From April 28, 2 million existing customers could get an extra 1.8% on their savings
If you’re a Chase customer, you might want to check your app.
From today (April 28), Chase is offering selected existing customers a 1.8% bonus rate for six months, bringing the total rate up to 4.8%.
Here’s everything we know so far.
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What is the new boosted Chase rate?
Selected customers will get an additional 1.8% on top of their existing 3% for the next six months when they open a Chase Saver with a Boosted Rate, making the new rate 4.8%.
The 1.8% bonus rate is fixed for six months, whereas Chase’s standard saver rate is variable – so it can change at any time. If the main rate does drop in the next six months, you’ll still get the 1.8% on top.
What is Chase?
Chase is a digital bank, owned by JP Morgan, that launched in the UK in September 2021. It has over two million customers and offers 1% cashback on debit card spend, which it has recently watered down.
Chase is a decent account – you can find out why in our review – although its rates can often be beaten. It was also three times winner in last year’s British Bank Awards, run by our sister company Smart Money People.
Who gets the boosted savings rate?
Chase says the new rate is only being offered to certain existing customers who meet its eligibility criteria.
However, while some 2m people should get the offer, Chase wouldn’t say how they have been selected or what makes them eligible. In the past it has offered exclusive rates to customers who have a certain amount in savings, but that doesn’t seem to be the case here.
How will I know if I’ve been selected?
You can see if you’re eligible for the bonus by logging into your Chase app – have a look in the Rewards hub or Save & Invest tab – and you should also get an email from Chase.
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How much more will I earn?
If you’ve been selected to get the 4.8%, your savings will get a nice little boost.
If you had £5,000 in savings, you’d earn £150 in a year with Chase’s standard 3% savings rate, or £75 in six months. With the bonus rate you’d get £120 over the same time period.
Does Chase offer a boosted rate for new customers?
Yes. New customers can earn 4.75% with its easy-access savings account. This includes a 1.75% bonus that’s fixed for six months. You can find more information about this offer on our savings best buy page.
Can I beat Chase’s boosted savings rate?
There are a handful of providers offering easy-access accounts that pay more than 4.8% at the moment – although these could change at any time.
Santander’s Edge Saver pays 6% on balances up to £4,000, although you’ll need an Edge current account which charges a monthly account fee of £3.
New customers can earn 5.07% with Trading 212’s easy-access ISA for 12 months while Cahoot’s Sunny Day Saver pays 5% on balances up to £3,000.
You could also earn 5% with OakNorth’s 90-day notice account.
For the most up-to-date savings rates, do check out our best buy tables.
We’ll have opened one but quite why it has to be a new account is a mystery. I’d just wish Chase would make up its mind on what it offers both for savings and current accounts.