Current accounts - Chase UK

Er, according to Moneysavingexpert

It pays 5% AER variable interest on 'rounded-up' savings. If you opt in for this perk, Chase will automatically round up every purchase you make up to the nearest pound and save the difference. For example, if you spend £9.55 at a supermarket, Chase will round this up to £10, and save 45p in a separate account.

There is a website listing banks who do this.

bb

For 12 months.

On your 'round-up balance' - ie buy something for 99p, they charge £1 and put 1p into a separate account. It's only the 1p that gets 5% interest. To make anything out of this you have to be making an awful lot of debit card transactions. Unless you were to buy every supermarket item as a separate transaction I think it's going to be a lot of hassle for not much reward.

(And if you did buy every item as a separate transaction you'd probably get banned from the supermarket, since the card payment is costing them a fixed fee every time)

Not listed on currentaccountswitch.co.uk

Theo

Theo has brought this to us :

Not really much better than my present current account, my paying £2 per month for it and getting a few percent back on an even smaller range of transactions.

I?ve just looked at the website.

The wording is 5% on round ups

That suggests the 5% isn?t on your total balance.

I suppose you could try transferring a small amount to another account and rounding it up by a lot more ( rather than the sub pound amount I expect it is intended for) but I expect they have thought of that.

Cash back on spending isn?t unusual. Santander Select have it, I expect others do.

Brian brought next idea :

I'm presently with NatWest, who charge £2 per month and pay 1%, 2% or

I would need to add up all of the amounts spent on the account, then work out 1% to see whether it was really worthwhile. The thing is, it costs nowt to open the account and nowt to keep it open.

They stopped doing that for me a while ago. I was raking in about £350 a year though. I now get a fixed £3 a month net (£5 less the account fee).

I get £2/month back from my bank for having 6 DDs and logging in to my on-line account once a month. They also pay a few pence for purchases made with a debit card (capped at a pound or so)

No direct debit facility was I think the aspect the rendered it unusable for me

Id spend that time doing research on stocks and funds, and make myself an extra thousand. Banks are f****ng useless at making money - for their customers anyway.

It's a great opportunity right now to buy into market areas...tech is not great, but global energy and mining are doing well.

Do the maths?

Other banks pay switching incentives that may earn ye more than the 1% or 5% chase do.

On the other hand, services like these are good for ya day to day outgoings and online use; While ya incomings are going to another bank, and generally not touched.

Much of it works via a mobile smartphone, NFC and telephone banking. It's in the internet cloud and ye need to be up with it managing that, security and all. Branches, none :(

That's recently added ..

alan_m pretended :

Which account is that?

Co-op bank current account (I elected not to pay for the account that gives all the extras - which I would never use)

Although better than RBS, I don't recommend the bank.