Chase UK launched in September 2021 with a blanket 1% cashback on all spending for the first year — unusually generous for a free current account. Interest on the current account balance followed later (Chase introduced 1% AER on the current account in 2023) but was removed entirely on 5 August 2024. Five years on, Chase has evolved considerably from its launch offer, and in 2026 its main financial draws are its linked Saver/Round-up interest and its 2% cashback scheme (from 1 June 2026) rather than current account interest.
In 2026, Chase UK is no longer the “new” challenger — but it remains a competitive fee-free option, particularly for people who want cashback on everyday UK spending and are happy to keep savings in a linked pot rather than the current account itself.
Part of the Chase UK hub — detailed guides covering every aspect of Chase’s account, fees, limits, and features.
What Is Chase UK?
Chase UK is JPMorgan’s retail banking brand for the UK market, operated by J.P. Morgan Europe Limited. It is entirely app-based (no branches) and offers:
- Personal current account
- Saver account (linked savings)
- Round-up account (for saving from purchases)
- A Chase credit card
Chase UK does not offer mortgages, business accounts, loans, or investment products. It’s deliberately focused.
The Current Account
Chase’s current account in 2026:
| Feature | Details |
|---|---|
| Monthly fee | £0 |
| Interest on current account balance | £0 (interest stopped on 5 August 2024) |
| UK bank transfers | Free |
| UK ATM withdrawals | Free |
| Foreign spending | Fee-free (fair use policy applies) |
| Foreign ATM withdrawals | Fee-free, capped at £500/day and £1,500/month — full fee schedule |
| Overdraft | Not available |
| FSCS protection | Yes — up to £120,000 |
No Current Account Interest — Use the Linked Saver Instead
Unlike in its early years, Chase’s current account itself does not pay interest — that ended in August 2024. To earn interest with Chase, balances need to sit in the linked Saver account (2.25% AER standard, variable) or the Round-up account (5.00% AER, variable). New customers can sometimes access a boosted Saver rate (up to 4.5% AER for 12 months as a promotional offer) — confirm the current boosted rate and eligibility in the app, as Chase can withdraw or change it at any time.
Annual interest at the standard 2.25% Saver rate on different balances:
- £2,000 in the Saver: ~£45/year interest
- £5,000 in the Saver: ~£113/year interest
- £10,000 in the Saver: ~£225/year interest
These figures are illustrative and will move with the variable rate — always check the current rate at chase.co.uk before relying on a specific figure.
Savings Account
Chase also offers a separate Saver account — see the Chase UK Savings Account guide for current rates, rules, and how the linked saver compares to alternatives.
- Easy-access savings, standard rate 2.25% AER (variable)
- Boosted new-customer rate available periodically — confirm current terms in-app
- Separate from the main current account, no withdrawal restrictions
- Built into the same app
The round-up feature rounds purchases to the nearest pound and saves the difference into a separate Round-up account, which pays 5.00% AER (variable) — similar in concept to Monzo’s pot round-ups.
Cashback
Chase launched with 1% cashback on all debit card purchases for the first 12 months. This has evolved considerably — for the full rules on how Chase cashback works now, see Chase UK Cashback Rules.
- Since 1 June 2026, Chase pays 2% cashback (up to £20/month) on debit and credit card spending in specific UK/Channel Islands categories: groceries, restaurants, cafes, takeaways, transport, fuel, and EV charging
- Cashback generally requires 15+ card payments/Direct Debits a month and £1,000+ held across your Chase Savers to qualify for the following month
- Purchases outside the UK/Channel Islands, or in non-GBP currency, do not qualify
Check in-app for current cashback terms — they can be genuinely valuable if they align with your spending, but the qualifying conditions matter.
App: Functional but Simpler Than Rivals
Chase’s app does what it needs to — but lacks the depth of Monzo and Starling:
What it does well:
- Clean, intuitive interface
- Clear balance and transaction views
- Easy fund transfers
- Instant notifications
- Card freeze/unfreeze
Where it lacks:
- No spending categories/analytics comparable to Monzo’s summary tab
- No dedicated pots/spaces system (just main account + Saver + Round-up)
- No salary sorter or bill management tools
- No budgeting features
App ratings change over time — check the current App Store and Google Play ratings directly before relying on a specific figure.
Customer Service
- In-app chat 24/7, plus an emergency-only phone line for lost/stolen cards and fraud
- No general phone line for everyday enquiries
- No branches
- Backed by JPMorgan’s compliance infrastructure
Who Is Chase UK Best For?
| Profile | Verdict |
|---|---|
| People who want cashback on everyday UK spending | Good — 2% up to £20/month on eligible categories, subject to activity requirements |
| Salary account users who move savings into the linked Saver | Good — 2.25% AER standard, boosted rates available periodically |
| People who want budgeting tools/pots | Poor — no equivalent of Monzo’s pots |
| Frequent international travellers | Good for spending; capped at £1,500/month for foreign ATM withdrawals |
| Business owners | N/A — no business account |
| People who want full-service banking | Poor — very limited product range |
Chase UK vs Monzo vs Starling
| Feature | Chase UK | Monzo (free) | Starling |
|---|---|---|---|
| Monthly fee | £0 | £0 | £0 |
| Interest on current account balance | £0 | 0% | 0% |
| Savings pots | Saver + Round-up | Multiple pots — confirm current rate | Multiple Spaces |
| Budgeting tools | Minimal | Confirm current features | Good |
| Foreign spending fee | None (fair use) | Confirm current terms | Confirm current terms |
| Business account | No | Yes | Yes |
| Overdraft | No | Yes | Yes |
Pros and Cons
Pros:
- 2% cashback (up to £20/month) on eligible UK spending since June 2026
- Entirely free — no monthly fees, no transfer fees
- Saver account pays a competitive variable rate, with periodic boosted offers for new customers
- JPMorgan backing provides institutional credibility
- Good basic app functionality
- FSCS protected up to £120,000
Cons:
- Current account itself no longer pays interest (ended August 2024) — savings need to sit in the Saver/Round-up to earn interest
- Very limited product range (current account + saver + round-up)
- No budgeting tools or pots system comparable to Monzo/Starling
- No business account
- No overdraft facility
- Foreign ATM withdrawals capped at £1,500/month
- Cashback now requires meeting monthly activity conditions
- App quality trails Monzo for features
Overall Verdict
Chase UK remains a solid free current account for cashback on everyday UK spending and fee-free travel use, but it is no longer the interest-on-everyday-balance product it once was. Since the current account stopped paying interest in August 2024, the account’s main financial draws are now the 2% cashback scheme (from June 2026) and the linked Saver/Round-up interest.
If you want interest, move balances into the Saver or Round-up account rather than leaving them in the current account. If you want budgeting tools, pots, and travel features, Monzo or Starling may serve you better.
Best for: People who spend regularly in the eligible cashback categories and who actively move savings into the linked Saver or Round-up account.
Consider alongside: Keep Monzo or Starling as your primary spending account if budgeting tools matter to you, and use Chase for its cashback and linked savings interest.
Related Guides
Chase UK
- Chase UK Hub — Complete Guide — All Chase guides in one place
- Chase UK Fees — Full fee schedule
- Chase UK Cashback Rules — How cashback works and what qualifies
- Chase UK Savings Account — Rates, rules, and how it works
- Chase UK ATM Withdrawal Limit — Daily cash limits
- Chase UK Transfer Limit — How much you can send
- Chase UK Travel Spending — Foreign fees and ATM limits
- Can You Deposit Cash With Chase UK? — Adding money to Chase
- Is Chase UK FSCS Protected? — How your money is protected
- Chase UK Sort Code — Sort code and account number info
Compare
- Monzo vs Starling vs Revolut — Full digital bank comparison
- Monzo Review 2026 — How Chase compares to Monzo
- Starling Bank Review 2026 — How Chase compares to Starling
- Best Savings Accounts UK 2026 — If you want to maximise interest