Chase Bank Launches Easy-Access Best Buy Account with New Bonus Rate

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Easy access savings deals paying 5 per cent disappeared after the Bank of England cut the base rate to 4.75 per cent in November… until now.

Chase Bank has added a 1.5 percent bonus rate to its easy access account, bringing the overall rate to 5 percent.

It is now the best buy, followed by Atom Bank at 4.85 percent.

It also comes as the Bank of England voted to keep the base rate at 4.75 per cent this morning.

The new rate is only for new customers who joined Chase after December 9.

Chase announced a 1.25 percent bonus rate last week, bringing the easy access rate to 4.75 percent.

But the digital bank confirmed that savers who joined since it launched the latest bonus rate will now see their rate increased to 5 per cent.

Chase Savings Account* you get a 1.5 percent bonus on top of your 3.5 percent easy access account, which boosts the underlying rate for six months.

Savers must open the Easy Access Savings account within 31 days of opening a Chase checking account to earn the 1.5 percent bonus rate.

Chase’s easy access rate is linked to the Bank of England base rate. That means if the base rate drops, so will the rate Chase pays customers.

But the bond will remain fixed for six months even if the underlying rate is reduced.

Chase announced that starting February 19, 2025, its easy access rate will be 1.5 percent below the Bank of England base rate instead of the current level of 1.25 percent.

How does it compare to other easy access offerings?

If you joined Chase before December 9, 2024, there are other good, easy-to-access offers you can get.

Savers can still get a 4.85 per cent deal Atom bankalthough it also contains a bonus rate for savers who do not withdraw money from the account. Savers who withdraw money will get a rate of 3.25 percent.

front door bench is paying 4.75 per cent to savers with deposits of £1 or more. It has no withdrawal restrictions and does not include a bonus rate.

Savers can open Chase’s Easy Access account with deposits starting from £1.

Savers looking for an easy-to-access account should also consider a tax-friendly cash Isa to keep as much of their savings as possible tax-free.

These accounts allow you to channel up to £20,000 per tax year and all interest is tax-free.

Trading the 212 Cash Isa* It pays 4.9 percent and allows savers to access their money as many times as they want without the rate dropping.

The Bank of England keeping the base rate at 4.75 per cent means savings rates will not fall as quickly over the next month.

James Blower, founder of the Savings Guru website, said: “This is good news for savers as it means there are unlikely to be any significant changes to rates before or over Christmas.” It also improves the outlook for rates in 2025.