Chase UK review

Best Cashback

Digital bank offering 1% cashback on card spending for the first year, plus competitive savings rates. No monthly fees.

Overview

Chase UK launched in 2021 as JP Morgan's first retail bank outside the US — and immediately disrupted the UK market with 1% cashback on all spending for the first year, competitive savings rates, and zero monthly fees.

Who Is Chase Best For?

• New customers wanting the 1% cashback introductory offer
• Savers — the linked Chase Saver has competitive rates
• Those wanting a clean, modern app — built from scratch, no legacy systems
• Budget-conscious users — round-ups and automatic savings features

Key Features

Feature	Details
Monthly fee	£0
Cashback	1% for 12 months (0.5% after)
Savings rate	Competitive easy-access
Overseas spending	1% fee (not fee-free)
Cash deposits	Not supported
Joint accounts	Not yet available

Put all possible spending through the Chase debit card during your first 12 months. On £1,500/month spending, that is £180 cashback in year one — genuine free money. After year one, the rate drops to 0.5% which is still better than most banks (which offer 0%).

The Savings Integration

The Chase Saver is one of the most competitive easy-access accounts, and it is seamlessly built into the app. Moving money between current and savings accounts is instant. This integration makes Chase a strong one-app banking solution.

What Chase Lacks

• No branch access — app-only bank
• No joint accounts — solo accounts only for now
• Overseas fee — 1% FX fee (worse than Starling/Monzo)
• No cash deposits — cannot deposit cash at Post Office or ATMs
• Cashback reduces after year 1 — drops from 1% to 0.5%

The Bottom Line

Chase is an excellent secondary or primary bank with the strongest cashback offer on a current account in the UK. The linked savings account adds genuine value. The main limitations are no branch access, no joint accounts, and the overseas spending fee. For a free bank account, it is hard to beat — especially in year one.

Pros

• 1% cashback on spending (1st year)
• No monthly fees
• Excellent savings rates
• Instant notifications
• Easy-to-use app

Cons

• No branch access
• Limited overdraft options
• Cashback reduces after year 1