JP Morgan’s neobank Chase caps cashback, expands rewards

Chase, JP Morgan’s neobank challenger to Monzo and Starling, has been a runaway success story in its first 18 months.

Central to Chase’s proposition has been a generous rewards programme that includes 1 per cent cashback on spending.

The bank, which by the last count has more than one million customers, says this will now come to an end in April with a cap placed on cashback of £15 per month per customer for new customers also from May.

This means customers can earn, providing they spend a minimum of £1500 each month,  a total of £180 per year.

Chase will also expand its rewards with the introduction of  1 per cent interest paid on current account balances.

Chase will retain its 3 per cent-paying saver account, and 5 per cent interest on small change round-ups.

“We’re expanding our rewards programme so our customers can continue to enjoy cashback on their everyday debit card spending. At a time when everyone wants their money to work harder, the introduction of 1 per cent interest on current accounts adds another way in which customers can be rewarded for banking with Chase,” said Shaun Port, Managing Director for Everyday Banking at Chase.

Under the monthly cashback offer - which is available to existing customers after the expiry of their initial 12-month offer - customers will need to pay in £500 to their Chase current account each month in order to qualify for cashback in the following month.

The new offer will come into effect for existing customers from 1 April 2023. Customers who are due to come to the end of their initial 1% cashback offer at the end of February or in March can continue to earn 1% cashback until 31 March.

For customers joining Chase from 1 May, cashback will be capped at £15 per month. Interest accrues daily and is paid on the first day of each month.