Digital bank Chase has launched a new bonus offer on its easy access savings account for new customers today. Customers who join Chase from June 9 and open a Chase Saver Boosted account within the first 31 days will benefit from an interest rate of 5% AER variable. The rate includes a 2.25% AER fixed bonus for 12 months.
This means that even if Chase’s standard saver variable rate changes (it is currently 2.75% AER, 2.72% gross), customers will continue to earn the 2.25% bonus on top. 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.”
Savers can deposit up to £3million in total and can instantly access their savings as often as they like, with no fees, charges or penalties. Interest is paid monthly.
The account can be opened in the Chase app, however, the bank noted the bonus offer is limited and may be withdrawn at any time
Customers can own up to 10 interest-earning savings accounts with Chase at a time, which the provider says can help people save towards different goals.
Savers aged 18 and over must have a smartphone with a UK mobile number to bank with the provider. They must also be a resident and tax resident of the UK only.
All deposits with Chase are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS).
Mr Port added: “We know customers value the flexibility to access their money whenever they need, without any fees or penalties, and we remain committed to providing a straightforward savings account that supports people’s financial goals.”
What else is out there?
Atom Bank places just behind with an interest rate of 4.75% AER on its Instant Saver Reward account. There is no minimum deposit to launch, and up to £100,000 can be saved. Interest is also paid monthly, but a lower rate is paid during the months that a withdrawal is made.
Snoop, operated by Vanquis Bank, offers an interest rate of 4.6% AER on its easy-access savings account. Savers can launch the account with just £1, and interest is paid daily. Up to £85,000 can be saved overall, and withdrawals are not restricted.
