With a 1.5% interest rate on savings, the Chase Saver Account also offers 1% cash back on spending and no fees for overseas spending. Additionally, customers can earn up to £400 just by referring their friends.
JP Morgan Chase’s digital savings account has caught the interest of experts as it offers a slew of benefits, including no withdrawal fees, cash back and free spending abroad.
Since its launch a few weeks ago, it has been recommended by financial experts, including Andrew Hagger of Moneycomms.co.uk and Money Saving Expert founder Martin Lewis, among others.
And it now comes with a £20 refer-a-friend incentive to make it even more appealing.
Additionally, customers can refer up to 20 people to earn up to £400 by recommending the digital bank to family and friends.
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How to earn £400 with the Chase app
Customers can open the Chase app, go to “Rewards” and select “Refer a Friend”.
All they have to do is press “get started” and share the referral link with friends.
They’ll need to join Chase using your link and pay £20 within 30 days of opening an account for both parties to receive £20 – if everyone signs up and meets the criteria, it’s £400 .
Deborah Keay, Chase’s UK marketing director, said she hoped the new referral offer would make it easier for Chase to be recommended.
“The new friend referral offer is just a small token from us to reward our customers and make it easy for them to share and recommend the Chase experience to family and friends.
“With our new friend referral offer and the recent launch of Chase Saver, customers who bank with Chase can take advantage of one of the most competitive checking accounts in the market.”
With summer vacation fast approaching, a Chase account might be an option for those going overseas.
Meanwhile, customers can also enjoy one percent cash back on daily debit card spending while away.
There are also no Chase fees for ATM cash withdrawals anywhere in the world.
In the US, Chase UK customers will be able to use Chase ATMs free of charge (some other ATM providers may charge customers).
There is also a loose change rounding feature which earns 5% interest – customers can save by rounding up their debit card purchases to the nearest £1 and depositing loose change into a separate account where it will earn five percent interest.