Chase UK has rolled out a headline-grabbing 4.8% AER easy access savings rate, but there’s a catch – this isn't an offer open to everyone. It's a targeted promotion aimed at selected existing Chase customers.
In this article we explain which Chase customers are eligible for the boosted savings rate, those who aren't and how it compares to savings rates elsewhere.
Chase UK boosted 4.8% savings rate explained
The 4.8% AER (Annual Equivalent Rate) is made up of two parts:
- Chase's standard saver rate: Currently 3.0% AER (variable).
- A fixed bonus boost: An extra 1.80% AER fixed for six months.
Combine these and you get the advertised 4.80% AER (which works out as 4.70% Gross variable).
However, while the 1.8% bonus is fixed for six months from when you activate the offer, the underlying 3.0% standard rate is variable. Chase links this standard saver rate directly to the Bank of England (BoE) base rate, setting it 1.5% below the official bank rate.
This means that if the BoE cuts the base rate (as some economists predict might happen again as early as May), Chase's standard rate will likely fall, dragging the overall 4.80% rate down with it, even during your six-month bonus period. For example, a 0.25% cut in the base rate could see the Chase boosted rate drop to 4.55% AER. So, the headline 4.80% isn't guaranteed for the full six months.
And, of course, after those six months are up, the 1.8% bonus disappears completely, and your rate reverts to whatever Chase's standard variable rate is at the time. So you'll need to diarise that date and shop around for a better rate if available.
Who can get the Chase UK boosted 4.8% interest rate?
The 4.80% boost is exclusively for selected existing Chase UK customers and you need to have an active Chase current account, as this is required to open any Chase saver account.
Chase says over two million customers could be eligible, but they haven't revealed the exact criteria for selection.
If you are one of the chosen ones, you should receive an email from Chase or see the offer pop up when you log into the Chase app. Make sure you check the main page, the 'Rewards' hub or the 'Save & Invest' tab. To get the boost, you'll need to actively opt-in via the app, by tapping 'Get my boost' or selecting the specific 'Chase saver with a boosted rate' option when adding a new saver account. Note: you might need to open a new saver account specifically for this boost.
New Chase customers aren't eligible for this 4.80% deal, but there's a separate, slightly lower offer of 4.75% AER (variable) available to them if they open a boosted saver within their first 31 days. They then receive a 1.75% AER boost for 6 months on top of Chase's standard saver rate: which is currently 3.0% AER (variable).
How does the Chase 4.8% interest rate stack up against rivals?
The boosted 4.80% AER (variable) is higher than the boosted 4.75% AER (variable) available to new customers. However, it is also higher than other easy access savings accounts in the market that allow unlimited withdrawals.
| Sidekick | Atom | Monument | Vida Savings | Chip | |
| Account name | Sidekick High Yield Cash Reserve 5* | Instant Saver Reward | Limited Access Saver | Defined Access Issue 1 | Chip Instant Access* |
| AER | 4.76% | 4.75% | 4.75% | 4.63% | 4.60% |
| Gross Interest Rate | 4.66% | 4.65% | 4.65% | 4.53% | 4.50% |
| Minimum opening balance | £1,000 | £1 | £25,000 | £10 | £1 |
| How to manage the account | Mobile | Mobile | Mobile | Online | Online |
| How to apply | Mobile | Mobile | Mobile | Online | Online |
| Financial Services Compensation Scheme | Own Licence (via OakNorth Bank) | Own Licence | Own Licence | Own Licence | Shared Licence |
Rates checked 30th April 2025, subject to change - the latest up-to-date table can be found here: Best Easy Access Savings Accounts in the UK.
What should you do if you aren't eligible for the Chase UK boosted 4.80% savings rate?
If you are a Chase UK customer and are not eligible for the boosted 4.80% savings rate you can shop around and move your money to an easy access savings account paying an interest rate higher than Chase's standard saver rate of 3.0% AER (variable). See our roundup of the Best Easy Access Savings Accounts in the UK.
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