Chase boosts easy-access interest rate - savers could earn 5%

New Chase customers can now get a 5% AER (4.89% gross) variable interest rate on easy-access savings, after the bank increased its bonus offer today.

This improved rate, which was 4.75% when launched last week, makes the Chase saver the best easy-access savings account on the market right now.

However, the bank said from February 19 2025, the standard Chase Saver variable rate will change from 1.25% to 1.5% below the Bank of England base rate. Interest rates are currently 4.75%.

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Savers who open a Chase saver with a boosted rate will get an extra 1.5% AER fixed interest for six months, on top of the standard variable saver rate - currently 3.5% AER (3.45% gross). The bonus rate was previously 1.25% when it was launched on 9 December.

Shaun Port, managing director of savings at Chase UK, said at the time: "We want to help people make the most of their money, while encouraging them to experience saving with Chase for the first time.”

Who is eligible for the Chase Saver with boosted rate?

The offer is available to new customers joining from 9 December for their first 31 days.

You must be a UK resident, aged 18+ and have a Chase current account.

You can only have one boosted saver account and interest is paid monthly.

The standard saver variable rate could change at any time but the 1.5% AER boost is fixed for six months.

The standard Chase Saver variable rate tracks 1.25% below the Bank of England base rate, changing to 1.5% below the Base Rate from 19 February 2025.

After six months, savers will automatically start earning the standard saver variable rate.

The improved rate makes Chase the market-leader for new customers at 5% AER (4.89% gross) variable for six months, paying monthly interest.

“Those savers who are enchanted by a bonus must be sure to make a note to review the account around its expiry date,” Rachel Springall, finance expert at Moneyfactscompare.co.uk, told MoneyWeek.

“Those savers who are looking to supplement their income with their savings will find this deal pays interest monthly, but they will need to open a current account to access the savings account.

“Chase may be a worthwhile choice for savers who are fed up with the rates and service of a more familiar high street bank.

"The current account also has its own perks of merit, such as 1% cashback and is free to use abroad.”