But, from May 13, 2024, the Saver rate will be tied to the base rate which currently sits at 5.25%. The interest rate on Chase's Saver will be set at 1.15% below the base rate and any changes will be applied within 5 days of any base rate changes.
This means that if the Bank of England base rate remains at 5.25%, then Chase's rate will remain set at 4.1%. But if the rate rises or falls, then so will Chase's interest rate on this particular product. None of Chase's other rates will be tied to the BoE's base rate at this stage.
The news comes after Chase changed its cashback rules where existing customers will now need to deposit at least £1,500 per month to continue earning 1% cashback on eligible purchases. Prior to the change, existing customers who had been with Chase for more than 12 months could continue earning up to £15 in cashback by depositing at least £500 per month.
Some may see this latest move as yet another blow following a series of measures that have slowly stripped back some of the benefits that come with a Chase bank account. The bank attracted more than a million customers within 12 months of entering the UK market, but changes to its most popular perks could make it a less attractive proposition.
What do the rule changes to the Chase Saver mean for you?
Chase's Saver interest rate will now track the Bank of England's base rate of interest. If the rate remains at 5.25%, then Chase's rate will remain at 4.1% AER, as the bank has said it will set its rate at 1.15% under the base rate.
However, the Bank of England's current rate is the highest it has been in 15 years. Interest rate predictions suggest that it will reach 5.00% by August 2024 and fall to 3.25% by January 2029. If this happens, Chase's Saver rate will also plummet.
The table below shows the interest rate you can expect to achieve depending on whether the BoE's base rate remains the same or falls.
| Bank of England interest rate | Chase Saver interest rate (-1.15% below BoE) |
| 5.25% (current) | 4.1% |
| 5.00% (August 2024 prediction) | 3.85% |
| 4.49% (January 2025 prediction) | 3.34% |
| 3.78% (January 2026 prediction) | 2.63% |
| 3.41% (January 2027 prediction) | 2.26% |
The Bank of England will meet again this Thursday (March 21) to review the rate and decide whether it should go up, down, or stay the same. Find out more about how the BoE sets its base rate and what to expect in the coming months.
Currently, Chase hasn't announced any changes to its round-up account interest rate which is set at 5.00% AER or its current account interest rate which is set at 1.00% AER.
What is Chase's Saver account?
Chasewon the 2023 Best Savings Provider award at the British Bank Awards. Its Saver account allows you to save up to £500,000 and earn variable interest on your deposits.
Interest on your balance will be paid into your Saver account on a monthly basis. Chase's Saver is an easy access account that allows you to make withdrawals as and when you need to. You won't be penalised for doing so and can continue accruing interest on the remaining balance.
You're eligible for a Chase Saver account if:
- You're aged 18 or above
- You're a UK resident only
- You have a smartphone and a UK mobile number
- You have a Chase current account
Your Chase current account comes with other perks like the Chase 1% cashback offer, in addition to 1% variable interest on your current account balance which is paid monthly. If you opt for a round-up account, you'll also get 5% interest which will be paid monthly.
Once your balance hits £500,000 across all your Chase savings accounts, you won't be able to deposit any more money, but you'll still be able to earn interest on your deposits. Check out our Chase Bank review for more information.
Chase Saver account alternatives
There are a range of high interest current accounts and easy access savings accounts that offer interest rates comparable to Chase. Check out our savings tables which are frequently updated with the best easy access savings accounts and high interest current accounts. It's worth bookmarking these pages as we update them with the best deals on the market on a regular basis.
To give you an idea of what's on offer, at the time of writing Nationwide has a 5% interest current account on offer, while Cynergy Bank is offering 5.10% interest on an easy access account. Interest rates are typically variable and may fall even if they're not explicitly tied to the Bank of England's base rate, but it's worth keeping an eye out for the best deals so you can make the most of your savings.
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