Chase Bank has introduced a referral scheme rewarding customers with £20 each time they successfully refer someone into opening a Chase current account.
Chase customers will receive £20 for each person they refer up to a maximum of 20 people, meaning it is possible to earn up to £400 from referrals in total.
The person they refer will also be rewarded £20 once they’ve joined and deposited £20 within 30 days of opening their Chase account.
The opener doesn’t have to switch their existing current account to become a Chase customer. They could therefore simply set up one as a secondary bank account.
Are you tempted yet? The new offer is the latest addition to Chase’s offers and follows the recent launch of the Chase Saver account with an interest rate of 1.5%.
The offer is yet another incentive dangled by Chase to attract new joiners having only launched in Britain last September.
In March, the bank, which is part of US giant JP Morgan, launched a linked savings account offering its customers access to a 1.5 per cent rate on balances up to £250,000.
The account gives customers access to their savings as often as they like, with no fees, charges or loss of interest, making it effectively the market leading easy-access deal.
The app-only bank also currently offers a host of other perks.
Current account customers can earn 1 per cent cashback on spending for the first 12 months, although there are some exceptions.
It offers a fee-free debit card abroad so it won’t charge any fees for using its card when traveling, including for cash withdrawals at ATMs.
It also offers an automatic regular savings function that allows customers to round up their spare change to the nearest £1 with a 5 per cent interest rate boost.
How does the refer a friend scheme work?
Customers will be able to retrieve their unique referral link from within the Chase app to share with family and friends.
The person they refer must then use the referral code to sign up to the Chase current account.
They must not have opened or have tried to open a Chase current account previously.
They will then need to activate rewards in the Chase app and pay at least £20 into the account within 30 days.
It’s worth noting that they won’t have to switch their existing current account to become a Chase customer. They could therefore simply set up a Chase account as a secondary bank account.
There is also no minimum income requirement to open the Chase current account, however a smartphone is required to run the account.
Should you sign up?
Chase Bank is definitely raising the stakes when it comes to current account perks.
However, it’s worth noting you’ll need a relatively new smartphone to run the account.
Your smartphone will need to run iOS 14 and above, or have access to Google Play on Android 8.1 and above, which means some devices are not supported due to hardware limitations.
The bank also doesn’t currently offer joint accounts, so it won’t necessarily work for everyone.
Whether it works for you will depend on how comfortable you are with the idea of an app-only bank and whether you think it beats the other deals out there.
There are a number of other banks offering tantalising incentives at present.
For example, those switching to HSBC’s Advance account are being offered £170 cash incentive.
To secure the bonus, switchers will need to set up two direct debits or standing orders and pay in at least £1,500 into the account within the first 60 days.
Similarly First Direct is offering new joiners a £150 cash bribe when they pay £1,000 into the account.
It is also offers interest free overdraft on up to £250 and a regular savings account paying 3.5 per cent.
To find out more about what other current account providers are offering, check out our pick of the best current accounts.