Chase joins the Current Account Switch Service to help consumers switch seamlessly

Chase has become the 48th participating brand in the Current Account Switch Service (CASS), offering UK consumers a simple, reliable and stress-free means of switching banking provider.

CASS, which is owned and operated by Pay.UK, the recognised operator and standards body for the UK’s interbank retail payment systems, has facilitated over 9 million current account switches since it began operating in 2013 and redirected 134.4 million payments. Last year, 99% of switches were completed within 7 working days and customer satisfaction averaged 91% across the year. The service continues to play a key role in supporting the Competition and Market Authority’s (CMA) measures to increase competition in the current account market.

Shaun Port, Managing Director for Everyday Banking at Chase, commented: “We’ve joined the Current Account Switch Service because we want to make it simpler, quicker and easier for consumers to do more of their banking with Chase. It’s important to make the process of switching current account provider reliable and stress-free so consumers feel empowered to make the choices that best suits their needs.”

John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said: “The emergence of new banks is exciting in itself, but it is really encouraging to see these providers join the Current Account Switch Service to offer their customers a quick, free, and guaranteed way of switching current accounts. It is testament to the success of the Service since launch, almost ten years and over 9 million switches ago, that providers continue to join the Service. Ultimately, the more providers that do join means that more consumers and small businesses will be able to switch to the current account that best suits their needs, while having the peace of mind that everything will be taken care of throughout the switching process.”

Chase launched with a current account that offers 1% cashback* on everyday debit card spending for a year, 1% AER interest** on money in your current account, and also provides 5% AER interest*** on its round-up account which is used for small change round-ups. The Chase saver is linked to the current account and offers a saver account with a 3.3% AER (3.25% gross) variable**** interest rate.

The next publication date for the Current Account Switch Service’s dashboard is 27 July. Produced quarterly, these dashboards include information on customer awareness, customer confidence, service performance and switching levels.