Chase has introduced a new bonus offer, giving new customers the opportunity to earn a 5% interest rate for up to one year. It makes it one of the best savings accounts on the market for instant access – but not everyone will qualify.
Chase’s easy access saver account has a variable interest rate but savers can also get a boosted fixed rate on top of this, which lasts for a limited time.
The bank has improved the fixed bonus rate from 1.75% AER for six months to 2.25% AER for 12 months – although this deal is only available for new customers.
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The underlying variable rate is currently 2.75% AER (2.72% gross) but this standard saver rate can change.
It tracks 1.5% below the Bank of England base rate, so if interest rates are cut, the AER will also drop. Chase says the rate change will come into effect five business days after the Bank of England’s decision.
It means new Chase savers could get a maximum interest rate of 5% for 12 months if the variable rate doesn’t change. The 2.25% boosted rate will stay the same for the first year.
This account is easy access, so there are no fees, charges or penalties for withdrawing the money.
Savers can deposit up to £3 million in total, although only £85,000 per person per banking licence is protected by the FSCS.
Shaun Port, managing director of savings at Chase UK, said: “The new bonus rate on our easy access account offers a highly competitive rate for new customers that will help them make the most of their money while experiencing saving with Chase for the first time.
“With living costs still high, putting your money into a top easy access account is a smart way for people to maximise their money’s potential.”
Who is eligible for Chase’s 2.25% boosted rate?
Customers who join Chase from today (9 June) and open a Chase saver account with a boosted rate within the first 31 days can qualify for this offer.
It’s open to UK residents who are 18 or older. They must get a Chase current account and terms and conditions apply.
How does Chase’s new boosted saver offer compare to other easy access savings accounts?
Chase’s 5% offer is one of the highest rates on the market right now.
The top easy access savings account that’s open to everyone and lets you save more than £4,000 is currently Atom Bank’s Instant Saver Reward, according to Moneyfactscompare.co.uk.
It pays 4.75% AER variable, although this is a reward rate which is only paid in months you don’t withdraw money. If you take money out, the rate will drop to 2.5% AER variable for the month.
Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk told MoneyWeek: “Chase’s new deal speeds to the top of its sector and dominates other easy access accounts offering a bonus.”
However, she urged savers to be “prepared to see their returns drop significantly” once the boost expires.
In a similar move, Skipton Building Society launched a new 5% easy access savings account last week. This account is only available for customers who have continuously held a Skipton mortgage or savings account on or before 2 June, 2025.
Eligible savers can put up to £5,000 in this account.
It is made up of a bonus rate of 2.2% which is fixed for the first 12 months plus an underlying interest rate of 2.8% variable.
Cahoot also pays 5% AER (variable) for 12 months on easy access savings via the Sunny Day Saver. However, this interest rate is only paid on up to £3,000.
The Santander Edge saver pays an interest rate of 6% AER (variable) on balances up to £4,000 (including a bonus rate for 12 months) but this is only open to Santander Edge current account holders.
