Digital bank Chase is offering a market-leading easy access savings account with a competitive rate of up to 5% AER, giving savers a financial boost for the new year.
The ‘Boosted Rate’ saver has no minimum deposit requirement and features a 1.5% introductory bonus for the first six months.
Chase guarantees that even if the standard variable saver rate – currently 3.5% – changes during the promotional period, customers will still earn an additional 1.5% on top. After the six months, accounts will automatically transition to the standard variable rate.
Easy access accounts are typically more flexible, allowing savers to make payments and withdrawals with minimal restrictions and small opening deposit requirements.
To access the offer, people must open a Chase current account. Customers can withdraw up to £25,000 daily without fees, though spending directly with a card is not available from this account, requiring transfers to another Chase or UK bank account instead.
Savers must be 18 or older, own a smartphone with a UK mobile number, and be both residents and tax residents of the UK.
Deposits with Chase are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS).
Chase allows customers to hold up to 10 interest-earning savings accounts simultaneously, which the provider says can help people save towards different goals.
While Chase may be offering the market-leading rate for easy access accounts, competition doesn’t fall too far behind.
GB Bank’s Nu Wealth Easy Access Account offers an Annual Equivalent Rate (AER) of 4.86%.
The rate includes a 0.46% bonus for 12 months on deposits ranging from £500 to £25,000. A lower rate of 4.40% applies to the portion of the balance exceeding £25,000.
There are no restrictions on withdrawals and interest is paid daily.
Atom Bank Instant Reward Saver places just behind with an AER of 4.85%.
There is no minimum deposit required to launch the account and interest is paid monthly. Up to £100,000 can be invested overall, however, there are some restrictions on withdrawals. A lower interest rate will be paid during the month a withdrawal is made.
