New Chase customers can currently get a 4.75% AER (variable) interest rate on easy-access savings.
While the bonus offer is a significant boost, the Chase Saver interest rate remains below the best easy-access savings account on the market right now.
The offer is available to new customers joining from 9 December for their first 31 days.
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Savers who open a Chase saver with a boosted rate during this time will get an extra 1.25% AER fixed interest for six months, on top of the standard variable saver rate – currently 3.5% AER (3.45% gross).
Shaun Port, managing director of savings at Chase UK, said: “We want to help people make the most of their money, while encouraging them to experience saving with Chase for the first time.”
This offer is only open to UK residents who are 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 1.25% AER boost is fixed for six months.
After six months, savers will automatically start earning the standard saver variable rate.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said the “revamp” from Chase has resulted in a “significant jump” in its position in the easy-access market, with the savings account now “sitting just shy of the market leading rate for new customers”.
Atom Bank is currently the market-leader for new customers at 4.85% AER (4.75% gross), 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,” Springall warned.
“It is worth pointing out that the rate outside of the bonus will track 1.25% below Bank of England base rate, so should the Bank of England chop the rate further, savers with this account will see a swift reduction.
“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.”
