Chase review and offers
Chase is the UK digital banking arm of J.P. Morgan, one of the largest banks in the world. Launched in September 2021, it crossed 2.5 million UK customers in early 2025 and continues to grow as one of the country's biggest app-first banks. Chase offers a current account, an easy-access saver linked to the Bank of England base rate, a credit card, and a cashback rewards programme, all run app-only with no branches and no web banking.
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Chase review
Completed the offer? Awesome! Here's our full review on why Chase could work well for you going forward.
Chase is the UK digital banking arm of J.P. Morgan, one of the largest banks in the world. Launched in September 2021, it crossed 2.5 million UK customers in early 2025 and continues to grow as one of the country's biggest app-first banks. Chase offers a current account, an easy-access saver linked to the Bank of England base rate, a credit card, and a cashback rewards programme, all run app-only with no branches and no web banking. Chase tends to suit people who want a clean, app-first banking experience and don't need a physical branch. It works particularly well as a secondary account: somewhere to park spending money for cashback, or savings to earn interest while the rate stays competitive. The £1,500 monthly deposit needed to keep cashback running after year one does limit who'll stick with it long-term, so it may not suit anyone who can't move income reliably. The £50 free cash from the referral programme is a 10-minute win whether you keep Chase long-term or not.
Is Chase safe?
Yes, Chase is one of the safer places to put your money in the UK. Chase is a trading name of J.P. Morgan Europe Limited, which is authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA, with Financial Services Register number 124579. That's the same dual regulation that applies to every UK high-street bank.
Eligible deposits with Chase are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per depositor (the limit that came into force from 1 December 2025). If anything happened to J.P. Morgan Europe Limited, the FSCS would pay your eligible balance back, automatically and free of charge.
The parent group is JPMorgan Chase & Co., one of the largest banks in the world by assets, so this isn't a small fintech learning the ropes. Chase has been operating in the UK since September 2021 and crossed 2.5 million customers in early 2025. App-only banks always have a few quirks (no branch to walk into if something goes wrong) but on the regulatory and financial-stability side, Chase is as safe as UK banking gets.
Who is Chase for?
Chase is ideal for anyone who wants a modern, app-based current account with genuine cashback on everyday spending. It’s particularly good for people who want a secondary account for spending and saving, with the reassurance of a major global bank behind it. The refer-a-friend bonus makes it an excellent option for anyone looking to earn extra cash.
What does Chase do?
Current account with 1% cashback for the first year
A free everyday current account with 1% cashback on UK debit card spending in groceries, everyday transport and fuel for your first 12 months, capped at £15 per month on £1,500 of eligible spend.
Easy-access savings tied to the BoE base rate
The Chase Saver pays a variable rate linked to the Bank of England base rate, with no withdrawal fees and no minimum balance. New customers can boost it for the first 12 months when opening within 31 days.
No-fee spending abroad
Use your Chase debit card overseas with no foreign transaction fees on purchases or ATM withdrawals, putting it in line with other digital banks and ahead of most legacy UK ones.
Round-ups, pots, and instant notifications
Round up debit card spends and slide the change into savings, organise money into separate pots, and get a push notification on every transaction in or out of your account in real time.
Pros and cons
Pros
- Strong safety net: J.P. Morgan parent, FCA/PRA dual regulated, FSCS protected up to £120,000
- Genuine 1% cashback on everyday spending for the first 12 months (groceries, transport, fuel, capped at £15/month)
- Easy-access saver tracks the Bank of England base rate, with a 12-month boost for new customers
- No fees abroad on card spending or cash withdrawals
Cons
- App-only, with no web banking and no branches, so if your phone breaks or gets lost you're stuck until you replace it
- Single-use referral codes mean the £50 free cash is a one-shot offer per person, not repeatable
Is Chase worth it?
Yes, for most people Chase is well worth having alongside your main current account. The £50 free cash referral is one of the easiest 10-minute wins I've come across, and the £1,000 you deposit to qualify isn't locked up: you can move it straight back out once the bonus has landed. So in practice you're getting £50 for opening an account, downloading the app and shuffling money around for half a morning.
After the bonus, Chase earns its keep as a second account in two ways. The 1% cashback on everyday spending in the first 12 months is genuine money back, up to £15 a month if you put your weekly shop through it. And the boosted savings rate for new customers is one of the better easy-access deals going right now, even though the variable rate will drift down if the Bank of England cuts.
The catch is year two. The cashback gets harder to hold onto (you need £1,500 paid in monthly to keep it), and the savings boost ends. Treat Chase as a strong first year and then re-evaluate. For the time it takes to open, it's an easy yes.
Chase FAQs
How does Chase make money?
Chase makes money the way most UK banks do: by lending out customer deposits at higher interest rates than it pays back to savers, and by earning interchange fees on debit and credit card transactions. The 1% cashback and boosted savings rates are subsidised by the parent group, JPMorgan Chase & Co., which uses Chase UK to build a retail-banking presence outside the United States.
How much is the Chase sign-up bonus?
The Chase referral bonus is £50 in free cash (as of May 2026), paid to your new Chase account once you've deposited at least £1,000 within 30 days of opening. The bonus is funded through Chase's refer-a-friend programme, with single-use codes that each referrer can share a limited number of times. You can withdraw the £1,000 again as soon as the bonus has paid out.
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£50 Free Cash is the strongest live Chase route we have listed right now.