The 1% cashback for a year is probably just a small rounding error in the annual JP Morgan Chase marketing budget.
As long as they are buying market share, I suspect they won’t care.
Chase don’t have a similar operation anywhere in the world (bar the USA).
1 Like
They don’t have a similar operation in the USA (unless you’re just talking about general retail banking), iirc they shuttered their digital only brand.
But to be fair, the US market is archaic compared to Britain.
2 Likes
I guess that must mean the U.K really is that insignificant then, for a super rich bank to invest an operation in the U.K. and not bother with the mighty EU (at this stage).
2 Likes
Very insignificant indeed, it’s almost like Chase actively picked to choose the declining power of Britain instead of the strong iron-walled EU with its universal banking licence porting and cross-country setup being but a small issue
2 Likes
Thought I’d landed on the Daily Mail for a minute there 
1 Like
Can I just point out that after a year and this is presuming that the saving account will be gone as well starling will be offering more interest than chase. I doubt many will hang around after a year 
I want to see how they are going to keep banking rewarding as they put it after all these introductory offers.
They might be able to afford to offer these interest rates but they aren’t going to be making any profit doing it.
2 Likes
Hmm, let’s see if this gets moderated
Fascinating proposition.
I’m thinking Starling’s focus may become less personal account focused, leaning towards business et al, whilst Chase will make itself more attractive.
(That (the latter bit) is what I’m hoping, anyway.
With huge respect, let’s not overegg this, Starling’s in credit interest is absolutely dire for I suspect most personal account holders. What I’ve earned in interest with Starling since 2018 amounts to just over 5 quid I think, and that’s with keeping a running balance of £3k a month. As of a week ago however, I’ve moved the vast majority of my spare cash out of my Starling current account over to Chase savings, for obvious reasons.
Of course none of us know what Chase has in store after their first year on the U.K digital banking stage, but they may just actually want to make a proper go of it here and as readers here are fully aware, they actually have huge assets, so they might keep up the sweetners for a while. I genuinely wish Chase the very best of luck and if anything, it should keep the other digital players on their toes.
3 Likes
Hear, hear !!
It’s still better than the majority of high street banks who pay no interest at all 
It even beats many high street bank’s savings account rates!
1 Like
You can certainly ask. They’ll tell you no. Their solution is donate it if you don’t want it.
Only the cashback offer has a use by date. The savings account, being its own category of product and not to be confused with with interest bearing current accounts will be here to stay. They’re competing with Marcus and Atom not Starling. Whether the rate will remain market leading and as attractive in the long term remains to be seen. It will however, always beat out current account interest rates. Starling especially as their’s has never even remotely come close to being market leading, and perhaps never will.
Note how quick they were to lower their rate from peanuts to peanut crumbs as the base rate fell. Since then it’s gone back up twice. Only Atom to my knowledge have responded to both and put their rates up in accordance, and did so promptly. Starling have yet to boost theirs back up in line with the first base increase, let alone the second.
5 Likes