Chase joins the Current Account Switch Service for UK consumers

By Gloria Methri

Chase 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.