Personal Finance

Is Chase Bank Safe To Use In The UK?

Tommy Buckley

19.10.23 (updated more than 1 year ago)

Read time 2 minutes

If you’re thinking of moving banks, one of the most important things to check out is security.

In this guide, we’ll take a look at Chase UK and what steps it takes to protect you and your money.

Chase is a popular choice in the UK right now, having over one million customers¹ despite only launching here in 2021. But how does it score on security? Is it safe to use? Read on to find out.

We’ll also show you another secure alternative which could save you money on international transfers - the Wise account.

Learn more about Wise

Is Chase safe to use in the UK?

If you’re worrying - is Chase a scam? The answer to this is a resounding no, as Chase is a fully licensed bank in the UK. It’s authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA).²

What’s more, Chase is covered by the Financial Services Compensation Scheme (FSCS).² This gives you protection of up to £85,000 if anything should happen to the bank.

Chase security features and technology

Chase also uses sophisticated security measures to keep your account, money and data safe. Let’s run a few of these here:³

Multiple authentication checks - this protects access to your account, whether accessed through online or mobile banking.
Monitoring of suspicious activity - Chase has a dedicated security team who monitor your Chase account and transactions in order to detect fraud as early as possible.
Numberless debit card - Chase debit cards don’t feature any numbers, as these are all stored securely in the app so that only you can see them.
Encryption technology - the bank uses 128-bit encryption technology to protect your personal account information when using the Chase app or website.

Tips to stay safe while using Chase services

It’s great to know that Chase has lots of security measures in place. But there are also things that you can do to stay safe while managing your money. Here are some tips:

Keep your mobile banking app secure - log out when finished and lock your phone, and never share login access with anyone.
Protect your passcode and PIN information - remember that Chase will never contact you to ask for these details.
Be vigilant for potential scams - especially if paying someone new, and always check that websites are legitimate before making online purchases.
Update the Chase app whenever prompted - this way, you’ll have the latest security features
Use biometric login to access your account on the Chase app.

Wise - An Alternative for International Transfers

Want an account for making and receiving international payments? This is a feature that the Chase account doesn’t offer, but there is a great alternative out there.

Open a Wise multi-currency account and you can send and receive money worldwide for tiny fees and the mid-market exchange rate. Plus, you can hold and manage your money across 40+ currencies.

Learn more about Wise

And Wise takes security extremely seriously. As well as being strictly regulated, Wise uses 2-factor authentication for extra-secure transactions, has a dedicated anti-fraud team and is committed to keeping your personal data safe.

Sources used:

Sources last checked on date: 31-Jul-2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.