Chase UK is a relatively new UK digital bank, it is gaining popularity among UK teenagers. It is also really popular choices among the Hong Kong immigrant to the UK. It is not a high street bank, unlike Barclays, Lloyds Bank, HSBC, or NatWest. The main questions is: Why is it so popular?
I am one of the Hong Kong immigrants to UK currently using that Bank. I love using this bank very much, there are several aspects that this bank is doing really well.
The first thing is the User Experience of the Mobile Application. Not only the application runs smoothly, but also the simplicity of the User Interface, which is very easy to navigate.
The second feature is the no sensitive data on the Debit Card. When we are doing the online transaction, we need to enter the Card Number, Expiry Date, and CVC2. If a thief steals the card, it would be in danger as all of them leaked. So Chase’s approach would be very safety for the users. On top of that, the bank system may simply issue a new set of Card Number, Expiry Date, CVC2 when the user feels that it is stolen and make a request.
The third thing is the round-up saving account, if you have no idea to save how much money a month. It could be for you. Every time you pay your money using your debit card, the difference between your round-up amount and amount paid would be saved into the round-up saving account. For example, if you pay £9.01, £0.99 (Round Up Amount of £10 – Payment Amount of £9.01) would be saved. But this saving function must be activated within the app.
The fourth thing is the eligibility to hold multiple current account in the app. This allows you to manage your expenses effectively. For example, you have each for food, housing costs, traveling, etc.
The fifth thing is the strict security measure in the fresh login. Let’s imagine you accidentally delete an app in your phone and reinstall it from the App Store, or you buy a new mobile phone. You have to enter the password of your bank account of course, but also scan your Photo ID to have your identity verified to ensure that it is genuinely you.
(See Further Knowledge if you are interested in how fresh login is detected)
However, is it means that there are no disadvantages of that? Of course not.
You can’t directly deposit cash into this account. You need to have another High Street Bank Account to first deposit your cash, and to transfer the money electronically to your Chase Bank Account.
Temporarily there is no credit card for that.
In a conclusion, I think that it is a very usable bank despite the advantages. This is a bank I would definitely suggest trying.
Further Knowledge
When there is a fresh login, there is some unique data stored in your mobile phone as the app data. For a non-fresh login, the online bank can detect the unique data stored so you don’t have to scan your Photo ID again. For a fresh login(Delete and Reinstall or New Phone) as there is no such unique data, so Photo ID is needed.