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Chase customer? Check if you can get its boosted 5.1% easy-access saver

If you have a Chase current account, you may be able to get a table-topping 5.1% easy-access savings rate to go with it, as the bank has launched a new, temporary bonus offer for some existing customers. Here's how to check if you're eligible for the deal.

Chase currently pays 4.1% AER variable on its normal easy-access saver, which both new and existing Chase current account customers can get.

Its boosted rate of 5.1% would top our easy-access tables if it were open to all – though it doesn't quite beat the top easy-access cash ISAs, which currently pay up to 5.17%.

Who's eligible for Chase's boosted saver rate

You can get the offer if:

  • You became a Chase customer on or before 29 February 2024;
    AND
  • You had less than £500 in total across any Chase savings accounts you held on 8 March 2024 (you can hold up to 10 of these accounts).

If you meet these criteria, you'll see the option to open the account in the Chase app, under the 'Save & Invest' tab, as shown below. From there, you can follow the on-screen steps to open the account. Chase told us this is a "limited offer" which could be withdrawn at any time – so it's best to go quick to avoid missing out.

You can save up to £500,000 in total across any Chase savings accounts – though, as with any UK-regulated bank, you only get protection on up to £85,000 from the Financial Services Compensation Scheme.

After MoneySavingExpert.com founder Martin Lewis shared the news on Twitter, some Chase customers expressed their frustration at not being eligible because they already had more than £500 saved with Chase:

If you also don't qualify, have a look at our Top savings accounts guide for alternatives, including up to 5.01% easy-access.

The boost will only last until 4 November 2024 – and your rate could change before then

The boost is set up as a fixed 1% bonus paid on top of Chase's standard saver rate (currently 4.1%). You'll get the bonus until 4 November 2024, after which you'll revert back to the standard rate. Chase says it'll let you know when this is about to happen.

It's worth noting that, because Chase's standard rate is variable, the overall rate you get on your boosted saver could still go up or down before 4 November 2024.

In particular, from 13 May 2024, Chase's standard rate will be set at 1.15% points below the Bank of England base rate, which could change. For example, if the Bank were to cut the base rate from its current 5.25% to, say, 5% in June, Chase's standard rate would fall from 4.1% to 3.85% – and your boosted saver would then pay 4.85% (1% on top of the standard rate).

So it's worth keeping an eye on the rate from within your Chase app and comparing this with our regularly-updated Top savings accounts guide to make sure you're getting the best possible interest on your savings.  Currently, the top easy-access savings pay up to 5.01% – though this changes all the time.

Easy-access cash ISAs currently pay a bit more than standard savings

Unusually, right now the top easy-access cash ISAs actually pay slightly more than standard savings – up to 5.17%. So even if you don't need the tax benefits of an ISA, you may want to opt for an ISA in order to get higher rates.

However, the top rates are all paid by app-based accounts, which have some caveats. Plus, the top two accounts are not totally easy-access, as they limit you to three penalty-free withdrawals a year – see our Cash ISAs guide for the full details and alternatives.

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