I think the key part is “more competitive for existing customers“ i.e. they only offer seem to offer the best savings rates for new customers
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Even without this they are competitive for current customers. It’s a few % on a savings account.
Chase Savings are now at 2.25%
Spring (Paragon) easy access account 4.11%
Chase are not competitive to existing customers.
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Please define “competitive”. Chase savings accounts are as good, if not better, than most of the mainstream banks for existing customers. It’s no use comparing them to a provider that most people have never heard of.
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I’m not Kissington so don’t know what their intention was but to me the post is saying Chase are offering more competitive offers to new customers compared to their existing ones (which they are), it’s not about how competitive Chase are in the wider market.
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Chase was very competitive. IIRC their boosted savings account gave 4.75%. Spring is a brand of Paragon Bank, which I presume most people on this site have heard of. In any event that’s good enough for me, as long as it has FSCS protection up to £120K. Banks in general do give pretty poor rates.
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Agreed, some savings rates by high street banks are absolutely awful.
Reading Chase, I’m still waiting for them to fix things to allow past customers to return, but I have a feeling I could be waiting a very long time.
Regardless of looking at some providers who maybe relatively unknown, I tend to lump Chase in with other fintechs like Monzo, Starling and Revolut. Even then, they’re coming out bottom
Chase - 2.25%
Monzo - 2.75%
Starling - 2.5%
Revolut - 3%
Compare then to old school banks like NatWest and they’re not as bad (although I currently use Barclays Premier savings account for around 4% interest up to 5k).
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Ford Money still has 3.97%
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I am still waiting for their long promised ‘take on a joint account’!
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All the above rates are fine, but Chase is the only one that let’s you do DDs from their savings account.
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There are some current accounts which support direct debits which pay a higher rate of interest than Chase does on its savings accounts
3.79% not 3.97?
‘Coincidentally’ I received a survey from Chase today…
Tell us how it’s going
Hello Stuart,
Thanks for choosing to bank with Chase! So we can give you the best experience possible, would you mind answering some questions?
Let us know by completing our survey.
Just to also say that I have never actually CASSed away from Chase.
If Chase made their offer more attractive to me, I would definitely consider using my accounts more often. Apart from the aspects mentioned previously, I think that other areas of weakness are
No interest on current account.
High deposit requirement to qualify for cashback, and also capped.
Customer service a bit meh.
Can only use one platform or another.
In my opinion.
Because it’s a current account not a savings account.
£1,500 isn’t exactly high unless you’re a very low income household.
It’s usually down to how you’re asking your question imo. Too much detail or wanting too much info can result in a poor response. Be direct and to the point.
No clue what this means.
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It’s dead easy to get round that. My friend sends me £1500 each month from his Chase account to mine, and I send it straight back. That instantly qualifies both of us for the cashback.
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Tried doing this by standing order from Lloyds, to Chase, back to Lloyds.
But Chase attempted the SO before Lloyds received my salary and paid out SOs so I gave up with it.
I know, I used to do it. Still a faff. And it must be obvious to Chase why you’re doing it.
Different strokes.
Can’t think of this has been discussed before.
If I set a standing order for 1st of the month, and like March it is a Sunday, will this leave on the Sunday or the Monday?
I know Monzo and Revolut will pay it on 1st.