Chase launches market-leading savings account that pays 1.5% and allows you to put away up to £250,000 – here's all you need to know
App-only bank Chase has launched a new easy-access savings account that pays a market-leading rate of 1.5% – the highest we've seen in over two and a half years. On top of that, customers can deposit a huge £250,000. Here are all the details.
Chase, which is owned by JPMorgan, said the savings rate is only available to existing Chase current account holders and those who sign up for a new current account – you can only open a 'saver account' if you have a current account with Chase.
The bank will carry out a 'soft' credit check to see if it wants you as a customer, meaning the process won't leave a permanent mark on your credit report and lenders won't be able to see it. Savings held in the account are protected up to £85,000 by the Financial Services Compensation Scheme.
Chase's current account comes with cashback of 1% on debit card spending for the first 12 months. It isn't clear what the cashback terms will be after the first year, but Chase said it would release other incentives and rewards.
The bank added that customers would be able to open up to 10 saver accounts to "suit their savings goals". Each saver account has a unique account number and each account can be named so that it can be personalised for a specific savings goal. Customers will be able to deposit £250,000 in total across all of their savings accounts.
There is no limit on withdrawals and customers can deposit money from any other account. Friends and family will also be able to deposit money into the savings accounts.
See our Top savings accounts guide for more information.
How to open the Chase savings account
To open a savings account with Chase, you must already have a Chase current account.
If you don't yet have a Chase current account, then you can open one by downloading the free Chase app* and following the sign-up instructions – there's no monthly fee attached to the account.
To open your saver account, open the Chase app, tap the 'add' button and follow the instructions.
Should you need any help you can contact Chase via the app, by phoning 0800 376 3333 or by emailing ChaseSupportUK@chase.com.
How does the Chase linked savings account compare?
Chase is the standout winner if you'd like instant access to your savings and you're happy with a variable rate – meaning it can go up as well as down. We haven't seen an easy-access savings account paying 1.5% since 2019.
The next best easy-access rate is 1% AER, currently offered by two providers, Zopa and Virgin Money, but there are restrictions on how you can access these accounts and how much you can save into them.
Zopa is paying 1% AER on up to £15,000, and the account can only be opened via its app. Virgin Money's saver is linked to its M Plus current account. When you open an M Plus account, it automatically gives you a linked savings account paying 1% AER on up to £25,000.
Virgin Money's current account also pays 2.02% on the first £1,000 you deposit. You don't need to switch to Virgin to get the linked saver, but if you are willing to switch your existing current account, you also get a £100 experience day voucher and a boosted 5.02% credit interest year (but again, only up to a maximum of £1,000).
If you're not willing to open a new current account to access this rate, the next top rate comes from Aldermore at 0.95% AER (minimum deposit £1,000, max £1 million). This can be opened online, but only allows two withdrawals within a year, otherwise the rate drops to 0.1% AER.
See our Top savings accounts guide for full info.
What does Chase say?
Shaun Port, managing director, savings and investments at Chase, said: "With the cost of living increasing, we know that consumers want to maximise the interest they can earn with the reassurance of being able to access their savings instantly."