Chase UK Review: The £50 Referral, a 4.5% Boosted Saver and 2% Cashback Explained

Chase arrived in Britain in September 2021 as the UK digital bank of JPMorgan Chase. It launched as an app-only current account with cashback and a high-rate round-up account, and has since added a credit card and a stream of savings offers. The appeal is straightforward: no monthly fee, no Chase fees abroad, a strong introductory savings rate and cashback on groceries, coffee and the commute. The catch is that the rewards come with conditions, and those conditions have tightened. This review sets out what you get, what you have to do to get it, and who should bother. For the wider field, see our banking apps hub.

This review is information, not financial advice.

Chase UK Promo Code box

• Offer: £50 ($66.63 / €59.34) each for you and the friend who referred you, when you pay in £1,000 within 30 days; Chase Saver at 4.5% AER (variable) for 12 months
• Promo Code: No Promo Code needed (a friend’s referral code is entered in the app)
• Who qualifies: new customers aged 18 or over, resident and tax resident in the UK only
• Key terms: pay in £1,000 ($1,332.60 / €1,186.70) or more within your first 30 days; the boosted saver must be opened within 31 days of joining

Offer detail	What you get
Promo Code	No Promo Code needed; enter a friend’s referral code under Rewards in the app
Welcome offer	£50 each for you and your referrer; Chase Saver at 4.5% AER (variable) for 12 months, including a 2.25% AER fixed boost
Who qualifies	New customers aged 18+, UK resident and UK tax resident only, who joined from 3 December 2025
Key terms	Pay in £1,000 or more within 30 days of opening; boosted saver within 31 days, one per customer, up to £1m; offers can be withdrawn at any time
How to claim	Download the Chase UK app, open an account, tap Rewards, then “Been referred by a friend?” and enter the code

Get the Chase UK offer

Key facts

• Owner: J.P. Morgan Europe Limited, trading as Chase, part of JPMorgan Chase & Co
• Launched in the UK: September 2021
• Regulation: authorised by the PRA, regulated by the FCA and PRA, Financial Services Register number 124579
• Deposit protection: FSCS, up to £120,000 ($159,912 / €142,404)
• Monthly fee: £0, no paid tiers
• Card spending abroad: no Chase fees, Mastercard exchange rate
• Cash abroad: no Chase fee; up to £500 a day and £1,500 a calendar month from a Chase current account
• App ratings: 4.9 on the UK App Store (285k ratings), 2.9 on Google Play (about 125k reviews)
• Trustpilot: 3.5 from 15,898 reviews

Verdict

Chase UK is a good secondary account and, for disciplined savers, a decent main one. The boosted saver is among the better easy-access rates for a year, the cashback is real money if you meet the rules, and spending abroad costs nothing from Chase’s side. The downsides are the hoops: 15 payments a month and £1,000 held in savings to earn cashback, a rate that drops when the boost ends, and an Android app that scores far lower than its iPhone twin. If you want a bank that rewards you without homework, Starling or Monzo are simpler.

Pros

• £50 referral reward on both sides with a modest £1,000 pay-in
• Saver at 4.5% AER for 12 months, up to £1m
• 2% cashback on groceries, eating out and everyday transport, up to £20 a month
• No Chase fees on card spending or cash withdrawals abroad
• 24/7 support by phone and in the app

Cons

• Cashback needs 15 payments a month and £1,000 across your Chase savers
• Saver rate falls once the 12-month boost ends
• No cashback on spending abroad or in currencies other than pounds
• Cash abroad capped at £1,500 a calendar month
• Android app rated 2.9 on Google Play, with complaints about reliability and support

Chase UK referral and switching offers

The main sign-up incentive is the refer-a-friend reward. If someone you know banks with Chase, they can give you a code. Open your account, go to Rewards, tap “Been referred by a friend?” and enter it. Pay in a total of £1,000 or more within your first 30 days and both of you receive £50, added to your Chase Rewards balance and transferable to any Chase current or saver account. Referees must have joined from 3 December 2025, be 18 or over and live in the UK. The offer can be changed or withdrawn at any time.

Chase does not list a cash switching incentive. The other welcome offer is the boosted saver, covered below.

Chase UK prices and fees

There are no paid plans. The current account, the savers and the cashback scheme all come without a monthly fee. What matters is the list of conditions and limits:

Feature	Detail
Monthly fee	£0
Card spending abroad	No Chase fee, Mastercard rate
Cash withdrawals	No Chase fee; up to £500 ($666.30 / €593.35) a day; abroad, £1,500 ($1,998.90 / €1,780.05) a calendar month from the current account
Credit card cash withdrawals	No Chase fee, but interest applies until repaid
Chase Saver (boosted)	4.5% AER / 4.41% gross (variable) for 12 months, for new customers within 31 days
Standard saver rate	2.25% AER / 2.23% gross (variable)
Round-up account	5% AER (variable), as listed by Chase
Cashback	2% on eligible card spending, up to £20 ($26.65 / €23.73) a month

All rates were checked on Chase’s own pages. They are variable and change with the market.

How the 2% cashback works

Chase pays 2% cashback on card purchases at supermarkets, restaurants, cafes, takeaways, everyday transport, fuel stations and public electric vehicle chargers, up to £20 a month. To qualify, you must make at least 15 payments a month by debit card, credit card or Direct Debit, and keep £1,000 or more across your Chase saver accounts all month, not counting round-up accounts. Direct Debits, transfers and refunds earn nothing. Cashback for each month is paid into your rewards balance the following month.

The worked saving: a year with Chase

Take a nurse in Manchester who spends about £1,000 a month on groceries, lunches, takeaways and trains, and keeps a £5,000 emergency fund.

• Cashback: 2% of £1,000 is £20, the monthly maximum. Over a year that is £240 ($319.82 / €284.81), provided she makes 15 payments a month and keeps at least £1,000 in savings.
• Interest: £5,000 at 4.5% AER earns about £225 ($299.83 / €267.01) in the first year.
• Referral: £50 if she joined through a friend’s code and paid in £1,000 within 30 days.

That is roughly £515 in year one. In year two the boost ends, the saver falls back to the standard variable rate and the referral is gone, so the case rests on the cashback.

Fees abroad: €500 in Lisbon, cash in Malta

Chase charges nothing for using its card abroad and applies the Mastercard rate to purchases in the local currency. You do not need to tell Chase you are travelling, though it suggests sharing your location in the app, and you can switch overseas payments on or off under Card controls.

A family of four spends €500 on a week of meals and museum tickets in Lisbon, about £421.34 at our reference rate, then withdraws €200 (about £168.53) from a cash machine in Valletta. Chase’s fees: £0. The limits are generous for a holiday: £500 a day and £1,500 a month in cash abroad. Local banks may charge for their machines, and paying in pounds hands the exchange rate to the merchant, so always pay in euros. Note that none of this spending earns cashback: Chase pays it only on purchases in pounds in the UK and Channel Islands.

Planning connectivity too? Our travel eSIM guide covers data abroad.

Chase UK vs Wise vs Revolut abroad

	Chase UK	Wise	Revolut Standard
Monthly fee	£0	£0 (card costs £7 to order)	£0
Card spending in euros	No Chase fee, Mastercard rate	Mid-market rate plus a conversion fee shown before you pay	Free up to £1,000 exchange a month, then 1%
Cash abroad	No Chase fee, £500 a day, £1,500 a month	£250 a month free, then 2.69%	5 withdrawals or £200 a month free, then 2% (minimum £1)
FSCS cover	Yes	No: e-money, safeguarded	See our Revolut review

Chase’s generous cash limits beat both rivals for a long trip. Wise remains the specialist for holding foreign balances; Revolut is the choice for frequent currency exchange.

Is Chase UK safe? FSCS and FCA authorisation

Chase is a trading name of J.P. Morgan Europe Limited, registered in England and Wales (company number 938937) at 25 Bank Street, Canary Wharf, London E14 5JP. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, with Financial Services Register number 124579. Eligible deposits are protected by the FSCS up to £120,000. The parent, JPMorgan Chase & Co, reported assets of $3.7 trillion when Chase launched in the UK.

App ratings, support and what users say

The split is striking. On the UK App Store, Chase UK scores 4.9 from 285,000 ratings. On Google Play it scores 2.9 from about 125,000 reviews. The visible Android reviews mention changes to cashback rules, the app freezing or failing to open, slow support and the lack of extra virtual cards or budgeting pots. The app needs iOS 15.1 or later, or Android 9 or later with Google Play.

Support is 24/7, including holidays. Call 0800 376 3333 in the UK or +44 203 493 0829 from abroad, message through Support in the app, or email ChaseSupportUK@chase.com.

On Trustpilot, Chase scores 3.5 out of 5 from 15,898 reviews: 63% five-star and 19% one-star. Fans like the easy app, quick transfers, competitive introductory rates, fee-free spending abroad and the cashback. Critics point to savings rates that drop after the introductory period, cashback rules that have become stricter, logins that sometimes demand a photo ID and selfie, and slow handling of fraud claims.

Who Chase UK suits

• Students: only from 18, and the cashback rules assume regular spending and £1,000 in savings, which rules out many students. Monzo or Starling are better starting points.
• Travellers: strong. No Chase fees abroad and high cash limits, though no cashback on foreign spending.
• Freelancers: useful as a personal savings and spending account alongside a separate business account elsewhere.

How to open a Chase UK account, step by step

1. Check you are 18 or over, live in the UK only and are a UK tax resident, with a smartphone and a UK mobile number.
2. Download the Chase UK app from the App Store or Google Play.
3. Follow the in-app steps to enter your details and prove your identity. Chase runs a soft credit search.
4. Once your account is open, go to Rewards, tap “Been referred by a friend?” and enter a code if you have one.
5. Pay in £1,000 or more within 30 days to unlock the £50 referral reward.
6. Open a Chase Saver within 31 days to get the 4.5% AER boosted rate.
7. Make 15 payments a month and keep £1,000 in your savers if you want cashback.

Chase UK vs Monzo vs Starling vs Kroo

	Chase UK	Monzo	Starling	Kroo
Monthly fee	Free	Free; paid plans £3 to £23	Free	Free
Fee on card spending abroad	None	None	None	None
Cash abroad	No fee, £500 a day, £1,500 a month	EEA free; £200 to £600 elsewhere	No fee, £300 a day	No Kroo fee
Headline savings	4.5% AER for 12 months	2.75% to 3.50% AER Instant Access	Easy Saver 4.00% AER for 6 months	Current account 3.00% AER
Sign-up reward	£50 each, £1,000 paid in	Random, most often £10 or £20	£25 by invitation	None listed
FSCS	Up to £120,000	Up to £120,000	Up to £120,000	Up to £120,000

Chase UK FAQs

Is there a Chase UK promo code?
No Promo Code is needed. The sign-up reward comes from a friend’s referral code, entered under Rewards in the app after you open your account.

How does the Chase £50 referral work?
Enter a friend’s code and pay in £1,000 or more within your first 30 days. You and your friend each get £50 in your Chase Rewards balance.

What is the Chase Saver rate?
New customers who open it within 31 days get 4.5% AER (variable) for 12 months, made up of the standard 2.25% AER variable rate and a 2.25% AER fixed boost.

How do I qualify for Chase cashback?
Make at least 15 payments a month by card or Direct Debit and keep £1,000 or more across your Chase savers all month. You then earn 2% on eligible spending, up to £20 a month.

Does Chase charge fees abroad?
No. Chase charges no fees on card spending or cash withdrawals abroad, though local cash machines may charge their own.

What is the Chase cash withdrawal limit abroad?
£500 a day and £1,500 a calendar month from a Chase current account.

Is Chase UK safe?
Chase is a trading name of J.P. Morgan Europe Limited, authorised by the PRA and regulated by the FCA and PRA (register number 124579). Eligible deposits are covered by the FSCS up to £120,000.

Can I open Chase UK if I live abroad?
No. You must be a UK resident only and a UK tax resident.

How do I contact Chase UK?
Call 0800 376 3333 in the UK or +44 203 493 0829 from abroad, 24/7, or message through Support in the app.

Visit Chase UK

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