The news comes after Chase announced that its savings rate will be tied to the Bank of England base rate from 13th May 2024. Chase will adjust its saver rate five business days after any BoE base rate changes. The variable rate is set at 1.15% below the Bank of England base rate.
This time-limited boosted rate will only run until 4th November 2024 and while you can have multiple saver accounts with Chase, only one account can have the boosted rate applied.
Who is eligible for the boosted Chase saver rate?
This offer is only available to existing Chase customers who joined Chase and opened a current account on or before 29th February 2024. In addition to this, you must meet either of the conditions below:
- You didn't have a Chase Saver account on 8th March 2024.
- You had Chase Saver accounts on or before 8th March 2024 but your balance across all of the saver products was below £500.
Chase announced the boosted rate on its website, stating: "From time to time we run offers that are available to customers at different points in their relationship with Chase. The Chase saver with a boosted rate is a limited offer that isn't available to everyone right now."
How to access the bonus Chase saver interest rate
If you meet the criteria above, you'll be able to open a Chase saver account with a boosted rate via the Chase app. Eligible customers can head to the "Save&Invest" section of the app and apply for the saver account to access the bonus rate.
Can the Chase Saver interest rate change during the boosted rate offer period?
The boosted interest rate on its Saver product is due to run until 4th November 2024, however, it can change the standard saver rate during the offer period. The Saver product is tied to the Bank of England's base rate, and current predictions based on data from the Bank of England Overnight Swap rates suggest that the rate in August could fall to around 4.95%. If this is the case, it would mean that Chase's usual rate would then fall to 3.80% AER and this is because the variable rate is set at 1.15% below the Bank of England base rate.
However, with the boosted rate, you would get an interest rate of 4.80% AER in this circumstance. This is because while Chase can change its usual savings account rate, the bonus rate will remain unchanged until it expires in November. 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 rate period lapses on 4th November 2024. When the offer period ends, the 1% AER bonus rate will be removed and you will continue to accrue interest at the standard 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 save up to £1,000,000 in a Chase saver account and there are no account minimums.
Because 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 don't have a Chase current account already, you won't benefit from the bonus rate as this offer is only available to existing customers. However, if you opened a Chase current on or before 29th February this year and haven't opened a Chase Saver account yet, chances are you will be eligible for the new boosted 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 pages as we update them frequently with the best deals on the market.
Some of the highest interest rates on the market right now include Nationwide's FlexDirect current account that comes with a 5.00% AER interest rate, as well as Cynergy Bank's easy access account which comes with a 5.01% AER interest rate. These interest rates are variable and correct at the time of writing.
