Chase has launched a new 1.8% bonus interest rate on its Chase saver savings account, giving over two million customers the chance to bag a top rate on cash savings.
The boosted offer means eligible customers could earn 4.8% on their savings for six months, making it one of the top rates for easy access savings.
After the offer period ends, it will revert to the standard saver rate. This is currently 3% AER (2.96% gross) but it is variable, so it could change.
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How does the Chase rate compare?
In terms of interest rates, it makes it the best savings account on the market right now – Chip’s Easy Access Account comes in second place, offering new customers 4.76% AER (variable) for 12 months. That said, the Chase saver’s underlying rate is variable, which means it could drop from 4.8% if the Bank of England cuts the base rate next month.
The 1.8% bonus rate is fixed. This means even if the standard saver rate changes, savers will earn 1.8% on top of the standard rate.
“If you’re a Chase customer and are eligible for this, it makes sense to opt in and take advantage of the higher rate while you can. But remember, it is for six months and you should keep an eye on what else is available once the deal ends. Interest rates are generally dwindling on cash savings, but keeping an eye on the top deals can ensure your cash continues to work hard,” Kalpana Fitzpatrick, editor, MoneyWeek.com, says.
Who is eligible for the Chase bonus rate?
The offer isn’t available to “everyone right now”, Chase explains on its website. The bank adds: “From time to time, we run offers that are available to customers at different points in their relationship with Chase.”
Chase has emailed eligible customers, who will be able to open a boosted rate account in the app.
This 1.8% boost offer runs alongside Chase’s 1.75% AER boosted rate, available for six months, which was launched on 14 March. This deal is only open to new customers joining from 9 December, 2024, during their first 31 days.
It gives eligible customers a savings rate of 4.75% AER for the six-month period, provided the standard saver rate doesn’t change during this time.
What is the Chase standard saver rate?
The standard saver rate on the Chase saver (currently 3% AER variable) is tied to the Bank of England base rate.
It means the AER would change to 1.5% below the bank rate five business days after the MPC cuts or increases interest rates.
The Bank of England base rate is currently 4.5%, but experts are anticipating a cut soon.
Economists are expecting the MPC to reduce the base rate to 4.25% when they next meet on 8 May.
This would mean Chase’s standard saver rate would drop to 3.75% AER. Customers getting a boosted 1.8% AER for six months would therefore see the overall rate drop to 4.55% AER.
While many are forecasting at least two more rate cuts before the end of the year, the IMF has predicted three more reductions.
Chase’s standard saver rate previously tracked 1.25% below the base rate, but this changed in February 2025.
