Chase launches new 5.1% easy-access saver that's available to MORE customers – can you get it?

Below we round-up everything you need to know. If you're after a new bank account, you can currently get £175 to switch and up to 7% interest. See our Best bank accounts guide for full info. 

Chase now has THREE linked savers

At present, the Chase current account comes with a linked 4.1% AER variable saver as standard.

In April 2024, Chase then launched a temporary bonus savings account paying 5.1% AER until 4 November 2024 for some existing customers, though the criteria was fairly limited. You only qualified 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.

At the time, some Chase customers expressed their frustration at not being eligible because they already had more than £500 saved with Chase. However, Chase has now launched a new boosted saver, also paying 5.1% AER until 16 January 2025, which more people are eligible for – as set out below.

This boosted rate tops our easy-access tables – though it doesn't quite beat the top easy-access cash ISAs, which currently pay up to 5.2%.

Who's eligible for Chase's new 5.1% saver rate

You can get the offer if:

• You're an existing customer who had less than £50,000 in total across any Chase savings accounts you held on 2 May 2024 (you can hold up to 10 of these accounts);

  OR

• You join or joined Chase on or after 3 May 2024.

If you meet these criteria, you'll see the option to open the account in the Chase app. Go to the 'Save & Invest' tab and from there, tap 'Add +' and choose 'Saver account with a boosted rate'. You can then follow the on-screen steps to open the account. 

You can open the new boosted saver and transfer across any savings held in Chase's standard saver. 

You can save up to £1 million 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.

Got the previous boosted saver? You can get this new version to earn the higher interest for longerYou may also qualify for the new boosted saver even if you qualified or took out April's version, so long as you meet the new set of criteria and close the old saver first. By doing this, you can effectively extend the amount of time you can earn the boosted rate of interest, though bear in mind that the new saver is a "limited offer", which can be withdrawn at any time.

The new savings boost will only last until 16 January 2025 – and your rate could change before then

Both boosted savers are set up as a fixed 1% bonus paid on top of Chase's standard saver rate (currently 4.1%). April's boost expires on 4 November 2024, while this latest boost ends on 16 January 2025. After these dates, you'll revert back to the standard rate. Chase says it'll let you know when this is about to happen.

However, because Chase's standard rate is variable, the overall rate you get on your boosted saver could still go up or down before the 1% bonus is due to end. As of 13 May 2024, Chase's standard rate has been set at 1.15% points below the Bank of England base rate.

So if, for example, the Bank cut the base rate from its current 5.25% to 5%, 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).

As such, it's worth keeping an eye on your Chase rate and comparing it with our regularly-updated Top savings accounts guide to make sure you're getting the best possible interest on your savings. Currently, the top standard easy-access savings pay up to 5.02% – 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 5.2%. 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 accounts that have a number of caveats – see our Cash ISAs guide for the full details and alternatives.

Chase will axe its 1% AER interest on current account balances from 5 August

While interest is being boosted on Chase's linked saver, it's also announced that it'll be axing interest paid on money held in its current accounts. Chase has provided 1% AER interest on funds in its current accounts since April 2023, though this offer will come to an end on 5 August 2024. 

This applies to both new and existing customers, though those opening new accounts between now and 5 August 2023 will still get 1% interest on their current account balances until the deadline. 

Of course you could regain the lost current account interest by moving any unused money in your current account to Chase's boosted linked saver instead. Alternatively, app-based bank Kroo offers 4.35% AER on current account balances. We've full info on this and alternatives in our Best bank accounts guide.

There are no other changes to the Chase account at this time, so it will continue to pay 1% cashback on spending, 5% interest on its 'round-up' account and offer the same near-perfect rate on spending in any country.