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Why Martin Lewis recommends Chase Bank to British holidaymakers

Money saving expert Martin Lewis has said the Chase Bank UK card is the best card for UK holidaymakers abroad this summer

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So what is Chase Bank – and what did Martin Lewis say about it on his ITV show?

Martin Lewis has recommended Chase Bank to UK holidaymakers heading abroad in the summer of 2022 (Image: Adobe)

Here’s everything you need to know.

What is Chase Bank UK?

Chase Bank is a banking brand of global investment banking and financial services giant JP Morgan.

While not a household name here in the UK, the Chase Bank brand has been around in the US since 1877.

In September 2021, the brand entered the UK market for the first time in the form of a purely digital retail bank.

Chase Bank is an established brand in the US (Image: Adobe)

According to Computer Weekly, Chase Bank UK has since attracted around half a million customers and around $10 billion (£8 billion) in deposits.

It currently offers UK customers two types of accounts – a current account and a savings account.

What products does Chase Bank offer?

The two Chase Bank UK account types offer the following key features:

  • No fees and worldwide coverage (as long as the establishment accepts Mastercard)
  • Zero fees when using the card abroad, plus no fees and a “transparent exchange rate” when withdrawing cash abroad
  • 1% cashback for 12 months on everyday purchases such as groceries, travel, meals, entertainment, fashion, household goods, electronics and flights and holidays (subject to terms and conditions – also applies abroad)
  • A feature that allows you to round up purchases to the nearest £1 and save the difference in an account that earns gross interest of 4.89% (5% AER) monthly. This account can be called up at any time and is automatically transferred to the user’s main account after one year
  • Expense Tracking Features
  • Free additional accounts
JP Morgan owns Chase Bank, which recently launched in the UK (Image: Adobe)

This account also offers users countless debit cards made from recycled plastic.

This means no customer data is at risk if they lose their physical card, with all the usual information you would find on a typical card found on the Chase Bank app instead.

These cards can be blocked and unblocked at any time, and new details can also be generated as an anti-fraud measure, all through the Chase app.

  • Savings that can be accessed anytime with no fees
  • The ability to open up to 10 accounts, all of which earn interest
  • 1.5% AER interest indefinitely, updated monthly
  • A Savings Goals feature that allows you to set goals for various goods and services, e.g. B. Saving for a house

Both accounts get 24/7 support, either by phone or via secure in-app messages – although Chase Bank UK will not have physical branches.

Upon its launch in 2021, Chase signaled intentions to also offer investment accounts and lending products.

Why did Martin Lewis recommend Chase Bank UK?

During an hour-long special on ITV’s Martin Lewis Money Show on Tuesday (May 24), Martin Lewis praised Chase’s debit card.

He cited the Halifax Credit Card and the Barclaycard Rewards Credit Card as other good options for vacationers.

Mr Lewis said using these cards would mean you’re not “paying to pay” when going abroad and Chase is particularly good as it allows you to get some money back through cashback.

“Typically when you spend abroad, your bank gets a near-perfect interest rate and adds 3%. All three of these cards do not [do that]’ said Mr Lewis.

“All three offer free cash withdrawals, but the Barclays and Halifax cards have higher limits. Chase also gives you one percent cashback.

“They are all good. Which one has the most green [boxes]? It’s Chase, but all three are good – it’s mix and match.”

https://www.nationalworld.com/lifestyle/money/what-chase-bank-uk-martin-lewis-jp-morgan-brand-digital-debit-card-perks-3708366 Why Martin Lewis recommends Chase Bank to British holidaymakers

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