Chase increases easy access savings account by 1.25% to put it on the best buys table, but only for new customers

Chase Bank has added a 1.25 percent bonus rate to its easy access account*, which brings the overall rate to 4.75 percent, but only for new customers who joined after December 9.

The 1.25 percent bonus, 25 basis points higher than its previous 1 percent bonuses, is added to its 3.5 percent easy access account, boosting the underlying rate for six months until June 9, 2025.

Chase’s direct savings director said the move was a bid to attract new customers.

Last month, Chase cut the rate on its easy access savings from 3.75 percent to 3.5 percent after the Bank of England cut the base rate to 4.75 percent.

Shaun Port, Chase’s chief savings officer, said: “We want to help people get the most out of their money while encouraging them to experience saving with Chase for the first time.”

Savers must open the Easy Access Savings account within 31 days of opening a Chase checking account to earn the 1.25 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 has made several changes to its checking account and its associated easy access account in recent months, including exchanging the 1 percent interest it was paying on checking account balances for a 1 percent cash back.

How does it compare to other easy access offerings?

The boost places Chase’s easy-access offering just below the best buys in This is Money’s independent savings tables.

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

Savers can get a 4.85 percent 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.

Monument Bank is paying 4.81 per cent to savers with funds of £25,000 or more.

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.

*Links with asterisks here are affiliate links. If you open an account using them, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.