Chase cuts rate on popular 5.1% boosted saver – should you ditch and switch?

The rates on Chase's savings accounts are directly tied to the Bank of England base rate, which was cut from 5.25% to 5% earlier this month.

Chase's standard savings rate is currently set at 1.15 percentage points below the base rate – so has fallen from 4.1% to 3.85%. Meanwhile, its popular boosted saver, which launched in April and was expanded in June, pays a fixed 1% bonus on top of that standard rate – so has gone from 5.1% to 4.85%.

In addition, Chase has announced that its standard savings rate will be set at 1.25 percentage points below the base rate from Tuesday 8 October – meaning its rates will fall by another 0.1 percentage points from that date, even if the base rate stays the same.

How Chase's new savings rates compare

As shown below, Chase's boosted rate is still decent when compared with the top easy-access accounts elsewhere. But if you didn't manage to grab that before it was pulled in July, and you're on Chase's standard savings rate, you can do a lot better.

Remember: as with all easy-access accounts, the rates below are variable; they can and do change, so you need to monitor them (regardless of whether you stick with Chase or choose to switch).

Can you lock money away? Earn more with a fix

The top fixed-term savings currently pay up to 5% – or 5.2% if you're willing to open an account through an online 'savings marketplace', such as Flagstone or Raisin.

With savings fixes, the interest rate is guaranteed till maturity – it can't change during the term. But your money's locked away, which also means that if in a few months the accounts no longer look competitive, you're usually stuck with 'em (though fixed cash ISAs do let you access your money for a penalty).

Rates change rapidly, so do check the latest top fixed savings and the latest top fixed cash ISAs.

Chase has also axed its 1% interest on current account balances

As of Monday 5 August, Chase no longer pays 1% interest on money held in its current accounts. This applies to both new and existing customers. Of course, you can offset this loss by moving any extra cash you have in your current account to one of Chase's linked savers instead. Alternatively, app-based bank Kroo offers 4.1% AER on current account balances. We've full info and more options in our Best bank accounts guide.

But you'll still get 1% cashback on your debit card spending

There are no other changes to Chase's accounts for now. This means it's still the highest-paying cashback debit card, letting you earn up to £15 a month on your everyday spending.

It's also a top pick for use overseas, as it gives near-perfect exchange rates and doesn't charge any foreign transaction or ATM withdrawal fees.