Chase Bank now offers top rate of 5.1% on easy access savings account for limited time – are you eligible?
Chase Bank customers could get a boosted rate on their easy access savings
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Chase Bank has boosted the rate of its easy access saver by one per cent for eligible customers, meaning the account now pays 5.1 per cent
The offer is available to existing customers whose balance across all their Chase savings accounts was below £500 on March 8, 2024.
The new, temporary bonus offer, which takes the 4.1 per cent interest rate to 5.1 per cent, is exclusively open to some existing customers until November 4, 2024.
After November 4, the interest rate on the account will return to the old rate of 4.1 per cent.
Savers have up to six months to take advantage of this one per cent boost, however the rate could change before then.
With the boosted rate of 5.1 per cent, it takes one of the top spots on the Money Saving Expert easy access tables, however Chase customers may still get a higher interest rate elsewhere with different types of accounts.
Eligible customers would have had less than £500 in their account on March 8, 2024
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The maximum amount people can save into this easy access account is £500,000.
There is no minimum amount to open this account making it easily accessible to customers.
Who is eligible for the account?
Millions of Chase customers can now benefit from this bonus rate.
To be eligible savers need to have become a Chase customer on or before February 29, 2024.
Their total savings balance across all Chase savings accounts must have been below £500 as of March 8, 2024.
If people meet these criteria, they will see the option to open the account in the Chase app, under the 'Save & Invest' tab.
From there, customers can follow the on-screen steps to open the account.
JP Morgan backed Chase is entirely app-based, so all documentation when opening an account is verified via the app.
Chase also offers a fee-free debit card abroad, so people won't be charged any fees by Chase when using their card when traveling, including for cash withdrawals at ATMs.
A Chase spokesman said: “We've introduced a new bonus rate to help support our customers in reaching their savings goals as we know that starting a new habit or setting a goal is often the hardest part.”
With the range of terms and conditions attached to this account, savers may wish to put their cash elsewhere with less restrictions.
Right now, Plum is offering the top easy access cash ISA with a rate of 5.17 per cent – so even if people don't need the tax benefits of an ISA, they may find it gives them higher interest rates.
However, savers should be aware there are a few caveats.
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The rate drops to 4.29 per cent after a year. If people make more than three withdrawals in a year, the rate will drop to three per cent and they only get 4.29 per cent if they transfer in an existing ISA.
Another top deal on the easy-access table is Paragon Bank's double-access saver, which pays 5.05 per cent.
Savers are limited to just two withdrawals a year.
An account can be opened online on Paragon's website or by post with a minimum of £1,000.