Chase — fees, features, catches and eligibility
Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying. You can check a firm’s details on the FCA Register.
Quick answer
Chase is an app-only current account from J.P. Morgan. As of 3 October 2026 it offered 2% cashback, capped at £20 a month, on everyday categories such as groceries, eating out, transport and fuel — but only in months when you make 15 or more qualifying payments and keep £1,000 or more in Chase savers every day.
Its standard saver paid 2.25% AER variable, with a 12-month boost to 4.50% AER for new customers who open it in their first 31 days.
Who it’s for
- People who spend at least £1,000 a month on everyday categories by card
- Savers happy to keep £1,000 or more in a Chase saver
- App-only bankers who want round-ups and a regular saver
Who should avoid it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You can’t keep £1,000 in Chase savers every day of the month — cashback depends on it
- You need a business account — Chase doesn’t offer one in the UK
- You want branches — Chase is app-only
Key features
- Free current account opened in the Chase app
- 2% cashback up to £20 a month on eligible categories, with qualifying conditions
- Chase Saver: 2.25% AER / 2.23% gross variable; up to £3 million
- Boosted saver for new customers: 4.50% AER / 4.41% gross, including a 2.25% AER fixed boost for 12 months
- Regular Saver: 6.50% AER fixed for 12 months, up to £300 a month
- Round-up account: 5.00% AER / 4.89% gross variable
- Current Account Switch Service in the app
Eligibility
- Aged 18 or over, UK resident and UK tax resident
- A smartphone and a UK mobile number
- Chase runs a soft credit search to check its criteria
Fees and rates
| Item | Detail |
|---|---|
| Monthly fee | £0 |
| Cashback | 2% up to £20 a month, eligible categories only; 15+ payments and £1,000+ in savers each day |
| Chase Saver | 2.25% AER variable |
| Boosted saver (new customers, first 31 days) | 4.50% AER variable including 2.25% AER fixed boost for 12 months |
| Regular Saver | 6.50% AER fixed for 12 months, £300 maximum a month |
| Saver external transfer limit | £25,000 a day |
Figures as of 3 October 2026, from Chase’s own website. Rates can change; the boosted offer may be withdrawn at any time.
The catch
Cashback only applies to eligible categories, is capped at £20 a month, and stops in any month you miss the 15-payment or £1,000 savings condition (after an initial grace period). Direct Debits count towards the 15 payments but don’t earn cashback.
The standard saver rate tracks 1.50% below the Bank of England base rate, so it moves when base rate does.
Check the latest terms on Chase’s site before you apply.
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FAQs
How does Chase cashback work?
In months when you make 15 or more card or Direct Debit payments and keep £1,000+ across Chase savers every day, you earn 2% on eligible card spending, up to £20 a month, paid the following month.
Does Chase offer a business account?
No, Chase doesn’t offer a UK business account as of 3 October 2026.
Is Chase covered by the FSCS?
Chase is a trading name of J.P. Morgan Europe Limited, authorised by the Prudential Regulation Authority. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per banking licence (source: FSCS).
Can I switch to Chase?
Yes. Chase supports the Current Account Switch Service from the app.
What happens to my round-ups after a year?
Chase moves the remaining round-up balance to your chosen Chase account on the anniversary of opening.
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