- Chase boosts easy-access rate with 1% bonus for six months
- This lifts the rate to 5.1% up from 4.1%
- There are a few catches, such as when you joined Chase and savings pot size
Chase Bank has added a bonus rate of 1 per cent to its easy-access saver, bringing the overall rate to 5.1 per cent – but only to existing customers without a savings pot above £500.
The 1 per cent bonus sits on top of its 4.1 per cent easy-access saver, boosting the underlying rate for six months until 4 November 2024.
This propels it to the top spot for an easy-access deal as the next best deal on This is Money’s best buy tables pays 5.05 per cent.
But there are some mammoth catches – you will only get the bonus rate if you joined Chase on or before 29 February 2024 and have a savings balance below £500 as of 8 March 2024.
However, the bank now has millions of customers – and this is a clear move to attract bigger savings balances to it.
The bonus offer ends on 4 November 2024 and after this point the rate will return to 4.1 per cent, assuming Chase does not change the underlying rate before then.
The most you save into this easy-access account is £500,000 and you can open an account with as little as you like. Money is protected under the Financial Services Compensation Scheme to the tune of £85,000.
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JP Morgan backed Chase is entirely app-based, so all documentation when opening an account is verified via the app. The US giant launched in Britain in 2021.
The current account offered by Chase comes with popular features, namely its 1 per cent cashback on spending for the first 12 months, although Chase recently hiked the minimum monthly pay in to £1,500 per month to get the cashback deal.
Prior to this, it was £500 a month to get the 1 per cent cashback.
There is also a £15 per month cap on how much cashback could be claimed, which was introduced last year. Previously, there was no upper limit on how much cashback could be claimed.
Chase also offers a fee-free debit card abroad so you won’t be charged any fees by Chase when using their card when traveling, including for cash withdrawals at ATMs.
A Chase spokesman said: ‘We’ve introduced a new bonus rate to help support our customers in reaching their savings goals as we know that starting a new habit or setting a goal is often the hardest part.’
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How does it stack up to the next best deals?
If you joined Chase after 29 February 2024 or have a balance of more than £500 since 8 March 2024 with it, there are other good easy-access deals you can get.
Many of these have restrictions of some kind though, whether it the number of times you can withdraw your cash or a limit on how much you can put in the account.
The next best easy-access account is Paragon Bank’s double-access saver, which pays 5.05 per cent.
Savers are limited to just two withdrawals a year though, as its name suggests. An account can be opened online on Paragon’s website or by post with a minimum of £1,000.
Meanwhile, Skipton Building Society’s single access saver offers 5.01 per cent, but this only allows you to access your cash on two days a year.
The 5.01 per cent rate is paid on the first £10,000 in the account. On balances above that you earn 3.90 per cent.
Close Brother’s easy-access account pays 5 per cent on deposits starting from £10,000.
It does not have withdrawal restrictions so you are free to access your cash as much as you need, which is the point of an easy-access account.
You need to be careful on this point though because if your balance falls below £10,000 you will get a rate of just 1 per cent on your savings.
Cahoot’s Sunny Day saver offers 5.2 per cent, but only on savings of up to £3,000. No interest will be paid on balances over £3,000.
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