Table of Contents
- Chase’s 1% Easy Access Bonus Ends Tomorrow, July 17th for New Customers
- The underlying rate is 4.1% and will be available to new customers who sign up.
- We analyze whether it is worth moving your money to make the deal.
Tomorrow is the last chance for savers to get Chase Bank’s Easy Access Offer paying 5.1 percent.
Chase Bank’s enhanced Easy Access rate for new customers will end at midnight on July 17 and comes with a 1 percent bonus that will run through January 16, 2025.
The underlying rate is a variable 4.1 percent, which is what savers will get after the deadline.
We look at whether it’s worth moving your money to Chase’s Easy Access account if you don’t already have a Chase account.
Is it worth the switch?: JPMorgan-backed Chase has a 1% bonus rate on its Easy Access Account that ends tomorrow
Is it worth moving your savings to Chase?
In June, JPMorgan-backed Chase added a 1 percent bonus rate to its 4.1 percent Easy Access Account, bringing it to a best buy of 5.1 percent.
Chase’s underlying rate of 4.1 percent is a variable rate and could change before January 16, 2025.
But the 1 percent increase is fixed, so even if Chase lowers the account rate before Jan. 16, 2025, customers will still earn 1 percent on top of the new rate if it changes.
The variable rate of 4.1 percent is 1.15 percent below the Bank of England’s base rate.
At the beginning of the year, the general consensus was that the base interest rate would be cut six or seven times this year, with the first cut coming in March.
However, due to persistent inflation readings, both here and in the United States, no base rate cut materialized.
Markets now expect the base rate to be cut only once or twice this year, with the first cut coming in August or September, after remaining at 5.25 percent since August 2023.
James Blower, founder of Savings Guru, said: “Financial markets are pricing in a roughly 65 per cent chance of a base rate cut to 5 per cent in August and, failing that, a near 100 per cent certainty of one in September.”
If the Bank of England were to cut the base rate to 5 percent in August or September, the Chase easy rate would fall by 1.15 percent to 3.85 percent five days after the cut.
This would mean that savers who did not get the 1 percent bonus would see their rate reduced to 3.85 percent, while savers who have the rate increased until January 2025 would get a rate of 4.85 percent.
Blower said: ‘If there is no base rate cut, then the Chase rate looks hard to beat and it is definitely worth securing the bond before it goes down tomorrow.
‘If so, the question is what a blended rate of 4.85 percent (3.85 percent plus a 1 percent bonus) with a base rate of 5 percent looks like.
‘The answer is that I expect it to remain very competitive, so it’s probably a very good deal for savers.
‘However, once the bond defaults in January, the underlying rate of 1.15 percent below the base rate will almost certainly be very uncompetitive.
“So the end of the bonus in January is likely to be the time to move your money elsewhere.”
Chase’s Easy Access Account requires a checking account that savers can open in the Chase app.
The Chase account also comes with 1 percent cash back for the first year of having the account.
Chase will stop paying all customers 1 percent interest on their checking account balances starting August 5.
How to get a better savings deal
This is Money’s Easy Access Best Buy charts still feature easy access accounts that pay rates of 5 percent or more
Monument Bank Easy Access Account It pays 5.03 per cent. It has a high minimum deposit of £25,000. This account can be opened on the Monument Bank app.
Oxbury Bank It has an easy access account that offers 5.02 per cent. It has a minimum deposit of £20,000 and can be opened online. It is a limited easy access account, so you could withdraw from the sale at any time.
Both Monument and Oxbury accounts are taxable and savers can keep more of their interest by taking out a cash ISA instead.
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