Chase UK launched in September 2021 with a bang — a 5% APY on current accounts and a blanket 1% cashback on all spending for the first year. Five years on, it has established itself as one of the most financially competitive free bank accounts in the UK, even as some of the introductory offers have evolved.
In 2026, Chase UK is no longer the “new” challenger — but it remains a compelling option, particularly for those who prioritise earning interest on their everyday account balance.
What Is Chase UK?
Chase UK is JPMorgan’s retail banking brand for the UK market. It is entirely app-based (no branches) and offers:
- Personal current account
- Saver account (linked savings)
- Round-up account (for saving from purchases)
That’s it. Chase UK does not offer mortgages, business accounts, loans, credit cards, or investment products. It’s deliberately focused.
The Current Account
Chase’s current account in 2026:
| Feature | Details |
|---|---|
| Monthly fee | £0 |
| Interest on balance (as of April 2026) | 5% AER (variable, up to £500,000) |
| UK bank transfers | Free |
| UK ATM withdrawals | Free |
| Foreign spending | Fee-free (fair use policy applies) |
| Foreign ATM withdrawals | Fee-free up to £500/month; 1.5% thereafter |
| Overdraft | Not available |
| FSCS protection | Yes — up to £85,000 |
The Interest Advantage
The headline 5% AER on current account balances is the strongest feature Chase UK offers. For most people, their current account holds their monthly salary at some point — typically £2,000–£5,000.
Annual interest at 5% on different balances:
- Average balance £2,000: £100/year interest
- Average balance £5,000: £250/year interest
- Average balance £10,000: £500/year interest
This is genuinely significant and beats virtually all no-fee current accounts and many savings accounts. Even if you hold most savings elsewhere, keeping a reasonable everyday balance in Chase earns you more than having it in most high-street current accounts at 0%.
Important: This rate is variable. Chase has maintained a competitive rate since launch but has adjusted it as the Bank of England base rate has changed. Always verify the current rate at chase.co.uk.
Savings Account
Chase also offers a separate Saver account:
- Easy access savings at a competitive rate (currently slightly below or equal to the current account rate in 2026 — check current rates)
- Separate from the main current account
- No withdrawal restrictions (easy access)
- Built into the same app
The round-up feature rounds purchases to the nearest pound and saves the difference into the Saver — similar to Monzo’s pot round-ups.
Cashback
Chase launched with 1% cashback on all debit card purchases for the first 12 months. This has evolved:
- In 2026, Chase offers targeted cashback promotions rather than universal cashback
- Rotating cashback offers (e.g., 5% at selected retailers, 3% on fuel for a period) appear in-app
- The blanket 1% for all spending is no longer universally available to new customers
Check in-app for current cashback offers — they can be genuinely valuable if they align with your spending.
App: Functional but Simpler Than Rivals
Chase’s app does what it needs to — but lacks the depth of Monzo and Starling:
What it does well:
- Clean, intuitive interface
- Clear balance and transaction views
- Easy fund transfers
- Instant notifications
- Card freeze/unfreeze
Where it lacks:
- No spending categories/analytics comparable to Monzo’s summary tab
- No dedicated pots/spaces system (just main account + Saver)
- No salary sorter or bill management tools
- No budgeting features
App ratings: approximately 4.5/5 (App Store), 4.2/5 (Google Play) — good but below Monzo (4.8/5).
Customer Service
- In-app chat and phone support
- Generally rated as responsive and helpful
- No branches
- Backed by JPMorgan’s compliance infrastructure — some users find it more professionally handled than smaller neobanks
Who Is Chase UK Best For?
| Profile | Verdict |
|---|---|
| People who want interest on everyday balance | Excellent — 5% is market-leading for a free account |
| Salary account users (balance sits at £2k–£5k monthly) | Excellent |
| People who want budgeting tools/pots | Poor — no equivalent of Monzo’s pots |
| Frequent international travellers | Good for spending; ATM fee above £500/month |
| Business owners | N/A — no business account |
| People who want full-service banking | Poor — very limited product range |
Chase UK vs Monzo vs Starling
| Feature | Chase UK | Monzo (free) | Starling |
|---|---|---|---|
| Monthly fee | £0 | £0 | £0 |
| Interest on balance | 5% AER | 0% | 0% |
| Savings pots | Basic (1 Saver) | Multiple pots (4.65%) | Multiple Spaces |
| Budgeting tools | Minimal | Excellent | Good |
| Foreign spending fee | None (fair use) | Limited | None |
| App quality | Good | Excellent | Excellent |
| Business account | No | Yes | Yes — excellent |
| Overdraft | No | Yes | Yes |
Pros and Cons
Pros:
- 5% AER on current account balance — best-in-class for a free account
- Entirely free — no monthly fees, no transfer fees
- JPMorgan backing provides institutional credibility
- Good basic app functionality
- FSCS protected
Cons:
- Very limited product range (current account + saver only)
- No budgeting tools or pots system comparable to Monzo/Starling
- No business account
- No overdraft facility
- Foreign ATM fees above £500/month
- Cashback offers less consistent than original launch promise
- App quality trails Monzo significantly for features
Overall Verdict
Chase UK is the best free current account for people who want to earn meaningful interest on their everyday balance. Simple, clean, and financially competitive for those who don’t need budgeting tools or complex features.
If you primarily want interest on your salary while it sits in your current account, Chase beats every competitor on a free account. If you want budgeting tools, pots, and travel features, Monzo or Starling serve you better.
Rating: 4.0/5
Best for: Anyone who wants interest on their current account balance without paying a monthly fee.
Consider alongside: Keep Monzo or Starling as your primary spending account and move balances to Chase to earn interest.