One thing Chase have got nailed is the customer service, at least by phone when I’ve asked for information. They seem to answer within minutes, if not a minute.
Wonder if they’ll start leeching First Direct Customers over the longer term?
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Wow incredible rate. Moving some money over now.
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If they can keep it up they might, but First Direct are very well known for their customer service. It will take a long time for Chase to catch up to that reputation.
It’s easier for Chase when they probably have more staff than customers at the moment.
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They’ve only just launched it; let’s not put a death on it right off 
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I’m not sure if this is unusual or not, but there setup is also you can open up to 10 different savings accounts (so you can save for specific things like ‘Wedding’ or ‘Holiday’) and earn up to £250k between them.
I’ve just been wading through their T+C’s to see what terms there are for changing the 1.5% rate (can’t find them to be honest) but did find this interesting bit about ‘Set Off’ if you owe money directly to Chase and have money saved in a different account with them (ie - £500 in your ‘Holiday’ account, owe them £200 for something’)
What about set-off?
If you have money in an account we may ‘set it off’ against any amount you owe us or any group company which is due for payment.
For example, if you have £500 in your ‘My Holiday’ account and you owe us £200 on another account, we may use £200 from the ‘My Holiday’ account to repay the amount you owe us.
We’ll always write to you before we use our right of set-off. We’ll only use this right if we think it’s reasonable, taking into account your circumstances and any regulatory requirements. For example, we’ll take into account whether you’re likely to have enough money to meet essential living expenses.
We can use money in your account even if there’s a court decision against you or you’re fined (including interest arising after the date of the decision or fine), except where we’re prevented by the court or by law.
Rarely, we receive legal instructions or notices to hold a customer’s money for, or to pay it to, someone else. If this happens, we won’t set-off against the money we’ve been told to hold for someone else.
How far and wide is the set-off right?
Amounts owed to us and due for payment include any amounts owed under a loan, credit card, mortgage or overdraft which have become due for repayment and which you have not repaid on time.
As set-off applies to any group company, if you have £10,000 in an account with us and you owe £1,000 to another group company, we can take £1,000 from your account to pay off the overdue amounts you owe (even if you owe that amount to the group company jointly with another person).
Not 100% sure I’m comfortable with this being an option across the whole Group although I would assume anyone with accounts with JP Morgan are probably going to be on a very different level of ‘financial services’ than people open a Chase account?
Interesting that they mention Credit Cards, Loans and Mortgages though - which could imply what there long term plans are for Chase.
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I don’t know about how it is now but other banks did/do this too in their respective groups.
Right now consumers in the UK are unlikely to have any other dealings with Chase/JP Morgan.
You’re more likely to have an issue of having debts within Lloyds Banking Group or RBS or HSBC.
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Thanks for the heads up - hadn’t seen this.
I don’t know why Monzo isn’t doing more to get people’s savings at the moment - I have now moved my spending and savings over to Chase. I also think it is pretty clever of Chase because it is so easy to move the savings out and then spend them using their card.
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Yes, I thought it was a fairly standard thing (even if I’m not particularly keen on it).
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I suppose the options are they either don’t want them, can’t execute fast enough or have some other systemic problem which means they can’t go after them.
Personally, I’d have hoped for an increase in paid accounts rates by now, but they seem to have decided that it’s not affecting signups or retention (or they’re comfortable with the numbers that are dropping off). Bit of a shame really: if rates keep going up they’ll get to the point where they’d be better off taking away interest from Plus/Premium because the rates offered will look derisory rather than attractive.
But good news about Chase. Hopefully this prompts a bit of competition in the market.
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I really hope that doesn’t happen, but that’s a topic for a different thread.
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Seems the sudden rush of people funding their savings account has meant the wheels falling off at Chase UK.
My transfer is in limbo, the app is crashing and the call centre number is down…
Looks like Martin Lewis just posted about it which is probably why…
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Ah, I thought there was something odd going on. I was getting a message at the bottom of the screen saying that they couldn’t get my details when I went into the app.
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Just curious but why would you close the account rather than keep it dormant?
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Yeah really creaking under the pressure which isn’t a good sign tbh. Maybe be a couple thousand of throughput, certainly a much higher influx than weeks before, but I’d expect them to be able to handle.
I think Chase underestimated the amount of people that will be transferring money in after launching this savings account.
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I wonder if they actually did a press release to send to all the media types about it and so that’s how Martin Lewis knew about it and publicised it (so it’s their own fault) or if they thought they’d just soft launch it, email all the existing current account holders who, for them, it’s easier to setup the new Savings Account and then once it’s bedding it promote it more so that they get more total sign-ups from new people as well, but didn’t realise how thorough Martin is so didn’t expect him to find out…
This is fairly industry standard and I believe it’s only used in extreme circumstances. For example, if you had a Monzo loan that you refused to pay, but you had more than enough to pay it in your actual current account, if it got to a certain point then Monzo may just deduct the balance from your account.
It’s heavily regulated though, of course, they wouldn’t be able to just take it whenever they felt.
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I just didn’t want too many current accounts open, however on reflection I should’ve kept it dormant
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