If you’re on the hunt for an app-based bank or e-money account that helps you save on fees while abroad, you might be weighing up the pros and cons of Revolut and Chase.
Revolut was established in 2015 and has become known for making it easy to exchange and send foreign currency. Chase, which is owned by global finance giant JPMorgan, launched in the UK in 2021 and its current account has proven popular for its perks such as cashback.
So how do you choose between these rivals? We’ve compared them both below to help you decide.
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, 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 a bank, but it is regulated by the Financial Conduct Authority (FCA) as an electronic money institution. It must hold client funds in a segregated account so that if it collapses, it won’t be able to use your money to pay off its debts. But 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.
Chase was named a joint winner in our independent 2024 Customer Satisfaction Awards, with 100% of customers saying they would recommend it to a friend. Revolut was ranked 7th out of 17 current and e-money account providers, with 95% saying they would recommend the e-money account service.
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
Separate savings accounts
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
Both Revolut and Chase mobile banking apps give you a visual breakdown of spending, but while Revolut will categorise your transactions and let you set spending limits, Chase won’t.
The two companies both 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.
One perk of using Revolut is that you can convert currency before you travel, which means you might be able to take advantage of favourable exchange rates. Chase doesn’t offer a currency exchange service.
Your salary can be paid into either your Revolut or Chase account and you can also set up direct debits. You can contact customer service teams through in-app chats and freeze and unfreeze your card. Revolut’s app also enables you to send international payments, whereas Chase doesn’t.
Winner: Revolut. It’s close and both have a lot to offer, but Revolut will categorise your transactions and allow you to send money abroad.
Spending on both the Revolut and Chase cards is free in the UK and both cards come with the standard contactless limit of £100.
You can also add your Revolut or Chase card to Apple Pay and Google Pay. Chase also supports Samsung Pay.
Chase customers can also earn 1% cashback on their spending (up to £15 per month). It changed the rules on 1 March 2024 so that Chase customers now need to deposit a minimum of £1,500 a month to qualify for cashback.
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 has an ATM withdrawal limit of £500 a day which applies in the UK and abroad.
Winner: Chase, with its cashback and higher cash withdrawal limit.
Revolut lets you spend on your card fee-free on weekdays at the interbank exchange rate in more than 30 currencies. But you’ll be charged a markup of either 1% or 2% 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.
One of the main perks of Chase over Revolut is its cashback offer, but make sure you pay enough into the account each month to qualify”
Revolut and Chase both offer free accounts. Chase only offers one type of current account, but you have up to 20 accounts open at once with a maximum of 10 savings accounts.
In comparison, Revolut has a range of e-money accounts: its standard account is free but it has 4 accounts that come with extra perks in exchange for a monthly fee.
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.
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.
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 an app-based bank or e-money account that helps you manage your spending on the go.
However, we’d say Chase definitely beats Revolut in terms of offering cashback, monthly interest on current account balances, a savings account, and FSCS protection.
On the other hand, if prefer an account that has a greater range of app features and gives you the option of sending money abroad, you might prefer to look at Revolut.
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 has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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