My Chase boosted rate ends this month – where should I put my money?

Chase has offered a series of temporary bonus deals on its popular savings account recently, typically boosting your rate for around six months. However, those who signed up in the summer are coming to the end of the deal.

Chase logo on smartphone sitting on laptop keyboard
(Image credit: Photo by Jaque Silva/NurPhoto via Getty Images)

If you opened a Chase savings account in the summer to take advantage of the 1% bonus deal, your temporary boosted rate will come to an end this month. Savers who locked into the deal in June will see their interest rate fall from 4.5% to 3.5% AER on 16 January.

For comparison, the best savings account on the market currently pays 4.85% (excluding a separate 5% Chase deal, which is only available to new customers). With this in mind, would your money be better off elsewhere or should you stick with your Chase saver at the lower rate?

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AccountRate (AER)Notes
Chase Saver with Boosted Rate5%Only available to new customers – existing customers whose June deal is maturing cannot take advantage of this offer. Includes a 1.5% bonus for six months. Underlying variable rate is linked to the base rate.
Atom Bank Instant Saver Reward4.85%Rate falls to 3.25% in months where savers make a withdrawal.
Chip Easy-Access Saver4.85%Includes a 1.03% bonus for 12 months. Underlying variable rate is linked to the base rate. Only three penalty-free withdrawals permitted in a 12-month period.
Cahoot Sunny Day Saver4.75%Rate only payable on balances up to £3,000. Term of the account is 12 months, at which point the money will be transferred into a Cahoot savings account.
Gatehouse Bank Easy-Access Account4.75% (expected profit rate)This account is operated under Shariah principles. This means interest cannot be earned, but profit is generated instead. The expected profit rate is 4.75% AER.
Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.