Chase UK Referral Code R2MQHM (2026): Get £50 Sign-Up Bonus
New Chase UK customers can get a £50 referral bonus by opening a Chase account, entering a valid referral code in the Rewards section of the Chase app within 30 days, and depositing a total of £1,000 within 30 days of opening the account.
Note: Chase referral codes may be single-use or capped, and are subject to Chase's referral terms. If this code doesn't work when you enter it, any other valid Chase UK referral code will unlock the same £50 bonus for eligible customers.
1. How to Claim Your £50 Chase Bonus
The whole sign-up takes about 10 minutes. The key thing most people miss: the code R2MQHM must be entered in the Rewards section of the Chase app within 30 days of opening — it is not a field on the sign-up form itself.
Get the Chase UK app from the App Store or Google Play. Tap “Join Chase” and choose Current Account. You'll need a UK address, a UK mobile number and a photo ID (passport, UK/EEA driving licence or BRP).
Verify your identity with a selfie video, set a passcode and confirm a few address-history questions. Approval usually takes 2–5 minutes, and the account is live the same day.
Once your account is open, tap the Rewards tab → Refer a Friend → I have a code. Enter R2MQHM and confirm. You must do this within 30 days of opening — leave it any longer and the £50 offer is gone for good.
Transfer a cumulative £1,000 into your Chase current account from any other UK bank within 30 days of opening. Multiple deposits count: £500 today + £500 next week is fine. The money does not have to stay in Chase — only the cumulative inbound total matters.
Chase pays £50 into your Rewards balance, usually within a few days (the terms allow up to 14). You'll get a push notification. Tap Rewards → Transfer to current account and the £50 lands as spendable cash.
Chase only checks the cumulative inbound total, not your balance at the end of 30 days. The simplest pattern: transfer £500 in from your main bank, move it back the next day, then transfer another £500 a few days later and move it back again. That counts as £1,000 of inbound deposits and you've never had more than £500 sitting outside your usual account. Even better — push the £1,000 in, then immediately move it into Chase Saver (a competitive easy-access savings rate) so it earns interest while you wait for the £50 to land.
3. What £50 + Chase Cashback Actually Buys You
The £50 referral bonus is the headline, but Chase also runs an ongoing cashback offer for eligible customers. From 1 June 2026, Chase's cashback offer pays 2% cashback — up to £20 a month — on eligible debit or credit card spending in the UK and Channel Islands across groceries, restaurants, cafés, takeaways, everyday transport, fuel and public EV charging. Eligibility applies (typically 15+ card payments and/or Direct Debits per month and maintaining £1,000+ across Chase savers, excluding round-up accounts). Cashback rates, caps, categories and eligibility rules are set by Chase and can change — always confirm the current terms on the official Chase cashback terms.
| Spending profile | Monthly eligible spend | 12-month cashback (2%, cap £20/mo) | Total with £50 bonus |
|---|---|---|---|
| Light user | £300 | Up to £72 | Up to £122 |
| Average user | £800 | Up to £192 | Up to £242 |
| Heavy user (hits cap) | £1,000+ | Up to £240 (£20/mo cap) | Up to £290 |
| Frequent traveller | £800 + abroad | Up to £192 + 0% FX on debit | Up to £242 + saved FX fees |
Cashback is capped at £20/month under Chase's current offer and only applies to eligible categories — spending outside those categories won't earn cashback. Chase can change or withdraw the cashback offer at any time, so treat these figures as illustrative rather than guaranteed. On top of cashback, Chase charges zero foreign exchange fees on debit card spending abroad at the Mastercard wholesale rate, which can save £30–£80 on a single overseas holiday.
Illustrative blended value of opening Chase in year one: £50 sign-up bonus plus up to ~£240 in cashback if you fully meet eligibility and hit the monthly cap, plus ongoing FX savings — subject to Chase's referral and cashback terms.
4. Eligibility Requirements
5. Key Terms & Conditions
6. About Chase UK (2026)
Chase UK is the British digital bank operated by J.P. Morgan Europe Limited, a subsidiary of US banking giant JPMorgan Chase & Co. It launched in the UK in September 2021 as JPMorgan's first ever retail bank outside the United States, built from the ground up as an app-only challenger to Monzo, Starling and Revolut.
Chase UK is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). Eligible deposits with J.P. Morgan Europe Limited, trading as Chase, are protected by the Financial Services Compensation Scheme up to £120,000 per eligible person, per authorised firm — the same protection you get at Barclays, HSBC, Lloyds or NatWest.
The headline product is a free current account with an ongoing cashback offer for eligible customers (currently up to 2% cashback on selected everyday categories, capped at £20/month and subject to eligibility — see Chase's cashback terms for the current rules), zero foreign-exchange fees on debit card spending abroad, round-up savings that automatically sweep change into Chase Saver, and a competitive easy-access savings rate on the linked Chase Saver account. There is no monthly fee, no minimum balance, and no overdraft.
By early 2026 Chase UK had passed 2 million customers and over £20 billion in deposits, making it one of the fastest-growing digital banks in the UK. It still doesn't participate in the Current Account Switch Service guarantee, so most users open Chase as a secondary card rather than a full main-account replacement — which works perfectly with the £50 bonus, because you only need £1,000 of inbound deposits, not a full salary switch.
7. Chase vs Other UK Bank Sign-Up Bonuses
UK bank switching bonuses are often bigger headlines (£150–£200), but they require a full Current Account Switch Service move, two or more direct debits, and a salary transfer. Chase's £50 needs none of that — just a £1,000 deposit you can move straight back out.
| Bank | Bonus | Requirement | Effort |
|---|---|---|---|
| Chase UK (referral code) | £50 + ongoing Chase cashback | £1,000 deposit (cumulative) | Low — app only, no switch |
| Monzo | £10 personal / £50 Business | First Mastercard payment | Very low |
| Major high-street switch offer | £150–£200 | Full CASS switch, 2 DDs, salary | High — affects credit file |
| Starling | No public referral bonus | — | — |
Best play in 2026 for most UK users: claim the Chase £50 with code R2MQHM for the easy win, then separately consider a high-street switch bonus once a year for the bigger one-off payouts. The two offers don't conflict — Chase doesn't require a CASS switch.
8. Chase is best for you if…
- You want a quick £50 win without changing your main bank
- You'll spend on eligible everyday categories and want up to 2% cashback (£20/month cap, eligibility applies)
- You travel and want zero FX fees abroad
- You want a competitive easy-access saver linked to your current account
Skip it if…
- You already held a Chase UK account before December 2025
- You rely on an overdraft — Chase doesn't offer one
- You need branch access — Chase UK is app-only
- You want a CASS-guaranteed switch — Chase doesn't participate
9. Source Documentation & Verification
This offer was last verified in July 2026. Here's exactly how we check it:
- Re-test code R2MQHM in the Chase app's Rewards → Refer a Friend → I have a code flow.
- Cross-check the £50 bonus, £1,000 deposit requirement and 30-day windows against Chase's published Refer-a-Friend Referrer Terms.
- Confirm Chase UK is still authorised on the FCA register as J.P. Morgan Europe Limited.
- Re-verify monthly, and immediately whenever a reader reports a discrepancy.
- • Official Chase Refer-a-Friend Referrer Terms
- • Chase Refer-a-Friend support page
- • Chase cashback terms
- • FSCS deposit protection page
- • FCA register entry for J.P. Morgan Europe Limited
- • chase.co.uk — current account features
- • BonusBlueprint test sign-ups, July 2026
Use code R2MQHM · Deposit £1,000 within 30 days
Frequently asked questions
What is the Chase UK referral code for 2026?
One current Chase UK refer-a-friend code we have verified is R2MQHM. Enter it in the Rewards section of the Chase app within 30 days of opening your account and deposit a cumulative £1,000 within 30 days to be eligible for the £50 welcome bonus. Chase referral codes may be single-use and are subject to Chase's referral terms — if this code has already been used the maximum number of times, try any other valid Chase UK referral code.
How do I get the £50 Chase UK sign-up bonus?
Download the Chase UK app, open a new current account, enter a valid Chase UK referral code (such as R2MQHM) in the Rewards section within 30 days, then transfer a cumulative total of £1,000 into the account within 30 days of opening. Eligible customers receive £50 into their Chase Rewards balance, which can be transferred to the current account in one tap. The bonus is subject to Chase's referral terms and is not guaranteed.
Does the £1,000 Chase deposit have to be in one go?
No. The £1,000 can be built up from multiple deposits within the 30-day window. Only the cumulative total matters — you can deposit £500 on day 1, spend some, then top up another £500 a week later and still qualify.
Who is eligible for the Chase UK £50 bonus?
UK residents aged 18 or over who have never previously applied to join Chase UK before 3 December 2025. JPMorgan group staff and their known clients are excluded. You must enter the referral code within 30 days of opening your first Chase account.
Is Chase UK safe and FSCS-protected?
Yes. Chase UK is run by J.P. Morgan Europe Limited, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Eligible deposits with J.P. Morgan Europe Limited, trading as Chase, are protected by the Financial Services Compensation Scheme up to £120,000 per eligible person, per authorised firm.
What can I do with the Chase £50 bonus once it's paid?
The £50 lands in your Chase Rewards balance. From there you can transfer it to your Chase current account in one tap and use it like any other money — spend on your debit card, withdraw at an ATM, move it to your linked Chase Saver account or send it to another bank.
How long does it take for the Chase £50 bonus to be paid?
Chase typically pays eligible bonuses into your Rewards balance within a few days of you meeting the £1,000 cumulative deposit requirement. The terms allow up to 14 days. You'll get a notification in the Chase app when it lands.
Does the Chase referral code still work in 2026?
Code R2MQHM was last re-verified in July 2026. Chase referral codes may be single-use or capped, and Chase can rotate them at any time — so a specific code is not guaranteed to work forever. If it ever stops working we update this page immediately. You can always re-check the current bonus terms on Chase's official refer-a-friend pages, which we link below.
Is the Chase £50 bonus the same as the Chase cashback offer?
No — they are two separate perks. The £50 referral bonus is a one-off welcome reward paid into your Rewards balance after you deposit a cumulative £1,000. Chase's cashback offer is a separate ongoing benefit on eligible debit and credit card spending, with its own eligibility rules and monthly cap that Chase can change — always check Chase's official cashback terms for the current cap and eligibility criteria.
Can I get the Chase bonus and switch my main bank to Chase?
You don't have to switch your main current account to qualify — Chase's £50 bonus only requires the cumulative £1,000 deposit. Many people use Chase as a secondary account for the cashback and round-up saver. If you do want to switch fully, Chase does not participate in the Current Account Switch Service guarantee, so the switch must be done manually.
How did BonusBlueprint verify this Chase referral offer?
We re-test the referral code from a logged-out browser, cross-check it against Chase UK's published Refer-a-Friend Referrer Terms and complete a test sign-up flow up to plan selection. Last verified in July 2026.