I’m really surprised other banks haven’t started doing this. As much as all the switch rewards are great it will get to a point where banks realise people aren’t actually staying with them and just switching for the cash. I know some banks say they can’t get the switch bonus if they’ve had an account in the last 3 years etc.
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That maybe something that the Regulator wouldn’t look too kindly on?
Imagine if someone went to leave one of the big 4 and they got a warning of ‘Are you really sure you want to leave? If you do, you can never come back…’
What banks might need to do is start to actually track who’s had what signing up bonus and then try and make sure each person is only eligible once so if they did leave and then come back, they wouldn’t get whatever reward they were currently offering (this should be fairly easy if banks are reporting to the credit agencies when people have accounts with them?)
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I’m inclined to agree here
Oh for sure - lesson learned 
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They haven’t changed since launch.
Unless you’re referring to savings accounts. Even so the rewards aspect of Chase has been fairly consistent.
They were also very clear on launch that they didn’t have DD functionality. You should have known that to avoid disappointment.
I’m all for people returning to banks but from the sounds of it you didn’t really read up on what Chase was or provided at launch.
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Yeah the savings. I knew they didn’t have direct debits on start up but was told it would be very soon and one agent said any day now. Months later this finally happened. I’m just impatient. Never understood why banks start up without having basics in place first. I just want a bank that has everything all in once place.
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Really recommend you do not try brand new banks in future… they all have issues.
I searched back up and the DD statement from Chase was “coming soon”. That’s not set in time and definitely wasn’t overtly advertised as days.
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I think at one point they did say they were coming in January (2022) and missed it, and would have been good to have them from the start, but was clear they were coming eventually. Personally any sort of neobank I don’t use as anything more than a petty cash spending card anyway, people braver than me can be the guinea pigs for the important stuff until they mature.
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Just going on what my experience was with agents telling me it’s any day now. As stated above they missed their deadline too. So from the start wasn’t consistent with its customers. I won’t be trying new neo banks in future . I’ll be sticking with Monzo.
Remember when chase said the open api was coming in March… they still might make that deadline.
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Over the last 5 years FD have said any day now for notifications. Free beer tomorrow. Go to claim your free beer and they say no it’s tomorrow ad nauseam.
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Hey, have we already discussed this?
From Chase:
We’re very excited to be nominated for 5 British Bank Awards:
Best Current Account Provider
Best Savings Provider
Best Banking App
Best British Bank
Best Newcomer
I think at this stage, is the ‘shortlist’ actually that short from this award? It seems that every bank has been nominated for Best Current Account provider?
And Best British Bank for Chase? That’s kinda stretching that definition…
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I don’t see a problem with that. R-
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While I really like Chase, I think they still have a lot of shortcomings. Apart from best savings provider and best newcomer I wouldn’t rate Chase as the best.
Current account is nice, but still no overdraft, there are still issues with their sort code (not being recognised by other entities ex. AmEx). No IBAN support means no way to receive money abroad etc…
Banking app is nice, but it still lacks dark mode support, notifications are coming with ~10-15 sec delay as compared to Monzo/Starling etc
Best British Bank… This is where I ask myself “What is a bank?” Again it lacks so many things I’d expect a bank to have like: loans, credit cards, mortgages, international transfers, overdrafts, international services etc 
credit cards will come soon
Best newcomer defo they’re great.
That being said in my wallet I usually carry the Chase debit and an AmEx card, so I really like them, but I think they’re the best secondary bank, unfortunately not the main bank.
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I just voted for them. I’ve not had a single issue since they went down and I like the little things like interest/cashback/nice UI/account numbers for sub-accounts and future things like upcoming Nutmeg integration.
I was super critical of them in the past (rightfully), but I’m quite happy with them now. That’s not to say they don’t have anything to improve on (I’d quite like virtual cards, open banking, get paid early, dark mode etc).
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Who wants to build Open Banking for Chase?
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They are going to be very busy getting it done before the end of March.
Interesting. You’re right, I don’t think I saw any messaging around it only being for 12 months. It makes sense though.
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They definitely said previously that this offer will lasts for 12 months.
The first 12 months for any new customer is still the previous offer (1% cashback uncapped on all spending) then the 2nd 12 months is the £500 minimum deposit and capped at £15 per month offer.
Legally it would be incredible stupid of a bank to not put an end date on an offer like this (or else you’ll still get people trying to claiming in 40 years) even if they intended to just rolling it on for a further 12 months.
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Actually - checking my emails from Chase on this - they sent this on the 16th Feb.
Good news – your new cashback offer is coming soon! With monthly cashback, you’ll be able to be rewarded for your everyday debit card spending for up to 12 more months.
While we get monthly cashback ready, we’re going to keep giving you 1% cashback2 on your everyday debit card spending with your current offer until 00:00 on 1 April 2023
How monthly cashback will work
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From 1 March 2023, pay in £500 to your Chase current account each month to qualify (excludes internal transfers)
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Then the next month, you’ll be able to earn 1% cashback – up to £15 – on your everyday debit card spending
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Qualify each month to earn cashback the next month, for up to 12 months
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