is it a good idea to open an account in traditional banks like Barclays for salary credit and have Neo account for daily use? If yes then which traditional Bank would you suggest me?
3. In India we have current accounts which are mostly used by businessmen and then we have a savings account which are used by most public. Saving account earns interests and current account doesn't. Don't we have something similar in the UK? All the videos I saw, everyone is asking to open current accounts. Why is that? Your thoughts?
Thank you in advance!!
Hey Anurag! Glad you're enjoying the videos and thanks for the great questions.
1/ May I begin by asking why you need two accounts? The Starling app has great analytics and functionality, it is a lot more advanced than the Chase app. However, with Chase, you'll get 1% cashback when you spend AND 2.1% interest on any more you deposit into the Chase Saver Account that comes with your Chase UK account. Really it would make the most sense to deposit, save and spend your money with Chase. You won't earn a lot of interest on your savings with Starling, nor will you earn cashback.
2/ Both traditional banks like Barclays and neobanks such as Starling and Monzo have FSCS-protection (deposit insurance up to £85,000), so there's no reason to open a traditional bank account instead. I would personally recommend avoiding traditional banks as they have poor customer service, and don't offer the features that you can get with banks like Starling.
3/ I think this is because in the UK we use the term 'current account' as a blanket term for a bank account. When you open a current account you're usually then given the option to open a saving account alongside it, and these accounts are considered additional accounts, not separate accounts.
For example, if you open a Chase UK account you'll be able to open a Chase Saver Account within the app. The same goes for Monzo, they have a number of Savings Accounts available, however, you will need to first open a Monzo account. Thanks ^Jonny
@@Monitodotcom 1(a) Because by keeping 2 different accounts - we are keeping 1 account safe from fraudsters. I have heard that in the UK almost all cards are contactless and we don't get any OTP for approving a transaction. So if anyone gets your card details then they can take all your money out.
Whereas in India, we need OTP's for approving a transaction. So if someone else gets your account details and tries to make a purchase they would still be stuck because of the lack of OTP. I'm not saying this is not 100% secure but comparatively more than no OTP's. Isn't it?
1(b) By keeping 2 different accounts - I can segregate my money which needs to be saved and which can be spent. Say I get 2k so i can keep 1k in 1 account (which wont be used daily and I would slowly forget about this account too because it won't be visible to me that often) and 1k in another account (which i can use for all expenses). This way I can teach my mind some discipline. If I keep 2k in the same account then every time I login into the app, I would still see that extra 1k lying somewhere. maybe in pots/spaces etc.
1(c) Ideally I like to keep a second account with a bank which offers more interest on savings. However, with Chase it would be difficult it seems (because it offers both - good cashback and good rate of interest)
Let me search out some more options 🕵️
Thank you once again Jonny for your wonderful videos and honest opinion.
Keep rocking 🤘🤘🫶
Hi there, can you use chase bank UK for a RUclips content creation business account? Is it possible to do a video on the best accounts for content creators, please?
That's a great idea, and for sure you could use Chase UK.
You would just put your Chase UK bank details into your Google AdSense account, and each month RUclips would deposit it in there. I used to have mine go into my Starling Bank account and that was fine. ^Jonny
@@Monitodotcom Hi Jonny, thank you. It is greatly appreciated. ❤️ There isn’t much content around banking/ for Adense and collecting payments for services/ merch/ memberships/ patreon. It is greatly appreciated. Thank you. ❤️❤️❤️
With chase, can you withdraw from most Atm's as normal and also pay at fuel pumps etc ?
Hey. Yes you can. I've been using it for almost 6 months now, and have only once been unable to withdraw from an ATM while on holiday in Italy. ^Jonny
@@stephenjones9153 who me ?
@@Monitodotcom Great video and better than a lot of so called professionals 👍👍Just one thing I did notice reading through the comments 🤔, you replied to 1 commenter 3 months ago that you hadn't actually started using your Chase card/Account yet then you replied 1 month ago to another commenter that you have been using your Chase card for almost 6 months 😉. I'm guessing like a lot of us you just lost track of time 😇. Can't believe it's almost Christmas again.
Well done anyway and good luck 👍
@@problemslayer3538 No sorry. I was messaging Monito but it posted as a general reply. I've deleted the previous message and redirect it.
Thanks 👍
Thanks for sharing, I've actually been on the waiting list for over 2 weeks is this normal? it's kinda off putting having to wait so long 😕
Hmm that seems a lot longer than anyone else I’ve spoken to. I wonder if Chase are struggling with onboarding? Do keep me posted if and when you’re successfully registered. Hope it doesn’t take much longer! ^Jonny
@@Monitodotcom I thought it was a little usually long but will hold out to see what happens next and I will let you know, thank you for your reply, have a great day 😊
Bro I was on for 4 weeks and it’s fine don’t worry
@@lukewalker3 ok I'll wait and see thanks
@@ericag7584 np bro your get your £20 and it will soon be done I was waiting so long as well
What happens to the 1% cash back after 12 months?
Hey Amy, I spoke about this in full in a recent video, here's a link with the necessary timestamp (ruclips.net/video/_Zm6kJs3Pgs/видео.html).
If you don't want to watch: What happens will depend on when you signed-up for the account. If you already have then once the cash back offer expires, you'll still be able to earn 1% on all purchases, except it is capped at £15 per month AND you must deposit £500 into the account each month. I recommend if you haven't signed-up yet that you do so BEFORE the 1st of May, as the 1% offer unlimited cash back offer will expire. Thanks ^Jonny
I've just opened an account with Chase, purely to get the 1% cashback for 12 months. Saving in Monzo at the same time. Slightly on the fence still, as I don't know if the cashback is worth it for what I spend...
Hey Jordan. Thanks for the insight! It's difficult isn't, especially as the cash back can encourage and incentivise purchasing goods that you might not otherwise.
I'd suggest if you don't have any other cash back or spending perks such as CC points then why not trial spending with the Chase card for 6-8 weeks to see if it is worth your while. Just don't let it trick you into spend unnecessarily. ^Jonny
@@Monitodotcom really good advice mate, thanks! I think I'll just see how much I actually make from it. If it's pretty negligible then I'll most likely just stick with Monzo for the ease of use and such. Thanks again, and great video by the way 👍🏼
isnt the cashback reallly annoying and hard to use the card?
@@garden-needs nope! You just use your card like normal and there's a section on the app that shows your cashback balance. Takes about 24 hours to become available for withdrawal but you can easily transfer to any other account after that 😃
@@jordanq9257 Hey Jordan how do you withdraw money from ATM when there are no Chase ATMs in the UK?
In your opinion Starling is better than Chase for Travelling?
Yes, although it’s marginal Starling are the better choice.
Will this account be coming to the US?
Good question Zak. I doubt it, given the size of their US market share I don't think Chase would open such an enticing bank account. I speculate that this Chase UK account was created as a land grab, hence the compelling benefits. We'll see in time if they continue, but I just don't think they'd bother with a similar account in the US. Of course, I could be wrong! ^Jonny
i get 5000 pounds international cash withdraws i asked them to raise it and they did lol
That’s pretty good and certainly makes it a better travel card. Starling is my main travel debit card and is limited to £300/day 6x which I guess is roughly £9000 a month?
I just open min
Awesome! How are you finding it so far Reece? ^Jonny
@@Monitodotcom very good 😊
Seems good and straightforward, regarding JPMorgan’s ethics….. let’s just say, you’d be hard-pressed to invest or bank ethically while maintaining competitive returns. Ah yes, the joys of capitalism. We are critical yet complicit.
I couldn't agree more, unfortunately unless we tax companies based on ethics I can't see them making any changes... And even if did have an ethics tax, powerful lobbyist groups would probably just lobby to re-write the wikipedia/dictionary definition on business ethics.
Its 4.1% savings its hard to believe
And in just a year! ^Jonny
They are cancelling people's accounts aren't they, if they don't like their views???
Revolut is *not* a bank.
Slip of the tongue maybe, but something a lot of people wrongly say.
Hey Smoothie, I agree they are absolutely not a licensed bank in the UK. They are however considered a ‘neobank’ which is what I thought I referred to them as? Cheers ^Jonny
Do i need proof of address? I am not a UK citizen but a student. Can i still open a bank account with them?
Hey King! So to open an account with chase you'll need to be over 18, be a resident of the UK (so proof of residency will be required, and be a tax resident. As a student, without proof of residency, you may struggle to open an account. May I ask why you wanted to bank with Chase UK? I may be able to suggest an alternative bank that you'll be able to open :) Cheers! ^Jonny
@@Monitodotcom I want Chase because it a really popular bank in the US and it looks cool. I do have a proof of address but i am not sure if i am a UK tax resident since I’ve only been here for one month
Okay cool! You may as well just download the app and go through their application process, it won't hurt to try. ^J
GOOD LOOKING CHAP🤣😂