Until 11:59pm tonight (Wednesday 17 July), new and existing Chase customers opening its easy-access saver account can get a bonus rate on top of the standard deal, taking the interest to 5.1% AER.
The easy-access saver account pays 4.1% AER (4.02% gross) variable interest, which is calculated daily and paid monthly.
But last month, Chase launched a bonus 1% AER boost on the savings account that means savers can secure 5.1% AER (4.98% gross) for a six-month period – until Thursday 16 January 2025.
Due to “significant demand for the limited offer”, it will end tonight, but if you miss it, you’ll still get the 4.1% AER variable rate on the easy-access saver account.
The Chase easy-access saver
Savers can deposit up to £1m, though you’re reminded of the £85,000 Financial Services Compensation Scheme (FSCS) limit.
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You can access your cash as often as is needed without penalty, and according to Chase, a saver who deposits £5,000 in the boosted product could potentially earn £125 in interest after six months.
As the 1% AER is fixed, even if Chase’s standard saver variable rate changes – it’s tied to the Bank of England base rate at 1.15% below this – ahead of January, customers will continue to earn this additional 1% on top.
You can get this deal if you’re a Chase customer without a saver account, or if you had a combined balance of less than £50,000 in saver accounts at the close of Thursday 2 May 2024. Remember, you can have up to 10 saver accounts at any time, but only one will get the boosted rate.
If you already hold a saver account, once you log in to the app, go to the ‘save and invest’ tab, where you’ll see a text box with ‘boost your savings’. Click ‘see more info’, then ‘open a saver account’ if it’s the right product for you. You’ll be asked to agree to the terms and conditions.
The boosted rate won’t apply to the existing saver account, but you can transfer your cash to the new 5.1% paying account.
When comparing it to competitors on the market, only Ulster Bank pays a higher rate, at 5.2% AER. However, it has a minimum £5,000 starting deposit and is available to existing Ulster Bank current account customers or those who open an Ulster Bank current account. The interest rate also drops to 2.25% if your balance falls below £5,000.
Alternatively, Flagstone’s Instant Access (provided by SmartSave) account pays 5.07% AER on a minimum £10,000 starting balance.
