To get the rate, customers must open the saver account within 31 days of joining the bank and can deposit up to £3m. The rate consists of a 2.75% variable rate with a 2.25% bonus on top. The bonus is fixed for 12 months, but the variable rate may change if interest rates fall.
The boost puts the Chase account at the top of the table for easy-access savings, ahead of Atom Bank’s 4.75% offering. Previously, the Chase bonus had been 1.75%.
The move takes the account back to the levels it had reached before February’s base rate cut, but only for new customers.
Shaun Port, managing director of savings at Chase UK, said: “We know customers value the flexibility to access their money whenever they need, without any fees or penalties, and we remain committed to providing a straightforward savings account that supports people’s financial goals.”
Cashback slashed
The move follows the bank’s unpopular decision to restrict cashback from its debit card to certain transactions, and to stop the perk when customers spend overseas. Many people used the account because of its 1% cashback deal and have been disappointed by the decision. From 7 April, cashback has only been available on groceries, everyday transport, and fuel.
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MoneySavingExpert founder Martin Lewis took to X (formerly Twitter) to share his disappointment with the cashback cut, which came in in April, saying it was “not quite a ‘ditch it’, but it’s certainly a ‘find alternatives’”.
Those tempted by the Chase easy-access deal should be aware that the underlying rate could be cut at any time, especially if the Bank of England cuts interest rates.
Some, such as Nationwide customers offered a loyalty bond, may be able to get 5% guaranteed for 18 months on up to £10,000 of savings, though they will not be able to take that money out in the meantime. For those who can tie their money up for a long time, Hampshire Trust Bank offers a five-year bond at 4.46%.
