Can you earn £ 400 at Chase Bank? Challenger launches current account scheme with reference to a friend – along with a market-leading 1.5% savings offer
- Existing customers can earn £ 20 for each person they refer to Chase
- They can appeal to up to 20 people, which means you can earn up to £ 400
- The person you join will also receive £ 20 once he joins
- A successful referral requires a current account and a deposit of £ 20
Chase Bank has introduced a referral scheme that rewards customers with £ 20 each time they successfully refer someone to open a Chase current account.
Chase customers will receive £ 20 for each person they refer, a maximum of 20 people, which means they can earn up to £ 400 on referrals.
The person they refer will also receive a reward of £ 20 once he joins and will contribute £ 20 within 30 days of opening his Chase account.
The discoverer does not need to change his existing current account to become a Chase customer. So they could just set it up as a secondary bank account.
Are you still tempted? The new offer is the latest addition to Chase’s offerings and follows from the recent launch of the Chase Saver account with an interest rate of 1.5%.
The proposal is another incentive to attract new carpenters, who appeared in Britain only last September.
In March, the bank, which is part of US giant JP Morgan, launched a linked savings account that offers its customers access to a 1.5 per cent rate on balances of up to £ 250,000.
The account gives customers access to their savings as often as they want, without any fees, charges and loss of interest, making it the market-leading deal with easy access.
Currently, a bank that only works with the app also offers many other benefits.
Current account customers can earn 1% cashback on expenses in the first 12 months, although there are some exceptions.
It offers a free debit card abroad, so will not charge a fee for using the card while traveling, including for cash withdrawals at ATMs.
It also offers an automatic regular savings feature that allows customers to round up their stocks to the nearest £ 1 with a 5 percent interest rate increase.
How does a friend contact scheme work?
Customers will be able to get their unique referral link from the Chase program to share it with family and friends.
The person they refer must use a referral code to sign up for a Chase current account.
They must not have opened or tried to open a Chase checking account before.
They will then need to activate rewards in the Chase app and pay at least £ 20 into the account within 30 days.
It should be noted that they will not need to change their existing current account to become a Chase customer. So they could just create a Chase account as a secondary bank account.
A minimum income is also not required to open a Chase current account, but a smartphone is required to run an account.
Should I subscribe?
Chase Bank definitely raises rates when it comes to current account benefits.
However, it should be noted that you will need a relatively new smartphone to run your account.
Your smartphone must be running iOS 14 or higher or have access to Google Play on Android 8.1 and above, which means that some devices are not supported due to hardware limitations.
Currently, the bank also does not offer joint accounts, so it will not necessarily work for everyone.
Whether this will work for you will depend on how much you enjoy the idea of a bank-only app and whether you think it outperforms other offerings.
There are now a number of other banks that offer exciting incentives.
For example, those who switch to an Advance HSBC account are offered a cash incentive of £ 170.
To receive the bonus, the switch will need to set up two direct debit or standing orders and pay at least £ 1,500 into the account within the first 60 days.
Similarly, First Direct offers new carpenters a bribe of £ 150 if they pay £ 1,000.
It also offers an interest-free overdraft of up to £ 250 and a regular savings account with a 3.5 per cent payment.
To learn more about what other current account providers offer, check out our selection of the best current accounts.
THESE ARE THE FIVE BEST RUNNING ACCOUNTS
Santander 123 Lite account will pay 3% cashback on farm accounts. The monthly fee is £ 2 and you must log in to mobile or internet banking at least once every 3 months, deposit £ 500 a month and hold two direct debit funds to qualify.
Account M Plus Virgin Money suggestions £ 20,000 Virgin Points that can be spent through Virgin Red if you switch and pay 2.02% of the monthly interest for up to £ 1,000. To receive the bonus, you need to pay £ 1,000 to a linked account with easy access, paying 1% interest and 2 direct debit transfers.
HSBC advance account to pay £ 170 when switching to an account. You need to set up two direct debit or standing orders and pay at least £ 1,500 into your account within the first 60 days.
The first straight will give newcomers £ 150 if they change their account. It also offers an interest-free overdraft of £ 250. Customers must pay at least £ 1,000 within three months of opening an account.
National FlexDirect the account comes with up to £ 125 cash incentives for new and existing customers. Plus 2% interest worth up to £ 1,500 – the highest interest rate on any current account – if you pay at least £ 1,000 each month, plus a free overdraft. Both last benefits last for a year.