Menu
Save, make, understand money

News

Chase re-opens applications as it shuts ‘waiting room’

Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
Updated:
01/07/2022

Savers can open a Chase account as normal as the digital challenger confirmed it has closed its ‘waiting room’.

US banking giant JPMorgan Chase said it has closed the ‘waiting room’ which came into effect last month to handle applications after numbers soared.

This means all customers who start an application can do so as normal. For those who were in the ‘waiting room’, they can now go on to complete their application.

As it brought in the waiting room in June, applications were processed on a first-come, first-served basis, with savers told to expect a three to five week wait.

It came following the launch of the Chase savings account offering interest rate starved savers a market-leading 1.5% AER – the highest rate in two and a half-years.

Chase also offered a ‘refer a friend’ scheme giving both existing customers and new customers £20 each.

As such, it saw customer numbers swell to 800,000 since it launched in September 2021 with its Chase bank account offering 5% on round-up spending and 1% cashback on transactions for a year.