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Chase saver? Your rate may be dropping to 3.5% – here's how to check and what to do

Chase Bank's debit card beside a pound coin
Gavin Shepherd
Gavin Shepherd & Petar Lekarski
Created 13 January 2025 | Edited 16 January 2025

If you took out Chase's popular boosted saver before 9 December 2024, your rate will drop from 4.5% to 3.5% after your boost comes to an end on Thursday 16 January. Chase will also cut the rates on ALL its savings by another 0.25 percentage points in February. The changes mean you can earn more on your savings elsewhere – though Chase is still worth keeping for its debit card cashback.

Chase's boosted savers pay fixed bonuses on top of its standard savings rate, which is linked to the Bank of England base rate.

Here's what's changing in more detail:

  • On Thursday 16 January, the original 1% AER bonus expires. Many Chase customers will have taken this out in June last year – if you were one of them, you'll revert to the standard rate (currently 3.5%).

    If you joined Chase as a newbie on or after 9 December 2024, you'll have got access to a boosted saver offering a 1.5% AER bonus. This newer boost doesn't have a fixed expiry date. Instead, it lasts for six months from the date you open it – so it won't be ending yet.

  • On Wednesday 19 February, ALL of Chase's savings rates will drop by another 0.25 percentage points. This is because Chase's standard rate will change from tracking 1.25 percentage points below the Bank of England base rate to 1.5 percentage points below. As things stand, this'll take the rate to 3.25%. However, Chase's rates could fall before this date if the Bank decides to cut the base rate on Thursday 6 February.

Check if your rate is dropping

Here's how to check which boost you have:

  1. Open the Chase app and tap on Save & Invest.

  2. Tap on your savings account. If you've more than one, you want the one with the word 'Boosted' next to the interest rate.

  3. Tap on the interest rate shown. This opens a pop-up with the date your boosted rate is set to end.

Screenshot of Chase app on iOS showing a boosted saver account paying 4.5% AER with a 1% AER boost ending on 16 January 2025

You can earn more on your savings elsewhere

The newer boosted rate from Chase is still among the top-paying easy-access accounts, especially if you need unlimited penalty-free withdrawals – though, as with all variable rate accounts, you should keep an eye on it and diarise to check for alternatives when the rate drops in February.

If you have the older boost ending on Thursday 16 January, you may want to ditch and switch now, as other accounts already pay more – and that gap will widen further once your boost expires.

Account

Rate & provider

Chase new boosted saver

5% (4.75% or lower from 19 Feb)

Chase old boosted saver

4.5% (3.5% from 16 Jan; 3.25% or lower from 19 Feb)

Chase standard saver

3.5% (3.25% or lower from 19 Feb)

Top easy-access rate overall

5.05% Trading 212 cash ISA

Top standard easy-access

4.85% Chip (three penalty-free withdrawals a year)

4.55% Monument Bank (unlimited withdrawals)

Top easy-access from a well-known name

4.51% Virgin Money (three penalty-free withdrawals a year)

4.4% Leeds BS (unlimited withdrawals)

Want rate certainty? Consider fixing

With easy-access accounts, the trade-off for being able to dip into your savings often is that the interest rate is variable. But if you know you won't need access to your savings for a while, it could be worth locking in a decent rate with a fixed-term savings account.

Here, you won't be able to withdraw your money until the account 'matures' at the end of the agreed period, but you're guaranteed to get the rate of interest set at the start. You can currently get up to 4.8% for a six-month fix with Zenith Bank UK, or 4.77% for a year with Vida Savings.

Fixed-term savings accounts typically go up to a period of five years, though be aware: if interest rates begin to rise again, you won’t be able to move your cash to an account with a better rate until maturity. Take a look at our Top savings guide for more options and info.

You'll still get 1% cashback on Chase spending

Chase remains 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. So it's still worth keeping Chase, even if you move your savings elsewhere.

MSE Email icon 4 February 2025

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