Boosted Savings Rate for New Customers: Chase Raises Easy Access Savings Interest to 5%
Introducing a jaw-dropping offer from Chase! New savers can churn up to a 5% interest rate for a whopping year, making it one of the swankiest savings accounts on the market with instant access. But, not everyone's gonna snag this deal.
The bank has ramped up the fixed bonus rate from a meager 1.75% AER for six months to a juicy 2.25% AER for an entire year—but only for freshbies.
Chase's Easy Access Saver account comes with a fluctuating interest rate, but bonus points go to whoever secures the boosted rate. As for that, the offer is exclusively for those joining from June 9, 2025.
Residents aged 18 or above, with a Chase current account, can tap this opportunity. Clear the fine print though, as terms and conditions apply.
The standard variable rate currently floats at 2.75% AER (or 2.72% gross) but Chase isn't shy about adjusting it, depending on interest rates. Once the Bank of England makes a decision, the rate tweak will kick into gear five business days later. Consequently, savvy savers might bag a maximum interest rate of 5% for a whole year, with the 2.25% boosted rate remaining unchanged throughout the first year.
No worries about fees, charges, or penalties for withdrawal—you can access your dough anytime without a fuss. Plus, you can stash away up to a whopping £3 million, even though only £85,000 per person per banking licence is shielded by the FSCS.
According to Shaun Port, MD of savings at Chase UK, "This new bonus rate on our easy access account offers a fiercely competitive rate for newcomers, helping them maximize their moolah while sampling saving with Chase."
Who nabs Chase's 2.25% boosted rate?
Savvy savers, aged 18 or older, residing in the UK, joining Chase from June 9, 2025, and opening an Easy Access Saver Account within the first 31 days are eligible. They must lay their hands on a Chase current account and adhere to the terms and conditions.
Comparing Chase's 5% offer to other easy access savings accounts
That 5% is no joke! It ranks high on the leaderboard when it comes to easy access savings accounts.
Atom Bank's Instant Saver Reward offers the top rate accessible to all savers surpassing £4,000, standing at 4.75% AER variable. However, this payday is only available in months where withdrawals are avoided. Incontrast, if funds are tapped, the rate zooms down to 2.5% AER variable for the month.
Caitlyn Eastell, a Moneyfactscompare.co.uk spokesperson, remarked, "Chase's new deal steals the show in its league and outshines other easy access accounts offering a bonus."
However, take note, once the boost expires, returns are likely to plummet significantly.
In a move alike, Skipton Building Society recently debuted a 5% easy access savings account. But eligibility is limited to customers who have consistently owned a Skipton mortgage or savings account on or prior to June 2, 2025. These lucky devils can sock away up to £5,000. This account swaggers with a 2.2% fixed bonus and an underlying variable rate of 2.8% for the first 12 months—just like Cahoot's Sunny Day Saver (5% AER variable, but interest is paid on only up to £3k).
Lastly, keep an eye on the Santander Edge saver, which promises a 6% AER (variable) rate on balances up to £4,000—including a 12-month bonus rate—but only for Santander Edge current account bearers. Phew! Talk about a wild savings race!
- To qualify for Chase's 2.25% boosted interest rate on their Easy Access Saver Account, individuals must be UK residents aged 18 or older, join Chase from June 9, 2025, open an account within the first 31 days, hold a Chase current account, and comply with the terms and conditions.
- Chase's 5% offer for a year on their Easy Access Saver Account ranks higher among easy access savings accounts available in the market.
- Other savings accounts offering 5% interest rates include Skipton Building Society's account, accessible only by those who consistently owned a Skipton mortgage or savings account on or before June 2, 2025, and Caitlyn Eastell's auto-saving account, which requires a Santander Edge current account.
