With an interest rate of 1.5 percent on savings, the Chase Saver Account also offers one percent cashback on spending and no fees for spending abroad. In addition, customers can earn up to £400 just for referring their friends.
JP Morgan Chase’s digital saver account has been piquing experts’ interest as it offers a wealth of benefits including no withdrawal fees, cashback and fee free spending abroad.
Since its launch a couple of 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.
What’s more, customers can refer up to 20 people so they can earn up to £400 by recommending the digital bank to family and friends.
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How to make £400 with the Chase app
Customers can open the Chase app, go to “Rewards” and select “Refer a friend”.
All they need to do then is press “get started” and share the referral link with friends.
They’ll need to join Chase using your link and pay in £20 within 30 days of opening an account for both parties to receive £20 – if everyone signs up and meets the criteria that’s £400.
Deborah Keay, Chief Marketing Officer of Chase in the UK, said she hoped the new refer-a-friend offer would make it easier for people to recommend Chase.
“The new refer-a-friend 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 their family and friends.
“With our new refer-a-friend offer and the recent launch of the Chase Saver, customers banking with Chase can enjoy one of the most competitive current accounts on the market.”
With summer holidays just around the corner, a Chase account could be an option for those going abroad.
Meanwhile, customers can enjoy one percent cashback on everyday debit card spending while away, too.
There are also no charges from Chase for cash withdrawals at ATMs 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 small change round-up feature that earns five percent interest – customers can save as they spend by rounding up their debit card purchases to the nearest £1 and depositing the small change into a separate account where it will earn interest at five percent.