Chase Bank - Anyone here have an account?

[tommysport]

Just had this emailed to me from them;

About the Nutmeg £100 boost thingy;-

Looks like it does work with a GIA, which would be the route I do for a free £100.

One thing that's unclear is, do we need to invest it, or can you just deposit £1000 as cash and let it sit within the account?

---

How can I get the £100 investment boost?
As long as you bank with Chase and don't have a Nutmeg account yet, you could get a £100 investment boost. Here's what you need to do:

Open a Nutmeg account through the Chase app, following the steps above, by 5 April 2023
Pay in at least £1,000 to a Nutmeg ISA, Lifetime ISA (LISA), Junior ISA (JISA), general investment account (GIA) or pension
You can spread the £1,000 across more than one pot, and you can also pay in instalments, as long as you've paid in a total of at least £1,000 by 5 April 2023
You'll need to remain a Nutmeg customer and keep the minimum investment contribution in your pot (£100 for a LISA or JISA, or £500 for an ISA, GIA or pension) until 30 June 2023
That's it! Nutmeg will then add £100 to your Nutmeg account after 30 June 2023. You'll find it under 'Unallocated cash'. It's then yours to use however you like.

Just so you know, if you're already a Nutmeg customer, you won't be able to redeem the £100 investment boost. You'll still be able to link your existing Nutmeg account through the Chase app.

As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up, and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future.

One reward per person paid after 30 June





Any ideas? Thanks

[Somebody]

tommysport said:

Looks like it does work with a GIA, which would be the route I do for a free £100.

One thing that's unclear is, do we need to invest it, or can you just deposit £1000 as cash and let it sit within the account?

You can't leave it as cash.

When you sign up you answer a few questions and you're assigned an investment style, risk level and then equities:bonds split.

They then invest your cash in a model portfolio, which they buy in bulk, timed on 2 week days in a given week.

[Elderly]

I took an expensive faulty item purchased with my Chase card back to a retailer yesterday
who instantly credited the funds back via my card.

I then made a small purchase from them using the same card.

The debit came out immediately but the large credit still has not appeared this evening.

I rang Chase who answered swiftly but they told me that it was nothing to do with them
and blamed it on Mastercard, and that I could expect to see the credit within 7 to 10 days ......

ETA: the funds arrived in my account this morning ( 2 days later ).

Edited by Elderly on Thursday 16th March 09:16

[acme]

Elderly said:

I took an expensive faulty item purchased with my Chase card back to a retailer yesterday
who instantly credited the funds back via my card.

I then made a small purchase from them using the same card.

The debit came out immediately but the large credit still has not appeared this evening.

I rang Chase who answered swiftly but they told me that it was nothing to do with them
and blamed it on Mastercard, and that I could expect to see the credit within 7 to 10 days ......

Oh that old one….

I used the Esso app to pay for fuel, it took a notional £100 but didn’t authorise the pump. I then had to refuel as per norm.

The prepayment £100 wasn’t refunded & this is what Chase told me. Took a month to get the money back.

[Silverage]

Somebody said:

You can't leave it as cash.

When you sign up you answer a few questions and you're assigned an investment style, risk level and then equities:bonds split.

They then invest your cash in a model portfolio, which they buy in bulk, timed on 2 week days in a given week.

I answered all the questions in a way that I hoped would have them be as careful with my money as possible. I came out as officially “cautious” for risk. They’ve lost £5 of my £1000 so far. As soon as the £100 bonus arrives, the whole lot will be out of there and back to my Chase savings.

[Black AMG45s]

Just to warn you due to the stock market being so volatile you may lose more
It is up and down like a Yo Yo currently with my Nutmeg account
It willl come back but it looks like long term option not a quick win

[malks222]

Silverage said:

I answered all the questions in a way that I hoped would have them be as careful with my money as possible. I came out as officially “cautious” for risk. They’ve lost £5 of my £1000 so far. As soon as the £100 bonus arrives, the whole lot will be out of there and back to my Chase savings.

we obviously both have the same strategy and must have ‘invested’ at the same time as i’m down the same amount!

[8.4L 154]

malks222 said:

Silverage said:

I answered all the questions in a way that I hoped would have them be as careful with my money as possible. I came out as officially “cautious” for risk. They’ve lost £5 of my £1000 so far. As soon as the £100 bonus arrives, the whole lot will be out of there and back to my Chase savings.

we obviously both have the same strategy and must have ‘invested’ at the same time as i’m down the same amount!

More likely its just the costs of trading, Stamp duty at 0.5%, buy/sell spread and fund charges easily cover the 0.5% loss it represents, and given the market over the last few weeks essentially holding steady is not a bad result.

[Silverage]

8.4L 154 said:

malks222 said:

Silverage said:

I answered all the questions in a way that I hoped would have them be as careful with my money as possible. I came out as officially “cautious” for risk. They’ve lost £5 of my £1000 so far. As soon as the £100 bonus arrives, the whole lot will be out of there and back to my Chase savings.

we obviously both have the same strategy and must have ‘invested’ at the same time as i’m down the same amount!

More likely its just the costs of trading, Stamp duty at 0.5%, buy/sell spread and fund charges easily cover the 0.5% loss it represents, and given the market over the last few weeks essentially holding steady is not a bad result.

It's been bouncing about between £995 and £998 all the time I've had it. As long as it loses no more than a tenner or so I'll have no complaints. I'm only here for the bonus.

[sbk1972]

I have Chase. Coming to the end of my first year where the 1% cash back stops. Shame as I earnt some good coins on that.

There are some new offers, 1K in to the account and it will continue, but not sure if I will.

Been quite a good card. Some retailers machines dont seem to like the card and often refuse transaction but on the whole its been good.

Simon

[LordGrover]

I suspect you'll be getting the email extending offer...

Good news – your new cashback offer is coming soon! With monthly cashback, you'll be able to be rewarded for your everyday debit card spending for up to 12 more months¹.

[KTF]

sbk1972 said:

I have Chase. Coming to the end of my first year where the 1% cash back stops. Shame as I earnt some good coins on that.

There are some new offers, 1K in to the account and it will continue, but not sure if I will.

Been quite a good card. Some retailers machines dont seem to like the card and often refuse transaction but on the whole its been good.

Simon

If you transfer £500 in from an external source (which can then go straight back out again) every month then the cash back continues.

[Funk]

First fly in the ointment for me with Chase and it's to do with support/messaging in the app.

I've had a couple of issues with transactions recently:

1) I bought something from a company, they shipped using Royal Mail. RM delivered to an address that wasn't mine, I have no idea where it went. The supplier only has a web-form for contact and it's been 3 weeks since I raised a complaint. Having heard nothing, I'm disputing the transaction and pursuing an charge-back via Chase.

2) I bought an off-road experience voucher from True Grip as a birthday gift for my brother last year. Had an email from a liquidator today telling me True Grip are going into a Creditors’ Voluntary Liquidation via Deemed Consent. I've raised this with Chase to see if there's any chance of getting the money back via them/Mastercard rather than becoming a creditor of no significance where I'll probably see sod-all. It's for £90 - not the end of the world but it was one of the gifts for my brother's 40th which we were going to make a day out of, taking my nephew with us too. I'd done the experience a couple of years ago and really enjoyed the day, it's a shame they've gone bust.

Both times the app's messaging system has slowed to a crawl, to the point of being unusable - it's immensely frustrating. Only closing the app completely and re-opening it seems to alleviate it briefly, it then grinds slowly to a halt again. They also insist on using it for providing proof/evidence etc which is a real pain when it comes to things like emails; the only workaround I found was to print the email to PDF on the PC and upload to Google Drive then attach from there. I did try calling when the frustration escalated but I was redirected back to the app for uploading etc.

I'd really like to see the chat and upload functionality for support made available through the Chase website so it can be done properly on a computer. The app just isn't up to the task.

It's also the main deciding factor that I won't ever move fully to using Chase as my primary account...

[vulture1]

KTF said:

sbk1972 said:

I have Chase. Coming to the end of my first year where the 1% cash back stops. Shame as I earnt some good coins on that.

There are some new offers, 1K in to the account and it will continue, but not sure if I will.

Been quite a good card. Some retailers machines dont seem to like the card and often refuse transaction but on the whole its been good.

Simon

If you transfer £500 in from an external source (which can then go straight back out again) every month then the cash back continues.

Yep just do this.
I have done this on other accounts that require pay in amounts.

[skeeterm5]

vulture1 said:

Yep just do this.
I have done this on other accounts that require pay in amounts.

Although I think the new cash back is limited to £15 per month so hardly worth the effort.

[UnclePat]

skeeterm5 said:

Although I think the new cash back is limited to £15 per month so hardly worth the effort.

Yes, £15 per month limit on cash back income.

I'm pleased it's continuing once the initial year-long offer expires.

The new requirement to transfer in a minimum of £500 to get cash back is exactly what I've already been doing anyway since I took out the Chase account.

After just over 10 months of spending I've accrued roughly £150 in cash back - not to be sniffed at for something which requires no effort beyond the initial monthly transfer in.

I put my reclaimed work expenses through it to make a tiny but pleasant bit of income.

It's funny, I took out the Halifax Clarity Barclaycard Rewards credit card just before Chase came to the UK, primarily for fee-free spending abroad and with the nice bonus of 0.25% cash back, but the Chase offering offers fee-free spending outside of the UK and superior 1% cash back, so the Clarity Barclaycard is almost mothballed. Still nice to have for Section 75 protection, mind you.

Edited by UnclePat on Wednesday 22 March 19:51

[Steamer]

Any of you using Chip? - I've seen it mentioned but not seen a thread yet.

Chase has been ideal - but was also thinking of trying Chip at 3.4%

[jgrewal]

I am also tempted to move everything from Marcus to Chip for that extra 0.4%. Not heard much about them but covered by the FSA so no worries there.

[Silverage]

UnclePat said:

Yes, £15 per month limit on cash back income.

I'm pleased it's continuing once the initial year-long offer expires.

The new requirement to transfer in a minimum of £500 to get cash back is exactly what I've already been doing anyway since I took out the Chase account.

After just over 10 months of spending I've accrued roughly £150 in cash back - not to be sniffed at for something which requires no effort beyond the initial monthly transfer in.

I put my reclaimed work expenses through it to make a tiny but pleasant bit of income.

It's funny, I took out the Halifax Clarity credit card just before Chase came to the UK, primarily for fee-free spending abroad and with the nice bonus of 0.25% cash back, but the Chase offering offers fee-free spending outside of the UK and superior 1% cash back, so the Clarity card is almost mothballed. Still nice to have for Section 75 protection, mind you.

I’ve got a Clarity card and I’ve never had cashback - how did you manage that?

[RammyMP]

Steamer said:

Any of you using Chip? - I've seen it mentioned but not seen a thread yet.

Chase has been ideal - but was also thinking of trying Chip at 3.4%

I used chip a few years ago, at the time they weren’t regulated so if they went under you’d lose your money, that might have changed now though. I closed my account with them as they started to charge if you saved over a certain amount a month and they’d randomly take money out of my account.