- Chase has boosted its easy-access deal to 5% with a new 1.5% bonus rate
- Savers who opened an account since 9 December will get the new rate
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Easy-access savings deals paying 5 per cent vanished after the Bank of England cut the base rate to 4.75 per cent in November… until now.
Chase Bank has added a bonus rate of 1.5 per cent to its easy-access account, bringing the overall rate to 5 per cent.
It is now the best buy, with Atom Bank now trailing behind with 4.85 per cent.
It also comes as the Bank of England voted to hold the base rate at 4.75 per cent this morning.
The new rate is only for new customers who joined Chase after 9 December.
Best buy alert: Chase has boosted its easy-access deal to 5% with a new 1.5% bonus rate
Chase announced a 1.25 per cent bonus rate last week, bringing the easy-access rate to 4.75 per cent.
But the digital bank confirmed that savers who joined since it launched the last bonus rate will now see their rate boosted to 5 per cent.
Chase’s savings account* gets a 1.5 per cent bonus on top of its 3.5 per cent easy-access account – boosting the underlying rate for six months.
Savers must open the easy-access savings account within 31 days of opening a Chase current account to get the 1.5 per cent bonus rate.
Chase’s easy-access rate is linked to the Bank of England’s base rate. That means if the base rate falls, so too does the rate Chase pays customers.
But the bonus will remain fixed for six months even if the underlying rate is cut.
Chase announced that from 19 February 2025, its easy-access rate will track 1.5 per cent below the Bank of England base rate instead of the current 1.25 per cent level.
How does it compare to other easy-access deals?
If you joined Chase before 9 December 2024, there are several other good easy-access deals you can get.
Savers can still bag a 4.85 per cent deal from Atom Bank, though this also contains a bonus rate for savers who don’t withdraw money from the account. Savers who withdraw money will get a rate of 3.25 per cent.
Gatehouse Bank is paying 4.75 per cent to savers with with deposits starting from £1. It has no withdrawal restrictions and does not include a bonus rate.
Savers can open the Chase easy-access account with deposits starting from £1.
Savers looking for an easy-access account should also consider a tax-friendly cash Isa to keep as much of their savings tax-free as possible.
These accounts allow you to funnel up to £20,000 per tax year into them and all of the interest is free from tax.
Trading 212’s cash Isa* paying 4.9 per cent and allows savers to access their money as many times as they like without the rate dropping.
Tha Bank of England holding the base rate at 4.75 per cent means that savings rates won’t drop as quickly over the coming month.
James Blower, founder of website Savings Guru said: ‘This is good news for savers as it means there’s unlikely to be any significant changes to rates before or during Christmas. It also improves the prospects for rates in 2025.
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Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. *Chase: Cashback available for first year. Exceptions apply. 18+, UK residents.
