That’s a pretty reasonable cashback policy. For most people, even a cap on £15 a month will pretty much be unlimited based on normal spending.
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£500 is very reasonable, £1000 or £1500 (can’t remember) was questionable when they asked about it on survey.
I’ll continue using Chase then, and here was me thinking I would go back to Monzo after February.
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Equally, people’s banking needs change so what didn’t suit them 6/12/24 months ago might be just what they need now, so banning people for leaving you once is giving me attachment issues vibes.
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I don’t really agree with this. People can close an account and want to come back for any number of reasons. If this was true I wouldn’t be back with first direct and HSBC because at one point, a few years ago, I had accounts with them. Nor Monzo, Nor Barclays when I was with them.
I think it’s purely down to Chase not having the architecture in place to support it. The 12 month re-join limit was clearly a lie, as was the promise that customers would be able to re-join “soon” too. If they don’t want to then that’s in their gift of course, but at least be honest about it
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Yes, I’ve actually opened 3 Advance accounts and switched them away since 2018 and they’ve just given me a Premier account 
Ah - was trying to work out why the new Cashback offer was starting in March, but they’ve extended the existing one to April.
Worked it out now - so it’s the income in the previous month which qualifies you to earn cashback the next month. So, if they were going to start in March, they would’ve needed to have told us by the start of Feb so that we could transfer £500 into the account this month.
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Cue me trying to work out if I want to give Monzo or Chase another test run as my main bank.
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I suppose the 1% isn’t bad but I keep such a low running balance it’s effectively worthless. It would be £1 a year give or take. Even if I was not trying to just rinse chase I would be holding most money in a saving account and moving it across.
Any word of CASS or cheques via post? I don’t use cheques often but I know from monzo posts it’s a HUGE deal for some people.
Also I wonder if they will let cash be paid in?
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Monzo could make it dead easy for me. Cull a bunch of the rubbish components of plus and replace it with cashback.
I’m leaning more towards Chase because of the psychology of how it all comes together. If they were part of open banking and Monzo implemented them it would seal that deal.
You could always just use both though to get the most of out of each. Though I’m not sure you’d want to. Where the similarities end, Chase goes further, so you’ll get more out of them.
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Hopefully the credit card will be as useful as flex with the added cashback on top.
I also hope the budgeting part will be drastically improved as it’s terrible right now.
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The 1% is good, but I do not spend on my debit card, except if it’s something I think might attract a cash advance fee. So as such, Monzo currently is the slightly better option because I now have Flex and using Monzo would mean being able to fully see Flex transactions.
However, if Chase bring out a credit card that matches the Cashback rate on the current account, I might just close most credit products I hold (including Flex) and go all-in on Chase.
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Not surprised that they plan to bring out a credit card. The updated UI suggested that. I’m excited to see what they offer when they bring it out.
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Oh this is good. I was going to go back to Monzo for my spending but will continue with Chase. I might even cancel Monzo Plus now as I’m just not seeing the benefit with Trends anymore.
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Other things to look out for
There’s a lot on our to-do list we think you’ll like, including:
(…)
- a Chase credit card
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May well be the case on the Architecture point.
Also, hadn’t realised they’d promised customers could rejoin.
Tbh while I understand people’s banking needs change, there’s very little reason to close a bank account. Just leave it dormant - to retain your optionality to rejoin - current account banking is free in the U.K. Closing an account should not come with expectations you can rejoin when you like and if it does, be prepared for a no as this is business at the end of the day.
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I probably used the wrong word. Suggested might’ve been a better one.
And I do agree, it’s their choice to not let people back in but equally it should also be a choice to leave and want to come back. Not everyone want’s loads of dormant accounts.
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