back Back

Chase joins the Current Account Switch Service for UK consumers

By Gloria Methri

June 14, 2023

  • Cashback
  • Chase
  • CMA
Share

Chase, UK, Pay.UK,  Current Account Switch Service, Retail Banking, cashbackChase has announced the joining of the Current Account Switch Service (CASS), offering UK consumers a simple, reliable, and stress-free means of switching banking providers.

Owned and operated by Pay.UK, CASS has facilitated over 9 million current account switches since it began operating in 2013 and redirected 134.4 million payments.

In 2022, 99% of switches were completed within 7 working days and customer satisfaction averaged 91% across the year. The service continues to support the Competition and Market Authority’s (CMA) measures to increase competition in the current account market.

Shaun Port, Managing Director for Everyday Banking at Chase, said, “We have joined the Current Account Switch Service because we want to make it simpler, quicker, and easier for consumers to do more of their banking with Chase. It is important to make the process of switching current account provider reliable and stress-free, so consumers feel empowered to make the choices that best suit their needs.”

John Dentry, Product Owner at Pay.UK, owner, and operator of the Current Account Switch Service, said, “The emergence of new banks is exciting, but it is really encouraging to see these providers join the Current Account Switch Service to offer their customers a quick, free, and guaranteed way of switching current accounts. It is a testament to the success of the Service since its launch, almost 10 years and over 9 million switches ago, that providers continue to join the Service. Ultimately, the more providers that do join means that more consumers and small businesses will be able to switch to the current account that best suits their needs.”

Chase launched with a current account that offers 1% cash back on everyday debit card spending for a year, 1% AER interest on money in your current account, and provides 5% AER interest on its round-up account which is used for small change roundups. The Chase saver is linked to the current account and offers a savings account with a 3.3% AER (3.25% gross) variable interest rate.

The next publication date for the Current Account Switch Service’s dashboard is 27 July.

Previous Article

June 14, 2023

Cloudbankin a lending SaaS startup raises $400K

Read More
Next Article

June 14, 2023

Sygnum receives in-principle approval of MPIL from MAS

Read More






IBSi Daily News Analysis

June 21, 2024

Cashback

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

MECCA & Adyen to offer a seamless payments experience in Australia

Read More

June 21, 2024

Vipps, MobilePay launch cross-border P2P payments in the Nordics

Read More

June 21, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023