Monday, November 28, 2022

Edge vs. JP Morgan’s Chase: The Pros and Cons of the Two Top Earning Current Accounts

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A new checking account with 4 percent interest, introduced in response to rising interest rates, competes with Chase’s offering

Santander has introduced Edge, a new checking account that aims to compete with the popular Chase checking account. It’s the latest in a series of competitive new savings rates to be released on the back of rising interest rates — though none have yet matched inflation’s 11.1 percent mark.

Savers are encouraged to make the most of the deals currently available as they may not last forever, especially as some experts believe we are nearing the peak in interest rates.

Some of the best fixed income account offers are also withdrawn not long after hitting the market as they quickly become oversubscribed. But for checking accounts, Edge and JP Morgan’s Chase are two of the best deals available. Which one is better? We take a look.


Edge gives customers cashback on debit card and direct debit spend, including 1% cashback on grocery purchases and transport-based debit card spend, and 1% cashback, both capped at £10 per month, on direct paid household bills Direct Debit.

These include council tax, gas and electricity, mobile, landline, broadband and pay TV packages. It also offers savers four per cent interest on deposits of up to £4,000, allowing customers to earn up to £13.10 a month. The total amount you can earn with Edge is just under £400 per year.

Savers with Edge gain access to Santander’s new rewards platform, Santander Boosts, available to all current account and credit card holders, offering customers cashback, coupons, rebates, sweepstakes and freebies, all tailored to their individual interests.

Customers can choose from their areas of interest, including for example technology, children, nutrition, health and beauty or travel. Returns are bespoke, for example you can get cashback when shopping at your favorite fashion brands, save 10 percent on your next vacation or have a chance to win a free meal deal.

Current offers include a £2,500 cash giveaway and £500 eGift cards for groceries, along with thousands of other prizes including instant wins on free hot drinks and breakfast. Customers can sign up for Santander Boosts through online and mobile banking.


There is a monthly fee of £3. The interest rate of 4 percent is a teaser interest rate and drops to a still respectable 3.5 percent after 12 months. As part of the introduction of Edge, the bank is discontinuing the 123 Lite checking account for new customers.

Santander Lite offers up to 3% cashback on selected household bills, capped at £5 in each cashback tier each month for a monthly fee of £2. It also offers a higher cashback rate than the Edge account for a lower monthly fee. However, existing 123 Lite customers can continue to use their account as usual and there will be no impact on the 123 current account or any other Santander current account.


No fee. Chase is a free checking account that launched last September and has since grown over a million customers. It’s an app-based account that offers one percent cashback on every single transaction, which can then be transferred to your main account to use whenever you like.

The bank also recently expanded its yield on its savings account, offering 2.1 percent interest. There is also a round up feature, allowing consumers to earn 5 percent interest on all rounded up expenses. For example, if you spent 70p, 30p will be deposited into the rounding account with interest.

Savers looking to make the most of their account can open additional checking accounts through the app in seconds to pay bills or budgets. There are also no fees for using the card abroad.


The Santander Edge current account and the exclusive Edge saver can be opened both in the branch and online. Chase can only be opened online. The cashback is also only available for one year.

Right now, Chase is the better account, with its no fee, 5 percent interest rate, and unlimited cashback.

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