Chase joins seven-day switching service – how does its current account compare?
Chase has joined the Current Account Switching Service (CASS), meaning new customers should be able to ditch their old provider for the digital bank within seven days.
The service comes with a guarantee that means your new bank is responsible for switching your payments and transferring your balance – as well as closing your old account.
With switching to the challenger bank now simpler, Which? takes a closer look at Chase's current account and how it compares.
What does the Chase current account offer?
Its current account offers customers a range of features, including:
- 1% cashback on all eligible debit card spending for the first 12 months (capped at £15 per month)
- 1% AER interest (variable) on all current account balances paid monthly
- 3.3% AER interest with the Chase saver account – only available to current account customers
- 5% AER interest with the round-up account (saves the round-ups on your spending to the nearest £1)
- Fee-free debit card use abroad, including for cash withdrawals at foreign ATMs.
Is Chase a good current account provider?
Chase is an app-only bank that was launched in the UK by US provider JP Morgan Chase in September 2021. Since then, it has attracted more than 1.6 million customers and now holds £15bn in deposits.
You can find out how customers rated Chase and get the Which? verdict on its current account in our best and worst banks guide.
How does the Chase account compare?
We've taken a look at other current accounts that pay interest to see how the Chase account stacks up.
| Account | Interest rate (AER) | Other account features | Signed up to the CASS? |
|---|---|---|---|
| Nationwide Building Society, FlexDirect | 5% up to £1,500 in year one (0.25% after a year) | Fee-free overdraft for a year and a linked saver paying 2.25% for a year | Yes |
| Kroo Bank, Current Account | 3.6% up to £85,000 (rises to 3.85% on 1 July) | No debit card fees abroad | No |
| Virgin Money, Virgin Money M Plus | 2.02% up to £1,000 | No debit card fees abroad and a linked M Plus Saver paying 3.03% on up to £25,000 | Yes |
| Santander, 123 Current Account | 2% up to £20,000 | 1% to 3% cashback on bills paid by direct debit including Santander mortgages (capped at £5 per tier) | Yes |
| Bank of Scotland, Classic with Vantage | 1.5% under £4,000 then 3% from £4,000 to £5,000 | £200 to switch. Up to 15% cashback on card purchases at selected retailers | Yes |
| Lloyds Bank, Club Lloyds | 1.5% under £4,000 then 3% from £4,000 to £5,000 | Free annual gift (6 x Vue/Cineworld tickets, or mag subscription, or Gourmet Society membership) and up to 15% cashback on card purchases at selected retailers | Yes |
Chase's 1% interest account pales in comparison to the higher rates offered by many of its competitors – most of which are big high-street banks.
Nationwide offers the most interest and its rate is better than many savings accounts. The best rate for a restriction-free instant access is currently 3.85% AER, offered by Secure Trust Bank.
However, there are terms to watch out for. You must deposit a minimum of £1,000 a month and the interest of 5% is only on balances of up to £1,500 – you won't earn anything over that amount. It's also fixed for the first 12 months, after which the rate drops to 0.25% AER.
Chase's current account, on the other hand, doesn't have a minimum or maximum amount of money needed to earn interest.
- Find out more: best high interest bank accounts
How does the switching service benefit you?
Now Chase has signed up to the switching service, it should only take seven working days to move everything from your old account to the new one – that includes direct debits and salary payments.
The beauty of the service is how easy it is to switch – once you've filled in an online form with details of your old account, the rest of the process is largely automated.
Over 9 million switches have been made since the service was launched in 2013 and there are now 48 participating banks, including Chase.
Chase is the latest 'new' bank to take part and joins other challengers already signed up, such as Monzo and Which? Recommended Provider Starling Bank. Both proved popular choices for switchers in 2022, with Pay UK data showing net gains of 11,739 and 32,648 respectively.
However, it still may be worth looking beyond providers that are signed up to the CASS.
The Kroo current account offers the second-highest interest-paying account right now, but it's also the only provider in our table not participating in the switching service. Customers who want to transfer all their banking to this provider will therefore have to do the legwork on switching themselves.
- Find out more: which banks did most people switch to in 2022?
How to switch your current account
It's important to do your research to decide which bank account will suit your needs.
Don't be tempted by cash incentives alone, take a look at the customer service quality and other long-term benefits of opening an account.
Which? can help you with the hunt for a new account with our range of banking guides.
Your new bank will tell you if it's part of the CASS. If it's not, you may have to do the transfer and close your old account yourself.
If you want to check which banks and building societies are participating in the seven-day switching service, you can search by name on the CASS website.
Using the CASS means you’ll also be protected by the Current Account Switch Guarantee, which means your new bank will handle moving these payments and correct any problems that arise as part of the switching process.
- Find out more: how to switch your bank account
This article was updated on 14 July 2023 to correct an error to the AER rate quoted for Virgin Money's M Plus Saver account. It originally said the rate was 2.52% on up to £25,000. It has now been changed to say 3.03%.
