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Chase joins current account switch scheme

Paloma Kubiak
Written By:
Paloma Kubiak

Chase has joined the Current Account Switch Service making it easier for new savers to sign up.

The digital challenger (app only bank) joins the other 48 participating brands in the Current Account Switch Service (CASS).

It is free to use and allows customers to switch current account between participating bank and building societies, with all direct debits and standing orders brought across automatically. All payments that usually come into your account, such as salary, will also be moved.

As a member of CASS, it means for savers coming to Chase and using its current account as their main account, they won’t need to manually update all their direct debit and standing orders.

Since Chase launched in September 2021, it has notched up more than 1.6 million customers and holds £15bn in deposits. It said it “intends to offer a full suite of banking products over time”.

Big changes at Chase

Just recently the challenger introduced 1% AER interest on cash held in current accounts, with no minimum monthly deposit, direct debit requirements or fees.

Chase also confirmed a big shake-up to its popular debit card cashback scheme which allows holders to earn 1% on eligible spends.

In May, it brought in a minimum £500 monthly pay in amount and a £15 per month cap for users depending on when they joined (or join) Chase and activated (or activate) the cashback offer.

Chase continues to offer 5% AER on round-ups, where spends are rounded up to the nearest pound. Meanwhile, the Chase saver, which is linked to its current account, pays 3.3% AER (variable), paid monthly. Chase customers can also earn cashback on overseas spends without any fees.

Shaun Port, managing director for everyday banking at Chase, said: “We’ve joined the Current Account Switch Service because we want to make it simpler, quicker and easier for consumers to do more of their banking with Chase. It’s important to make the process of switching current account provider reliable and stress-free so consumers feel empowered to make the choices that best suit their needs.”

John Dentry, product owner at Pay.UK, which operates CASS, added: “The emergence of new banks is exciting in itself, but it is really encouraging to see these providers join the Current Account Switch Service to offer their customers a quick, free, and guaranteed way of switching current accounts.”