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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
 |  | |
| Ratings | Finder score ★★★★★ | Finder score ★★★★★ User survey ★★★★★ |
| Free spending abroad | ||
| Overdraft rate | No overdrafts | No overdrafts |
| Interest when you're in credit | 1% | 0% |
| Branch access | ||
| FSCS protected | ||
| Sign-up bonus | ||
| Amount | N/A | £20 |
| Product image |  |  |
| More Info | Go to site More Info |
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, but you do earn 1% AER on your in credit balance with Chase. Chase’s current account is also linked to a savings account paying 4.1% 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 3rd out of 18 current and e-money account providers in our independent 2023 Customer Satisfaction Awards. Its users gave the brand 5 out of 5 stars, with 89% saying they would recommend the e-money account service. Chase was too new to feature in our awards so we are unable to compare ratings.
Round 1: App features
| | |
| Visual breakdown of spending | ||
| Spending categories | N/A | Customisable |
| 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 abroad | International payments unavailable | Free in SEPA region, between 30p and £5 to send elsewhere |
| More Info | Go to site More Info |
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 4.75%. Chase’s round-up account pays a more competitive interest rate of 5% AER. However, after a year, your money will be moved to your current account.
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
| | |
| Free card transactions in the UK | ||
| Contactless card limit | £100 | £100 |
| Apple Pay | ||
| Google Pay | ||
| Samsung Pay | ||
| Free ATM withdrawals | Unlimited | Limited to £200 per month or 5 withdrawals |
| More Info | Go to site More Info |
You can also add your Revolut or Chase card to Apple Pay and Google Pay, but neither supports Samsung Pay.
Chase customers can also earn 1% cashback on their spending for the first year (up to £15 per month), while there’s no cashback offer with Revolut.
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 and cashback.
Round 3: Using the card abroad
| | |
| Free foreign transactions | Unlimited | Limited to £1,000 per month |
| Free foreign ATM withdrawals | Up to £1,500 per month | Limited to £200 per month |
| More Info | Go to site More Info |
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
| | |
| Free account | ||
| Premium account | ||
| Joint account | ||
| Teen account (for 16 and 17 year olds) | ||
| Kids' account or card | ||
| Business account | ||
| More Info | Go to site More Info |
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
| | |
| Apply through the app | ||
| Quick application | ||
| Credit check | ||
| Card delivery fee | Free | £4.99 |
| Card delivery timescale | 5-7 working days | Up to 9 working days |
| More Info | Go to site More Info |
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.
- 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 offering cashback and monthly interest on current account balances, linking to a savings account and having 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.
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