Martin Lewis and his Money Saving Expert team have shared a warning for anyone who is banking with Chase Bank, which has two million customers. The BBC Sounds and ITV star spoke out via his MSE newsletter, which links to a in-depth piece by MSE explaining how an unwelcome change is coming for Chase customers.
The 52-year-old’s team reports, 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.
MSE said: “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.
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“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.” Chase is offering a 1.5% boost on the easy-access Savers account to new customers, but for six months only, and if you sign up within 31 days of opening the account.
It means a new customer signing up for one of the accounts after February 19 would get an interest rate of 4.75%. According to Moneyfactscompare.co.uk, GB Bank via savings platform Nu Wealth is currently offering an easy-access savings account which pays 4.86% interest, and pays out daily.
You’ll need to add a minimum of £500 into the account though and the interest rate drops to 4.4% after 12 months, the group has also reported.