- Chase joins the Current Account Switch Service (CASS) which is owned and operated by the U.K.’s leading payments authority Pay.UK
- Participating in CASS will offer Chase customers a simple, reliable and fuss-free means to switch banking provider
- Since launching in September 2021, Chase now has more than 1.6 million customers, holds £15 billion in deposits and intends to offer a full suite of banking products over time
Chase today becomes the 48th participating brand in the Current Account Switch Service (CASS), offering UK consumers a simple, reliable and stress-free means of switching banking provider.
CASS, which is owned and operated by Pay.UK, the recognised operator and standards body for the UK’s interbank retail payment systems, has facilitated over 9 million current account switches since it began operating in 2013 and redirected 134.4 million payments. Last year, 99% of switches were completed within 7 working days and customer satisfaction averaged 91% across the year. The service continues to play a key role in supporting the Competition and Market Authority’s (CMA) measures to increase competition in the current account market.
Shaun Port, Managing Director for Everyday Banking at Chase, commented: “We’ve joined the Current Account Switch Service because we want to make it simpler, quicker and easier for consumers to do more of their banking with Chase. It’s important to make the process of switching current account provider reliable and stress-free so consumers feel empowered to make the choices that best suits their needs.”
John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said: “The emergence of new banks is exciting in itself, but it is really encouraging to see these providers join the Current Account Switch Service to offer their customers a quick, free, and guaranteed way of switching current accounts. It is testament to the success of the Service since launch, almost ten years and over 9 million switches ago, that providers continue to join the Service. Ultimately, the more providers that do join means that more consumers and small businesses will be able to switch to the current account that best suits their needs, while having the peace of mind that everything will be taken care of throughout the switching process.”
Chase launched with a current account that offers 1% cashback* on everyday debit card spending for a year, 1% AER interest** on money in your current account, and also provides 5% AER interest*** on its round-up account which is used for small change round-ups. The Chase saver is linked to the current account and offers a saver account with a 3.3% AER (3.25% gross) variable**** interest rate.
The next publication date for the Current Account Switch Service’s dashboard is 27 July. Produced quarterly, these dashboards include information on customer awareness, customer confidence, service performance and switching levels.
Information about the Service:
18+, U.K. residents
*Cashback available for your first 12 months for new customers. Max £15 per month. Cashback exceptions apply.
**1% AER/gross variable, paid monthly. T&Cs apply.
***5% AER (4.89% gross) variable, paid monthly. Round-up account balance transfers to elected Chase account on anniversary of account opening. T&Cs apply.
****3.3% AER (3.25% gross) variable, paid monthly, maximum of 10 saver accounts. T&Cs apply.
About Chase in the U.K.
Chase is the consumer banking business of JPMorgan Chase & Co (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide, as of 31 March 2023.
The U.K. bank is designed specifically to meet the needs of customers in the country, providing a range of banking products and features. Launched in September 2021, Chase serves over 1.6 million U.K. customers and was recently named Best British Bank, Best Current Account Provider, and Best Savings Provider at the 2023 British Bank Awards. It was also named Consumers’ Choice at the Moneyfacts Consumer Awards 2023.
In the UK, Chase is a trading name of J.P. Morgan Europe Limited. J.P. Morgan Europe Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. For more information, go to www.chase.co.uk.
About the Current Account Switch Service
Key features of the Current Account Switch Service include:
- The service is free to use
- The switch will be completed in seven working days
- The end user can choose and agree the switch date with their new current account provider
- All payments going out (e.g. Direct Debits) and those coming in (e.g. salary) will be moved from the old account to the new account
- Payments accidentally made to or requested from the old account will be automatically redirected to the new account for as long as the facility is required
- The Current Account Switch Guarantee means that the end user will receive a refund of interest and charges on their old and new current accounts if anything goes wrong with the switch
- End users can switch if they are overdrawn but they will need to agree any overdraft facilities required with their new bank or building society
- SMEs with a turnover of up to £6.5 million, small charities with an annual income of less than £6.5 million, and small trusts with a net asset value of less than £6.5 million can switch their current account provider using the Current Account Switch Service. This increases the reach of the service to 99 per cent of the UK’s SME market.
About Pay.UK
Pay.UK maintains and develops the UK retail payment systems and standards that are core to the UK economy being able to function on a day-to-day basis. Our vision is to enable a vibrant economy, with Pay.UK delivering best-in-class payment infrastructure and standards for the benefit of consumers and businesses nationwide.
From Bacs Payments to Faster Payments and Cheque Payments – we act as the single operator for all UK retail payments. We put the needs of consumers and businesses at the heart of everything we do, working in the public interest to ensure that the payments systems the country relies on for its banking transactions are safe, open, innovative and resilient.
Every day, individuals and businesses use the services we provide to get their salaries, pay their bills and make online and mobile banking payments.
See Also:
Chase Saver Account to Increase Rate to 2.1% | Disruption Banking
Chase exceeds one million UK customers as it marks first year anniversary | Disruption Banking
