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Chase vs Revolut

We compare challenger brands Chase and Revolut to see what they offer and help you decide which is right for you.

Digital-only banking app Revolut was established in 2015 and has rapidly become renowned for its low-cost international money transfers, travel benefits and access to a cryptocurrency exchange.

By contrast, the digital banking brand Chase, which is owned by global finance giant JPMorgan, only launched in the UK in 2021. Chase currently serves over 56 million digital customers in the USA and its new UK current account is already proving popular.

So how do you choose between these rivals? We’ve compared them both below to help you decide.

Vital statistics

ChaseRevolut Standard
Ratings
Finder
score
★★★★★
User
survey
★★★★★
Free spending abroad
Overdraft rateNo overdraftsNo overdrafts
Interest when you're in credit0%0%
Branch access
FSCS protected
Sign-up bonus
AmountN/A£10
Product image
More InfoGo to site
More Info
With Revolut’s free Standard account, you’ll get a blue-ish, pink-ish payments card, while Chase’s only (and also free) current account comes with a blue numberless debit card, with your details stored on the app so only you can see them.

Neither provider has high-street branches (Chase only has branches in the US), but you can use your card to withdraw cash at ATMs. There’s no overdraft available on either the Revolut or Chase account, and you won’t earn interest on credit balances either. However, the Chase current account is linked to a savings account paying 1.5% AER.

Revolut is not yet a bank, but it is regulated by the Financial Conduct Authority (FCA) as an institution that deals in electronic money. This means it must hold client funds in a segregated account at a licensed UK bank so if Revolut collapses, it won’t be able to use your money to pay off its debts. However, your money is not protected by the Financial Services Compensation Scheme (FSCS).

In comparison, Chase is a subsidiary of JPMorgan, which is authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and the PRA. This means that your money will be protected by the FSCS, which covers deposits of up to £85,000 per person.

Revolut was ranked 10th out of 17 current account providers in our independent 2022 Customer Satisfaction Awards. Its users gave the brand 4.5 out of 5 stars, with 79% saying they would recommend the current account service. Chase was too new to feature in our awards so we are unable to compare ratings.

Round 1: App features

ChaseRevolut Standard
Visual breakdown of spending
Spending categoriesN/ACustomisable
Set spending budgets
Set up direct debits in the app
Top up via bank transfer
Have salary paid in
Savings goals or pots
Round-ups
Customer service via the app
Customer service via a telephone line
Cheque scanning
Freeze/unfreeze card in app
Send money abroad
Fee for sending money abroadInternational payments unavailableFree in SEPA region, between 30p and £5 to send elsewhere
More InfoGo to site
More Info
There are some similar features in the Revolut and Chase mobile banking apps, but also a few key differences. Both give you a visual breakdown of spending, but while Revolut will categorise your transactions and let you set spending budgets, Chase won’t.

Both Revolut and Chase offer a round-up service, where your purchases are rounded up to the nearest £1 and then automatically saved for you. With Revolut, you can set up different savings Vaults to save for different goals and earn interest of up to 0.55%. Chase’s round-up account pays a more competitive interest rate of 5% AER.

Your salary can be paid into either your Revolut or Chase account, and you can also set up direct debits and top up your account via bank transfer through the apps. You can freeze and unfreeze your card in the apps as well as contact the customer service teams through in-app chats. Revolut’s app also enables you to send international payments, but with Chase, this service is unavailable.

  • Winner: Revolut. It’s close and both have a lot to offer, but Revolut will categorise your transactions and enable you to send money abroad.

Round 2: Spending in the UK

ChaseRevolut Standard
Free card transactions in the UK
Contactless card limit£100£100
Apple Pay
Google Pay
Samsung Pay
Free ATM withdrawalsUnlimitedLimited to £200 per
month or 5 withdrawals
More InfoGo to site
More Info
Spending on both the Revolut and Chase cards is free in the UK and both cards also offer the standard contactless limit of £100.

You can also add your Revolut or Chase card to Apple Pay and Google Pay, but neither supports Samsung Pay.

With Revolut, you can make free ATM withdrawals of up to £200 a month in either the UK or abroad, across a maximum of 5 withdrawals. After this, you’ll pay a 2% fee. In comparison, Chase offers unlimited free ATM withdrawals in the UK.

  • Winner: Chase, with its unlimited free UK ATM withdrawals.

Round 3: Using the card abroad

ChaseRevolut Standard
Free foreign transactionsUnlimitedLimited to £1,000 per month
Free foreign ATM withdrawalsUp to £1,500 per monthLimited to £200 per month
More InfoGo to site
More Info
Revolut lets you spend on your card fee-free on weekdays at the interbank exchange rate in 150 currencies. But you’ll be charged a markup of either 0.5% or 1% on the weekend, depending on the currency. Foreign transactions are also limited to £1,000 a month, after which a 0.5% fee applies, and cash withdrawals are limited to £200 a month (there’s a 2% fee after that).

Chase uses the Mastercard exchange rate when paying in the local currency and there are no fees or limits for spending abroad. Foreign ATM withdrawals are free, but there is a limit of £1,500 per calendar month – you will not be able to withdraw anything over this. There’s also a daily withdrawal limit of £500 per day.

  • Winner: Chase. You’ll get unlimited spending limits abroad, plus a higher ATM withdrawal limit. There are no fees either.

Round 4: Account types

ChaseRevolut Standard
Free account
Premium account
Joint account
Teen account (for 16 and 17 year olds)
Kids' account or card
Business account
More InfoGo to site
More Info
Revolut and Chase both offer free bank accounts. Chase only offers one current account, but you can also open a savings account. In comparison, Revolut offers a further 3 bank accounts, all of which have a monthly fee, including a premium option.

On top of this, Revolut offers a junior account for kids, which is controlled by parents, as well as a business account. Note that neither Revolut nor Chase offers a joint account option.

  • Winner: Revolut, thanks to its wider range of accounts.

Round 5: Signing up

ChaseRevolut Standard
Apply through the app
Quick application
Credit check
Card delivery feeFree£4.99
Card delivery timescale5-7 working daysUp to 9 working days
More InfoGo to site
More Info
You can apply for both the Revolut and Chase accounts through their respective mobile apps in just a few minutes. Revolut will ask you to submit a selfie along with your ID and some personal details.

To open a Chase account, you will need to be 18 years or over, a resident of the UK only, have a smartphone and a UK mobile number and be a tax resident of the UK. However, note that the delivery timescale could be a few weeks due to the influx of new customers.

  • Winner: Tie. The opening process is similarly easy for both accounts.

Overall winner: Is Chase better than Revolut?

It’s pretty close between them. Both Revolut and Chase are competitive options if you want to open an account with a digital provider, and both offer apps to help you manage your money and stay on top of your spending.

However, we’d say Chase definitely beats Revolut in terms of offering unlimited fee-free spending abroad and unlimited UK cash withdrawals. It also wins points for linking to a savings account and offering FSCS protection for your money.

On the other hand, if you don’t tend to use your card overseas or spend much cash and you’d prefer an account that offers a greater range of app features, you might prefer to look at Revolut. This will also be the best option for you if you need to send money abroad.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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