Chase Introduces Bonus Rate on Savings Account: The Chase bank, owned by JPMorgan, has introduced a bonus rate on its savings account, making it a best-buy.
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As a result of the addition of its first-ever bonus rate, the app-based bank now boasts one of the best savings accounts on the market.
Customers have begun to question whether Chase is diluting its account perks after a series of changes to its current account perks. Among the changes is the inclusion of its much-loved cashback offer and the tiering of its savings rate to the Bank of England’s base rate.
There are some restrictions on the bonus rate. Check out Chase’s easy-access savings account and learn why now is a great time to take advantage of the 1% bonus rate.
What is the Chase easy-access account?
Currently, Chase offers a 5.1% AER on its easy-access saver with a 1% bonus rate. However, the account is only available to existing Chase customers.
Chase current account holders must have been Chase current account holders by 29 February 2024. However, Chase savings account holders must have held Chase savings accounts by 8 March 2024, or their Chase savings balance must have been below £500.
After 4 November 2024, the headline rate will return to its original level, but keep in mind that it is a variable rate.
It is possible to save up to £500,000 in a savings account, but only £85,000 is protected by the Financial Services Compensation Scheme (FSCS). Chase’s app must be used to open the savings account.
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Chase Introduces Bonus Rate on Savings Account
Savings rates will fall this year as the Bank of England’s base rate falls, so take advantage of your 1% bonus now.
Accessed four days after the next MPC meeting of the Bank of England, Chase’s easy-access saver app returns savers 0.15% below the base rate.
According to some experts, the base rate will fall in May, and easy-access rates will settle around 4-4.5%.
Chase savers will earn 4.35% if the base rate drops to 4.5% before 4 November, but only 2.85% if the bonus rate is pulled.
Customers at Chase can take advantage of the 1% bonus for six months to make their savings rate competitive.
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Compared to other deals, how does it measure up?
There are other good easy-access deals you can get if you joined Chase after 29 February 2024 or have more than £500 in your account since 8 March 2024.
The next best easy-access account is Paragon Bank’s double-access saver, which pays 5.05 percent. However, savings are restricted to just two withdrawals every year. An account can be opened online on Paragon’s website or by post with a minimum deposit of $1,000.
With Close Brother’s easy-access account, you can earn 5 percent on deposits starting at £10,000. Withdrawals are not restricted, but you need to be careful.
There is 5.2 percent interest offered by Cahoot’s Sunny Day saver, but only on deposits up to $3,000. Interest will not be paid on balances over $3,000.
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