Switching to Chase Bank - a complete guide

Chase UK®¹ offers digital current and savings accounts which you open and operate through an app. There are very few fees to pay with Chase, and you’ll be able to earn cash back and interest, too. If you want to switch to Chase Bank to get a better rate of interest or to earn more cashback on card spending, this guide is for you. Plus, as Chase UK can’t help with international transfers, we’ll also introduce Wise which lets you send money digitally online and in-app, to 150+ countries globally.

Learn more about Wise

Intro to Chase Bank UK

You might have heard of Chase as a US based bank. In the US Chase has over 56 million digital customers, and a broad suite of account products and services on offer. Recently Chase expanded its services to the UK, with digital account and banking options across both a current account and a savings account.

It’s helpful to know that Chase UK doesn’t have the full range of services you might get from a more established bank just yet. You can’t get a credit card in the UK for example, and no international transfers can be made to or from a Chase UK bank account.

If you bank with Chase and need to send a payment overseas, you’ll need to use a third party service to help - we’ll look at how Wise can process your payment quickly and for low, transparent fees and the mid-market rate, a little later.

How to switch to Chase

If you’re thinking of switching from your current bank to Chase UK, you’ll be glad to hear the process to switch to Chase couldn’t be easier. Firstly you’ll need to make sure you meet the Chase UK eligibility requirements. This means you must:

• be 18+
• be a resident of the UK only
• have a smartphone and a UK mobile number
• be a tax resident of the UK

If you fit the bill, all you have to do is download the app and open a current account with Chase Bank UK². Once you have an account open, you can select the option to use the Chase Bank account switching service, and Chase will do all the hard work for you.

Under free the Chase switching service you’ll get the following benefits³:

• Chase will move all your payments going out and coming into your old account to your new Chase account
• Chase will transfer any funds left in your old account to your new account on your switch date
• Chase will arrange for payments accidentally made to your old account to be
• redirected to your new account
• Chase will contact the sender of any misdirected payments, and give them your new account details

Chase UK accounts are opened and operated through the Chase UK app. Just follow the prompts online to enter your personal and contact details and get verified to get started.

Does it cost to switch to Chase Bank UK?

There’s no fee for the Chase Bank switching service. All you’ll need to pay is any fees associated with your new account, such as any relevant service fees once you start to transact.

How long does it take to switch to Chase?

The Chase switching service takes 7 working days - and you can pick your switch date for convenience.

Is switching covered by a guarantee?

You may be wondering if switching to Chase is safe. The good news is that the Chase switching service is covered by a guarantee which means that Chase will refund any interest or charges made on either your old or new current accounts if something goes wrong with the service and you’re charged unnecessary fees.

Chase Bank switch offers and benefits

Chase Bank switch offers are available to any new customers coming to Chase. At the time of writing the live offer for new customers is a 1% rate of cash back on card spending, capped at 15 GBP a month, which is available for the first year you hold a Chase account.

You can also take advantage of the other Chase features and benefits, including interest earning opportunities and the Round Up service which automatically rounds up card spending to the nearest pound and deposits the difference to a special higher interest earning account on your behalf. The funds can be built up for up to 12 months, and are then moved to your primary current account, and the Round Up pot will start fresh again.

Need to send money overseas? Chase Bank UK can’t help you - but Wise can.

Chase UK accounts can’t send or receive foreign currency payments⁴. If you need to send money abroad, why not try Wise instead.

Wise is not a bank however offers the Wise account that can be easily opened online with no monthly fees and no minimum balance requirement. You can use your account to hold funds - or simply whenever you want to send money abroad.

Send a payment with Wise to 150+ countries, in 40+ currencies. 50% of Wise payments arrive instantly, and 90% are there in a day⁵. Plus you get the mid-market exchange rate every time with no markup and no hidden charges. All the costs are transparently split out, and start from just 0.43%⁶ depending on the currencies involved.

Get started with Wise

Switching to Chase Bank is very easy with the Chase Bank switching service. Plus you’ll get a guarantee that if anything goes wrong and you end up paying more than you should in interest or penalties, Chase will refund you. It only takes 7 working days to switch, so the entire process can be completed in under 2 weeks - easy.

Use this guide to switch to Chase Bank UK, and don’t forget to look out for Wise next time you want to send a payment abroad, with low fees and the mid-market rate.

Last check date: 28th July 2023.