Chase UK Current Account

[Sarah]

I wonder if closing and opening a new one would work?

Do you mean to avoid the £1500 deposit? That seems like an inconvenience. It's trivial to satisfy the £1500 deposit requirement - only takes moments. The funds don't even need to remain in the account overnight as MSE Martin suggests; can withdraw again immediately.

[Richard Frost]

I wonder if closing and opening a new one would work?

Do you mean to avoid the £1500 deposit? That seems like an inconvenience. It's trivial to satisfy the £1500 deposit requirement - only takes moments. The funds don't even need to remain in the account overnight as MSE Martin suggests; can withdraw again immediately.

Yes that is what I was thinking.
My understanding is that with Chase they require the deposit to remain for min 24hrs

[Sarah]

They haven't previously; the message "you have qualified for <next month>" could be seen in the app cashback section as soon as the funds were deposited. If this condition changed this month, I didn't notice. In the worst case, as MSE Martin said, the funds could rest in their savings account. I believe that deposits to either current or savings account should qualify.

[Sarah]

Savings interest rate to be tied to the BoE rate.

We're changing the way we calculate the interest rate on your saver accounts. We used to set our own variable saver rate, but we'll now tie ours to the Bank of England base rate, which you can find on their website. This means each time their rate changes, the annual equivalent rate (AER) on your saver account will change 5 business days later, to stay 1.15% below theirs. The current saver rate is 4.1% AER (variable). AER is the interest you earn each year, including any prior interest payments.

[Sarah]

Qualified for May cashback immediately upon deposit of £1500 today, according to this message...

[MrsXfile]

Have you left it there Sarah? I've put £1000 in and will deposit another £500 at some point. I just wonder how long it has to stay there, or if it can be immediately withdrawn.

[Sarah]

I withdraw these initial payments immediately. There will inevitably be some funds resting briefly in my Chase Savings later in the month. They recognise payments on the correct day right up to midnight, unlike e.g. Santander which has 8.15pm cut-off.

[planteria]

existing Nutmeg customers?

[Sarah]

existing Nutmeg customers?

I guess you're responding to a comment on the first page. That offer expired 13 February 2022.

[planteria]

ah yes. was it only an offer for existing Nutmeg customers?