UK-based digital bank Chase has announced the launch of its rewards programme with monthly cashback and the introduction of interest on current account balances. Following this launch, customers will have the possibility to earn 1% cashback on eligible debit card spending for an additional 12 months after their initial offer has expired.

This feature is part of the new monthly cashback offer, along with the introduction of interest on current accounts for all clients. Furthermore, users will be able to earn 1% AER interest that includes all their current account balances, with no fees charged from Chase or minimum monthly deposits. The clients can pay-in as much as they want to while having the capability to see their overall balance and spending.

Chase also offers a 5% AER interest on its round-up accounts that were designed to be used for small change round-ups. Using the Chase saver, clients can open multiple saver accounts in order to deposit their money. They can add up to GBP 500,000 with no fees from the company while accessing their funds.

Chase’s 1% cashback product was developed in line with the observed debit card spending habits of UK clients. This aims to enable customers to benefit from many rewards on products they already shop on a daily basis, such as travel, meals, groceries, fashion items, electronics, and flights. They will also have the ability to earn cashback when they spend money abroad with no fees from the digital bank.

The new offer will launch on the 1st of April 2023. Under it, customers will need to pay to their Chase account a sum of GBP 500, for each month in order to qualify for cashback in the following month. The sum of money that will be capped at cashback will be GBP 15 per month.

Clients will be able to benefit from the cashback offer without needing to deposit into their Chase accounts. Starting in April, users will also be enabled to earn 1% AER interest on all of their account balances. Moreover, their service will be used with no minimum monthly deposit or direct debit requirements, while interest will accrue daily and be paid on the first day of each month.

Currently, each customer can set up multiple current accounts while using the Chase application. Each one comes with unique numbers that were designed to improve the experience of clients while providing them with an easy and more effective way of managing their money. Chase’s product launches and partnerships UK-based digital bank, Chase offers its users numerous products and services, such as checking accounts, credit cards, savings accounts and CDs, mortgages, private client services, as well as banking solutions for businesses.

The company overhauled its app with a new design in January of 2023, which was made to lay the groundwork for its push into the investment space. The new application’s feature `Save&Invest` had a tile dedicated to Nutmeg, the robo-investment platform that JP Morgan acquired in 2021. The investments from Nutmeg are announced to come soon.

Users will be able to sign up or link their existing Nutmeg accounts and see their investment pots there. Earlier in the same month, Chase partnered with six other banks to launch a digital wallet that people can use while shopping online. Following this launch, clients will be able to use the new product to pay at online checkouts with the new wallet, which is connected to their personal debit or credit cards.

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