A huge bank with 2 million customers will make a big change to a popular bank account in weeks. Chase Bank, one of the most popular online-only banks out there, is dropping the interest rate on its easy-access Chase Saver account from February 19.
Currently, the Chase Saver interest rate is 1.25% below the base rate, which is currently at 4.75%. However, from February 19, the interest rate will track 1.5% below the base rate instead – a 0.25 percentage point drop.
It means someone with £1,000 in the account would get £2.71 in interest each month, rather than £2.92, if the Annual Equivalent Rate (AER), were to stay at 3.25%. The Chase saver rate is tied to the Bank of England base rate, the bank explains on its website.
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It says: “This means that 5 business days after the Bank of England base rate changes, the Annual Equivalent Rate (AER) of our saver will also change to 1.25% below theirs. For example, if the new Bank of England rate is 4.25%, we’ll subtract 1.25%, and the AER of our saver will change to 3.00%.
“None of our other interest rates are tied to the Bank of England base rate. We keep our interest rates under constant review and can change these for one of the reasons set out in our terms and conditions. From 19 February 2025, the AER on our Chase saver account will change from 1.25% to 1.50% below the Bank of England base rate.
“We’ll let customers know if there are any changes to our rates in the future.” The Chase saver rate tracks the Bank of England base rate, and will be affected by any changes to their rate. You can find out which Chase saver with a boosted rate you have from the Chase app. Just head to ‘Save & Invest’, then tap on your boosted rate account.
Next, tap on the interest rate on the account view. You’ll then see a pop-up with more information on your interest rate – including the end date of your Chase saver with a boosted rate.