- Chase is increasing the easy entry level with a 1% bonus for six months
- This increases the rate from 4.1% to 5.1%
- There are a few drawbacks, such as when you joined Chase and the size of the savings account
Chase Bank has added a 1 per cent bonus rate to its easy-access savings tool, bringing the total rate to 5.1 per cent, but only for existing customers without a savings pot of more than £500.
The 1 percent bonus is in addition to the easily accessible saver’s 4.1 percent, increasing the underlying interest rate for six months until November 4, 2024.
This pushes it into the top spot for an easily accessible deal, as the second best deal on This is Money’s best buy tables pays 5.05 percent.
But there are some huge catches: You’ll only get the bonus rate if you joined Chase on or before February 29, 2024 and have a savings balance of less than £500 as of March 8, 2024.
Chase has added a 1% bonus to its easy-access savings program, but only for a specific cohort of customers
However, the bank now has millions of customers, and this is a clear step to attract larger savings.
The bonus offer ends on November 4, 2024, and after this point the interest rate will return to 4.1 percent, assuming Chase does not change the underlying rate before then.
The maximum amount you can save in this easy-to-access account is £500,000, and you can open an account with as little as you want. Money is protected under the Financial Services Compensation Scheme to the tune of £85,000.
JP Morgan-backed Chase is completely app-based, so all account opening documentation is verified through the app. The American giant launched in Britain in 2021.
The current account offered by Chase has popular features, namely 1 percent cashback on spending for the first twelve months, although Chase recently increased the minimum monthly salary to £1,500 per month to get the cashback deal.
Previously it was £500 per month to get the 1 per cent cashback.
There is also a £15 per month limit on the amount you can claim, which was introduced last year. Previously, there was no upper limit on how much cashback could be claimed.
Chase also offers a free debit card abroad, so Chase won’t charge you any fees if you use their card while traveling, including for ATM withdrawals.
A Chase spokesperson said, “We’ve introduced a new bonus rate to help our customers reach their savings goals, because we know that starting a new habit or setting a goal is often the hardest part.”
How does it compare to the next best deals?
If you joined Chase after February 29, 2024, or have a balance of over £500 since March 8, 2024, there are other good, easily accessible deals you can get.
However, many of these have some kind of restriction, whether it’s the number of times you can withdraw your money or a limit on how much you can deposit into the account.
The next best easy access account is Paragon Bank’s dual access saver, which pays 5.05 percent.
However, savers are limited to just two withdrawals per year, as the name suggests. An account can be opened online on Paragon’s website or by post with a minimum deposit of £1,000.
Meanwhile, Skipton Building Society’s single access savings offers 5.01 per cent, but this only allows you to access your money for two days a year.
The rate of 5.01 percent is paid on the first £10,000 in the account. On balances above this you earn 3.90 percent.
Brother’s easy-access account pays 5 percent on deposits over £10,000.
There are no withdrawal restrictions, so you can access as much of your money as you need, which is the essence of an easy-to-access account.
However, you need to be careful at this point because if your balance drops below $10,000, you will only get 1 percent 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 above €3,000.
