Yes, I know GS didn’t have the retail banking background in the US that Chase do. As you say, Chase have said that they regard the UK as their staging post for going into Europe and indeed were recruiting for a banking manager for Germany a while back. Mind you, not so long ago Citibank had a similar strategy, but have largely pulled out of retail across the board now.
That said, I think Chase would like to stay, but I suspect they will want much more critical mass to do so. Might be that they’ll buy, say, TSB or Santander to get where they want to be. Given that they’ve said they want to be in the top five in each market, I think they’re going to go shopping at some point.
I hope not, because I like a lot of what starling have done with their product. I’ve flirted with the idea of switching to starling for years but the cashback kept me at chase. I’m going to CASS to starling and give them a proper go.
If that doesn’t work out… who knows. I’d consider coming back to chase but the offering is a little more basic than I’d like. Potentially first direct would be my next best option…?
Starling hasn’t released it’s annual report for the year to date but last year’s showed it was profitable. There is no doubt the restrictions are affecting the bank, and yes on purely money terms, Chase is bigger, but I don’t see a reason for Starting going.
Chase may stay but they’ve pulled the plug on the reason that many stayed with them.
My ‘£1 bet’ for a long while was that it’d be FD that aquired them, possibly a similar customer base, but I also have a lingering suspicion that HSBC will pull the plug/turn them into the UK retail banking arm and pull out themselves for the big money folk.
Might be a nice mix of Fintech, mortage and CC offerings if that did happen.
This one is interesting. Are JPMG not the 4th largest bank, surely they’d just turn the lights off as a UK product. I know we might not see eye to eye on this, and I know you’ve given your reasons up thread, but I personally really can’t see what they offer that would make them worth aquiring by someone else.
Yeah I’m more in the HSBC type take over then Chase, I would have said Sabadell, but they are in the process of dealing with the BBVA takeover, and the willingness to offload TSB
Agree that Chase have probably established themselves quite nicely here but I can’t see them continuing to be recommended by the likes of Which?, MSE, etc with the new cashback terms. They don’t offer overdrafts, joint accounts, loans, cheque facilities, or the option to pay in cash. You’d have to put a lot of emphasis on the app, customer service, numberless card, and free overseas usage to make them your recommendation. Maybe Chase are hoping the new, limited cashback will be just enough to keep them ahead of the competition in the league tables? Maybe.
For me,I place a lot of emphasis on the app, and I think starling is closest to my ideal.
…and the Chase app, at least on Android, is quite bad, and not improved by much in the how-many-years-? they’ve been in the UK market.
I mean, if that’s the best one of the largest financial institutions in the world can do, it’s a sorry state of affairs.
On a Starling thing, I pulled out the platform I work on Issuer info, and Starling share is static, where Revoult and Chase is growing, and expect Revoult to overtake Starling in the next look.
As for Monzo, they are fractionally behind Nationwide and close to overtaking them, but double the volume of Cyldesdale and TSB.
It runs the same kind of horrible on those too. I was on an S22 Ultra, now on an S24 Ultra. It’s always been very bad compared to just about every other banking app I have used (and that’s most of them).
How Chase manages to be the only app affected by this on my phones isn’t immediately obvious to me
I don’t believe I have any other app (out of about 100 or so) that behaves the same as Chase. It’s not so much the speed of the app itself, as the speed of refresh of the content.
I will as I am looking to get one in the near future to try GrapheneOS.
We’ll just have to agree to disagree on that, I find it very well setup, clear and easy to navigate. Certainly easier than a lot of other banking apps.
I do feel with Chase reducing its Cashback offering, it will lose customers in the UK. It’s a massive bank, so it’s not at risk but the banking market is quite crowded already in the UK. Plus many don’t change their banks as often as people on these forums
