Yes, but that press release hints at this being a wider settlement platform linked in to the global investment banking division.
Is suspect it is actually them responsible for the project, which is probably huge in scope and much more complicated than just building it for the Chase U.K. app.
The U.K. app division are therefore likely to be somewhat at the mercy of a much larger, slower project meaning they have little control over the timing.
True, but all financial institutions always reserve the right to terminate a relationship for abuse of the product, etc.
In reality that usually has to be egregious, but it’s fair enough really.
I get it, it’s just them curbing their loss lead I suppose.
As for the Direct Debit - size isn’t always better then! They’re going to suffer from it though - I’m paid into an e-money account and probably would have been paid into Chase had it had this function.
It’s just a card I’ll dispose of when the promotion ends at this time - not a current account as such
Clearly not, if it massively increases complexity!
Good point, although I do think Monzo (and Revolut) have been quite stealthy in this regard.
Their Get Paid Early feature for BACS Direct Credit is a huge draw to get people to pay their salary in, at zero risk to them, even though it only actually gives you the money about 6 hours early.
I used to get paid into Monzo and be keen on this feature - till I realised you’re only really paid early once 
Since then Revolut kinda left Monzo redundant for me - so much so I was close to moving my salary over only for Revolut to botch Direct Debits so badly it put me off. I’ve had large payments into the account via instant bank transfer and FP - but this handling of a BACS payment put me off - they couldn’t solve either instance and blamed it on their e money status…
I’m paid into Dozens which is still pretty out there by most peoples standards - but it seems a lot more reliable for payments processing. The post on their forum a few months ago about burn rates and the like wobbled me a bit - but the current experience is pretty reliable.
Despite this - I couldn’t see myself without Revolut - the virtual cards, group bills for home & away, CPA’s from a Pocket, referral revenue, budgeting a holiday in the domestic currency etc. It also seems to be much easier to use a Revolut card to set up recurring payments on geo blocked content using a VPN.
If it weren’t for Chase I’d do most of my household spending through Revolut - I’m already getting semi bored of the penny chasing and am tempted back purely to be able to add to my group bills without adding manually Any spending just for me I could do where I’m paid…as you say Chase really is a bolt on in the pursuit of pennies.
I’m also asking myself - is the cash back subconsciously contributing to laissez faire spending habits??
I get all that - and don’t disagree with it either. Chase isn’t doing anything for me at all.
But the Revolut app is such a mess… it really puts me off using it.
Once they go full banking licence, I may revisit.
I do think it’s improved since the 8.0 update. You can edit your main screen toolbar and it’s contents now.
I think it sort of also depends on what you’re after - I do crave a bit of simplicity and in sense quite enjoy this with the Dozens app - on the other hand Revolut is a cross selling entity and I think it does engender a bit of ‘check the empty fridge’ aka social media apps by having so much within the one app.
R.E the banking license - possibly the same for me. I’d probably test out a few direct debits and see if they’re previous excuses stand true. There’s also a good chance I may need to if they stand the test of time moreso than say Dozens (maybe even Chase in the UK)
Well you are paid early every time, it’s just that the money has to cover exactly the same time period (shifted by a day)!
I’d still rather have money early if possible; if nothing else you can earn an extra day of interest on it (yes, I know that it would be nothing, but still).
That’s my feeling with Revolut too.
I wouldn’t ever want to use a “main account” that wasn’t FSCS protected, even though I do dabble with e-money accounts all the time.
Yeah, I hope both survive but it’s a fragile time economically.
Wise has direct debits. I pay my Paypal credit DDs through Wise. No problems so far
It doesn’t bother me too much as a salary account for me involves moving a chunk over to a joint account - another chunk to be saved and the rest either to be spent that month or moved to be spent elsewhere (which is currently the case). Also Revolut and Dozens alike have linked ‘vaults’ or ‘cash savings’ respectively which can be used for FSCS if you don’t need all the money available to spend.
All that’s fundamentally at risk is the money I leave for two personal DDs - less than £100
So if the payment arrives without issue (never had any with Dozens) I’m not too worried.
The trade off is that they’re more likely to go bust - which is why I wish I’d had a better experience with Revolut’s BACS handling.
I see your logic.
I’m similar but without the joint account element.
Any money paid in goes through my main account, and is then basically sent to savings or paid out on bills via Direct Debits.
I do all my spending via cashback credit cards or Chase. However, I always like to leave a small-ish buffer amount in my main account just in case I’ve calculated things wrong and a Direct Debit is going out or I need to quickly send money without transferring out of savings first. For this reason, I like to use an account with some moderate interest so I don’t feel I’m just wasting money via inflation by leaving it there. I also really wouldn’t want to have to deal with the hassle of claiming money back from an e-money institution if my main current account failed (depending on when it happened, it could be a few hundred pounds as I do all transfers through my main account too).
With that setup and many ancillary accounts, all for their specific benefits, there is no “incentive” for me to have the Direct Debits elsewhere.
One day, when I’m older and own my own house (if I ever do), and if the account is still around then, I’ll change my Santander account to a 123 Lite and get cash back on household bills. That would probably then become the “main account”.
Wise are one of the few left I’ve not tried 
Standard Plan Revolut Vaults have 0.15% - whether that constitutes moderate I’m not sure 
- but I keep a small float there for instant instant access in emergencies
Yes, I just meant “more than nothing” really.
It’s a funny one - given it rarely coughs out more than a few pennies per month it’s still an effective part of their cross selling (in my case as a consumer)
I think Monzo offered similar but the money came the next day 
There’s definitely a psychological effect at play there; even 1p feels much better than nothing, when the reality is that it’s almost the same.
Chase just sent a new features email
£100 contactless, savings goal and another Apple Pay (been available the whole time?)
YAWN
Was limited to just the phone you had the app on and it’s paired Apple Watch if one exists.
Now you can add it to any device which is new.
I personally like these emails, and the pace of updates coming out. What’s important is they’re actually communicating these things directly to me, the user, rather than in obscure blog posts that I might not be tuned into like Starling and Monzo do.
Agreed. The thing about goal setting, though, is odd. As it’s set up you’re not stashing funds away and working towards said goal.
I’ve just tried it:
I entered an arbitrary figure (as it happens, a figure around a third of my current balance).
I then went back to the main page and found a message that I’d reached my goal ie., the goal is met if I’ve at least the goal sum in my account. So the feature is regarding the current as both that and a savings account.
Nice try, but of no use, unfortunately. Swing and a miss.
Edit: Since learned I’ve done Chase a disservice. 
Fair enough r.e Apple Pay - but the other feature is industry wide & the goal setting appears fairly useless.
It still all feels a bit fusty to me - hardly cutting edge.