Customers Looking to Open Chase Accounts Face Waits of up to 5 Weeks

App-only bank Chase has admitted that customers eager to open its current account may face waits of up to five weeks, as it opens a “waiting room” for people in the queue.

US bank JP Morgan introduced its Chase brand to the UK in September, hoping to lure customers from more established rivals with 1% cashback on all debit card spending and a slick app. 

But Chase really drew attention when it launched its savings account in March, paying 1.5% APR, at the time the highest rate seen on an easy-access savings account since before the pandemic. Savers can also deposit a massive £250,000 into the account.

You need to hold or be opening a Chase current account to sign up for the savings account. Since the savings account was unveiled, hundreds of thousands of customers have flocked to the app to open a current account - so many that the bank has had to place applications in a queue.

If you’ve entered your details into the Chase app to start your current account application since the evening of 25 May, you’re being held in a “waiting room” while the bank works through applications submitted before yours. 

You’ll eventually be invited, via email or text, to return to the app to complete the process but Chase admits this may take three to five weeks. If that waiting time changes, Chase will post updates within its app.

Chase says that applications are being handled on a first-come, first-serve basis. Its support team can’t expedite applications and is “incredibly busy right now.”

Additionally, Chase is closing its Refer a Friend programme, which offered account holders and friends they referred to the bank £20 each. You and your referring friend will still receive the reward if you started your application and entered the waiting room by 11:59 pm on Tuesday 7 June. But if you began the application after that time, you’re not eligible for the bonus. Chase says it's "looking forward to bringing you more exciting offers in the future."

A spokesperson for the bank said: "We care deeply about the quality of the experience we provide to our customers and so, to maintain that during this period of high demand, new customer applications are being temporarily held in a queue.”

Sources