New Chase Offer: Temporary Boost in Rewards Rate, Benefiting Over 2 Million Account Holders at 4.8%
Chase Bank has introduced a new 1.8% bonus interest rate on their Chase Saver savings account, potentially offering over two million customers a high yield on their savings. With this boosted offer, eligible customers could earn up to 4.8% on their savings for a six-month period, positioning itself as one of the top options for easy access savings.
Following the promotional period, the rate will revert to the standard saver rate, currently 3% AER (2.96% gross), which is variable and may change.
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Compared to other savings accounts on the market, Chase's current offer is the best at 4.8% AER. Chip's Easy Access Account comes second, offering new customers 4.76% AER (variable) for 12 months. However, it is essential to note that the Chase saver's rate is variable, and it could drop if the Bank of England cuts the base rate next month.
The 1.8% bonus rate is fixed, meaning savers will continue earning this amount even if the standard saver rate changes.
The offer isn't available to all customers, as Chase clarifies on its website; it is distributed selectively to clients at different stages throughout their relationship with the bank. Eligible customers will receive an email notification and can open the boosted rate account through the app.
This 1.8% boost offer runs alongside Chase's 1.75% AER boosted rate, available for six months, which was introduced on March 14. This deal is exclusive to new customers joining between December 9, 2024, and their first 31 days, offering eligible customers a savings rate of 4.75% AER for the six-month period, provided the standard saver rate remains unchanged.
The standard saver rate on the Chase Saver account (currently 3% AER variable) follows the Bank of England base rate. A change in the base rate would cause the AER to adjust five business days later. The base rate is currently 4.5%, but experts predict a cut to 4.25% when the next MPC meeting takes place on May 8. This would result in a decrease in Chase's standard saver rate to 3.75% AER. Customers benefiting from the 1.8% bonus rate for six months would see their overall rate drop to 4.55% AER.
While forecasts predict at least two more rate cuts before the end of the year, the IMF anticipates three more reductions. Chase's standard saver rate previously tracked 1.25% below the base rate, but this changed in February 2025.
- Despite the potential drop in interest rates due to predicted base rate cuts, customers who benefit from the 1.8% bonus rate on their Chase Saver savings account will continue earning this higher rate.
- For those looking to invest in property or expand their business, the increased savings from the boosted interest rate on the Chase Saver savings account could contribute significantly to their personal-finance needs.
- By taking advantage of the current 1.8% bonus rate offer on the Chase Saver savings account, eligible customers can earn a competitive 4.8% AER during the promotional period, making it an attractive option for easy access savings among the existing market offerings.
