Trying to open a Chase account? There's an up to five-week delay due to high demand - here's what you need to know

Chase, which is owned by JPMorgan, launched the savings account earlier this year. It is only available to existing Chase current account holders and those who sign up for a new current account – you can only open a 'saver account' if you have a current account with Chase.

The bank's current account comes with cashback of 1% on debit card spending for the first 12 months and customers can deposit up to £250,000.

Since the launch, the bank said 100,000s of new customers have opened a current account but that due to high demand it has now been forced to open a "waiting room" for new customers looking to join. 

See our Top Savings Accounts guide for more on the best savings accounts and rates.

If you applied from the evening of 25 May, your application will be held in the 'waiting room'

If you inputted your details via the Chase app to start your application for your current account from the evening of 25 May, it'll be held in a 'waiting room' where you'll then be invited to complete the process within the next three to five weeks. You'll be sent an invitation via email or text to do so. 

If you've been sent a referral by a friend, both you and the friend will still be eligible to receive the reward (£20 each) once your account is open as long as you start your application - and enter the 'waiting room' - by 11:59pm on Tuesday 7 June, as this is when the refer a friend offer closes. 

Invitations to complete applications will be done on a first-come, first-served basis and there will be continued updates on wait times via the Chase app. Existing customers aren't affected. 

How to open the Chase savings account

To open a savings account with Chase, which pays 1.5%, you must already have a Chase current account.

If you don't yet have a Chase current account, you can open one by downloading the free Chase app and following the sign-up instructions – there's no monthly fee attached to the account. 

To open your saver account, open the Chase app, tap the 'add' button and follow the instructions.

Should you need any help you can contact Chase via the app, by phoning 0800 376 3333 or by emailing ChaseSupportUK@chase.com.

You can, however, currently earn a higher 1.56% on up to 25,000 easy-access with Virgin Money's linked current account saver - see our Top Savings guide for more info. 

What does Chase say?

A spokesperson for Chase bank said: "We care deeply about the quality of the experience we provide to our customers and so, to maintain that during this period of high demand, new customer applications are being temporarily held in a queue."