JP Morgan launches UK current account – are better alternatives available?

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Derin Clark

Online Reporter

Published: 22/09/2021

JP Morgan has entered the UK consumer market with the launch of its digital bank, Chase.

The account will provide customers with cashback, which the bank states will be at 1% on all eligible debit card spend for 12 months*. As well as cashback, the account will also offer 5% interest on debit card small change round-ups to the nearest £1 for 12 months*. Although Chase current account has been officially launched, at the moment interested consumers can only sign up to a waiting list through its website chase.co.uk.

Commenting on the launch of the Chase debit card, Sanoke Viswanathan, CEO of JPMorgan Chase, said: “Having spoken extensively to consumers across the U.K., we know that people want good value combined with an excellent experience, from a trusted bank. With cashback on everyday debit card spend and an interest boost on round-ups, we can help customers save while they spend on items they already buy every day.”

Current accounts offering cashback

Consumers who do not want to wait until the launch of the Chase account can already choose from a number of current accounts that do not charge a fee and which offer cashback. For example, Halifax’s Current Account offers up to 15% cashback when used in selected retailers, while TSB’s Spend & Save account allows customers to earn £5 cashback each month for six months when making 30 or more debit card payments per month.

Fee-free current accounts that offer cashback
Bank/building society	Account name	Cashback offer*
AIB	Classic Account	Eligible for AIB Rewards in partnership with Visa. Receive cashback rewards when spending on your Visa card at selected retailers.
Bank of Scotland	Classic with Vantage	Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card.
Halifax	Current Account	Cashback Extras - Earn up to 15% cashback from selected retailers when shopping with a Halifax credit or debit card.
Lloyds Bank	Classic	Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
The Co-operative Bank	Current Account - with Everyday Rewards	Eligible for Everyday Rewards: Earn 2p every time debit card used, up to maximum of £1.20 per month
TSB	Spend & Save	Earn £5 cashback a month for six months when making 30 or more debit card payments each month.
Ulster Bank	Select Current Account	Eligible for Ulster Bank Rewards in partnership with Visa. Receive cashback rewards when using a registered debit card at selected Northern Ireland retailers.

See All Current Accounts

Earn cashback with switching offers

Alternatively, consumers can earn cashback by switching to a bank account with a switching offer. For example, Lloyds Bank is offering £100 to consumers when they switch to a Club Lloyds or Club Lloyds Platinum account, while Nationwide Building Society is offering £125 to existing members or £100 to new customers when they switch to either its FlexDirect, FlexAccount or FlexPlus account.

Switching cashback offers
Bank/building society and account name	Switching offers and requirements*
Lloyds Bank – Club Lloyds	Customers who switch using Current Account Switching Service will receive £100 directly into their new bank account within 10 days. £1,500 must be deposited into the account each month or a £3 monthly fee is charged.
Lloyds Bank – Club Lloyds Platinum Account	Customers who switch using Current Account Switching Service will receive £100 directly into their new bank account within 10 days. It charges £3 per month, which is waived if a minimum of £1,500 is deposited into the account each month, plus £21 per month.
Nationwide Building Society - FlexDirect	£125 for existing members and £100 for new customers. Must switch two active direct debits using the Current Account Switch Service
Nationwide Building Society - FlexAccount	£125 for existing members and £100 for new customers. Must switch two active direct debits using the Current Account Switch Service
Nationwide Building Society - FlexPlus	£125 for existing members and £100 for new customers. Must switch two active direct debits using the Current Account Switch Service

* additional terms and conditions may apply.

Current Accounts

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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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