Chase boosts convenience savings account by 1.25% to boost sales – but only for new customers

Chase Bank has added a 1.25 percent bonus rate to its easy-access accountthe overall rate will be 4.75 percent – except for new customers who joined after December 9.

The 1.25 percent rate, which is 25 basis points higher than its previous rate of 1 percent, is above its 3.5 percent easy access rate – which will raise the rate for six months until June 9. 2025.

The director of savings at Chase said this is a bid to attract new customers.

Last month, Chase cut the rate on its prime lender from 3.75 to 3.5 after the Bank of England cut its base rate to 4.75.

Shaun Port, director of savings at Chase, said: ‘We want to help people get the most out of their money and encourage them to save with Chase for the first time. .’

Owners must open the convenient savings account within 31 days of opening a current Chase account to receive the 1.25 percent bonus rate.

Chase’s prime rate is linked to the Bank of England’s base rate. This means that if the base rate falls, Chase will pay customers as well.

But the bonus will remain for six months even if the lower rate is cut.

Chase has made several changes to its current account and easy access account in recent months, including swapping 1 percent interest paid on current account balances for 1 percent cash back.

How does it compare to other flexible payments?

The promotion brings Chase’s easy discount below the best deals These are Moni’s special savings tables.

If you joined Chase before December 9, 2024, you can get even more easy rewards.

Depositors can deposit 4.85 percent from Atom Bank, although there is also a bonus rate for depositors who do not withdraw money from the deposit. Savers who withdraw money will earn a rate of 3.25 percent.

Monument Bank pays 4.81 per cent to investors with pots of £25,000 or more.

Patrons can open a Chase flexible account with deposits from £1.

Investors looking for a flexible portfolio should also consider a tax portfolio Isa account to keep as much of their savings tax-free as possible.

These accounts allow you to transfer up to £20,000 per tax year into them and all interest is tax-free.

Cash 212’s Isa* paying 4.9 percent allows investors to access their money whenever they want without the rate going down.

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