Chase Bank’s easy-access savings account, which offers a 5.1 percent interest rate, has received accolades from moneysavingexpert.com, a website established by financial journalist Martin Lewis. This account not only provides a competitive standard variable rate of 4.1 percent, but also includes a fixed 1 percent bonus, resulting in an impressive overall interest rate of 5.1 percent. This attractive offer has positioned it as the preferred option for individuals looking to maximise their savings.
Moneysavingexpert.com specifically recommends the Chase Bank savings account for individuals who have utilized their ISA allowance. However, there is a caveat – the fixed 1 percent bonus is only valid until 16th January 2025, after which the rate will decrease. Therefore, it is advisable to mark this date on the calendar as a reminder to review and potentially switch to a better rate.
Like all easy-access accounts, the underlying rates are subject to change at any time, so prospective customers are advised to remain vigilant. Despite this, the account is accessible to both existing customers who had less than £50,000 saved on 2nd May and new customers of Chase Bank. It is important to note that there is no minimum deposit required to open the account, and savers can deposit up to £1m. However, it is crucial to bear in mind that the Financial Services Compensation Scheme (FSCS) only protects savings of up to £85,000 per person, per financial institution. Therefore, any amount exceeding £85,000 should be spread across different banks to ensure full protection.
To access the savings account, individuals must first open Chase’s current account, which also comes highly recommended. The current account offers a range of benefits, including a 1 percent cashback on most normal spending up to £15 per month, as well as fee-free overseas spending. Furthermore, there is no requirement to switch to Chase Bank, and the process involves a simple ID check rather than a hard credit-check.
Moneysavingexpert.com offers a savings calculator on its website, allowing users to calculate their potential earnings from the easy-access savings account. This tool can be particularly useful for individuals looking to assess the benefits of opening an account with Chase Bank.
In conclusion, the Chase Bank savings account has been commended as a standout option for savers seeking a high interest rate on their deposits. With the endorsement from moneysavingexpert.com, founded by Martin Lewis, it has garnered attention as a compelling choice in the market for easy-access savings accounts.