If you bank with Chase, you can now add travel insurance, mobile phone insurance and breakdown cover to your account for a small monthly fee. So how does it compare when stacked up against other packaged accounts?
Our verdict: Is it worth getting Chase Protect?
Chase is already a well-liked account, with features like cashback and a competitive savings rate. The price point for Chase Protect is good value compared to others on the market, but as with any sort of packaged account, it depends on whether you actually need that level of cover. If you travel regularly and don’t already have mobile phone insurance and breakdown cover elsewhere, then this is one of the best packaged accounts on the market.
Just a note, Chase Protect not available for all customers just yet, as it’s being rolled out in stages.
Pros and cons
Pros
Worldwide travel insurance including up to 4 children
Mobile phone insurance up to 4 claims in a 12 month period
AA UK-wide breakdown cover
New customers get 1% cashback on essentials for 12 months
Access to the Chase Saver
Cons
Monthly fee
You might not use all the benefits and it could be cheaper to pay for them separately
No bank branches if you prefer face-to-face customer service
Our expert says: Is Chase Protect worth it?
"Chase is the latest contender to enter the packaged bank account arena with its Chase Protect account add-on, but is it worth the monthly fee?
At £12.50 a month, or £150 a year, it’s actually one of the cheapest packaged accounts on the market. But as for whether it’s worth it, that depends on whether you’re likely to make full use of the benefits and who you need to cover.
Chase Protect offers everything that comes with the standard account, including earning 1% cashback on your debit card spending (groceries, transport and fuel costs only), a savings account, round-ups and fee-free spending abroad. But on top, you can enjoy worldwide family travel insurance, worldwide mobile phone insurance and UK-wide breakdown cover.
If these perks are useful to you, it’s worth comparing how much each policy would cost if you bought it separately, so you can decide if a fee of £150 a year is good value. At the same time, keep in mind that while Chase’s travel insurance covers you, your partner and up to 4 children, the mobile phone policy only covers one person and breakdown cover is for the UK only.
By contrast, the Virgin Club M account charges £1.50 more a month, or £168 in total a year, and gives you access to worldwide family travel insurance, worldwide family mobile and gadget insurance and UK and European breakdown cover. This account also offers fee-free spending abroad, a linked savings account and interest on your balance, plus cashback, so it’s certainly not lacking in features.
Ultimately, you need to consider what’s best for your situation – who you need cover for and in which countries, as well as how much you’re willing to pay each month. Also check whether you already have cover in place elsewhere – breakdown cover with your car insurance, or mobile phone cover with your home insurance, for example. "
Chase Protect is an insurance add-on for current accounts. For a monthly fee, you get worldwide travel insurance, mobile phone insurance and breakdown cover.
Everything is handled within the Chase banking app, so you’ll be able to purchase and manage insurance cover and submit any claims all through the app.
What are the benefits?
Chase Protect includes the following:
Worldwide travel insurance. Provided by Collinson Insurance, you can get multi-trip cover for yourself, your partner and up to 4 children. It covers trips up to 31 days, up to £20 million in emergency medical expenses, up to £5,000 cancellation cover per person and up to £2,000 baggage cover per person.
Mobile phone insurance. Provided by Assurant, this protects policyholders against loss, theft, damage and technical faults worldwide. It’ll pay up to £2,000 per claim for repair or replacement, and cover replacement accessories up to a value of £250. You can make up to 4 claims in a 12 month period.
Breakdown cover. You get AA UK-wide breakdown cover with up to 4 roadside callout fors breakdowns more than 400 meters away from home per year.
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. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Kate Steere is an editor and money expert at Finder, specialising in banking, savings and fintech. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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