Chase has announced a 1% AER savings boost on its saver account, fixed until 16th January 2025. The bonus rate is automatically applied on top of the usual Chase saver rate which is currently set at 4.10% AER (4.02% gross) variable. This means that those who qualify and open the boosted rate account will receive an interest rate of 5.10% AER (4.98% gross) variable until the 16th January 2025. Offer ends 17th July 2024.
In this article, we explain how the boosted saver rate works, who is eligible and what happens when the fixed bonus ends.
Who is eligible for the boosted Chase saver rate?
The Chase bonus saver rate is available to new and existing customers with no saver, or those with less than £50k in total across all savers (as at the end of 2nd May 2024). So in summary, you can qualify for the 1% AER savings boost with Chase if:
- You are a new Chase customer.
- You are an existing Chase customer and you do not currently have a saver account
- You are an existing Chase customer and you had less than £50,000 in total across all saver accounts on 02/05/24
How to access the bonus Chase saver interest rate
If you meet the criteria above, you can head to the "Save&Invest" section of the app to open the boosted rate account. Offer ends 17th July 2024.
Can the Chase Saver interest rate change during the boosted rate offer period?
The boosted interest rate on Chase's Saver account, currently paying 5.10% AER (4.98% gross) variable until 16th January 2025, however, the standard saver rate can change during the offer period. The Saver product pays a variable rate of interest and is currently set at 1.15% below the Bank of England base rate. This means that if the Bank of England's base rate goes up or down, so will the standard rate on the Chase saver account.
So, if at the next interest rate announcement, the Bank of England decided to cut the base rate of interest to 5.00%, the Chase saver account would reduce to 3.85% AER variable. The change is applied 5 business days after the announcement. Those who open a boosted saver rate account would continue to get a 1.00% AER fixed boost, until 16th January 2025, meaning the rate they would get is 4.85% AER variable. Interest is calculated on a daily basis and paid on the first calendar day of the following month.
What happens after the boosted rate period lapses?
The boosted saver rate, currently paying 5.10% AER (4.98% gross) variable, until 16th January 2025. When the offer period ends, the 1% AER bonus rate will be removed and you will continue to accrue interest at the standard variable saver rate.
How does the Chase saver account work?
The Chase saver account is an easy-access savings account with a variable interest rate. You can deposit up to £1,000,000 in a Chase saver account and there are no account minimums.
As this is an easy-access account, you can make withdrawals whenever you need to without impacting your interest rate. You'll be eligible for the Chase saver account if:
- You're at least 18 years old
- You're a UK resident only
- You have a Chase current account
- You have a smartphone as well as a UK mobile number
Bear in mind that if you already have £50,000 of savings across Chase saver accounts then you won't benefit from the new bonus rate. If you're thinking about joining Chase, check out our independent Chase review first to help you decide whether it's the right product for you.
What are some Chase saver account alternatives?
If you want to look at some alternatives to the Chase saver account, check out our savings tables where we provide a regularly updated summary of the best easy access savings accounts as well as the best high interest current accounts. Make sure to bookmark these articles as they are updated frequently with the best deals on the market.
Some of the highest interest rates on the market right now include Ulster Bank's Easy access 'Loyalty Saver' account, currently paying 5.20%. Nationwide's FlexDirect current account is another option worth considering, currently paying an interest rate of 5.00% AER. These interest rates are variable and are correct at the time of writing.
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5.1% AER (4.98% gross) variable until 16/01/25, including a 1% AER fixed boost until 16/01/25 on top of the standard variable saver rate, currently 4.10% AER (4.02% gross). Available to new customers and to existing customers with no saver or less than £50k in total across all savers at end 02/05/24. 18+, UK residents. Chase current account required. Limited offer: may be withdrawn at any time. 1 boosted saver account per customer. T&Cs apply
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