Chase Launches New Saver Account With Market-Leading 1.5% Rate

Rhea-AI Summary

Chase has launched a new saver account for UK customers, offering a competitive interest rate of 1.5% AER with no penalties for access. Existing and new Chase current account holders can open multiple accounts, allowing deposits up to £250,000 without fees. This account is designed for flexibility, enabling users to organize savings for specific goals. Chase aims to meet consumer needs amid rising living costs. Features include 1% cashback on debit card spending and 5% interest on small change round-ups, enhancing its banking services.

Positive

• Introduces a competitive interest rate of 1.5% AER for easy access savings.
• Allows deposits of up to £250,000 with no penalties for early withdrawal.
• Enables customers to open up to 10 saver accounts for specific savings goals.
• Includes additional perks like 1% cashback on debit card spending.

Negative

• None.

• Saver account combines a market-leading rate with a flexible and straightforward way to save
• Customers can open multiple saver accounts to help reach their savings goals
• Savers can deposit up to £250,000 with no penalties for accessing their money and no other caps on how much can be saved
• New account will extend Chase’s rewarding banking experience into the savings market

LONDON--(BUSINESS WIRE)-- Digital bank, Chase, has today launched a new savings option for UK customers. The Chase saver account, which is linked to the Chase current account, will offer savers a rate of 1.5% AER*.

Available to all new and existing Chase current account holders, the saver account is simple and easy to open via the Chase app with round the clock support led by Chase’s UK customer support team.

Customers can open multiple** saver accounts to suit their savings goals. Each saver account has a unique account number, enabling customers – or their friends and family – to pay in directly from other providers. Each account can be named so it can be personalised towards a specific savings goal. Research from Chase found that UK consumers are looking for ways to partition their savings in order to better save for specific goals.

Savers can deposit up to £250,000 in total at any time and can access their savings as often as they like, with no fees, charges or loss of interest.

“With the cost of living increasing, we know that consumers want to maximise the interest they can earn with the reassurance of being able to access their savings instantly,” said Shaun Port, Managing Director - Savings and Investments for Chase in the UK.

“We have designed the Chase saver account to provide our customers with maximum flexibility alongside a competitive rate. Savers can set up multiple accounts via the Chase app, each with a unique account number, making it easy to organise their savings for specific goals. There are no fees or charges when customers move money out of their saver accounts, no monthly caps on how much can be saved provided total savings are within the £250,000 limit for all saver accounts.”

JPMorgan Chase launched its new digital bank in the UK under the Chase brand last year, offering a range of simple, rewarding features to help people budget, manage, spend and set aside money.

Additional rewarding features include:

• 1% cashback on everyday debit card spend for 12 months at home and abroad***

• Small change round-ups on which customers can earn 5% interest: customers can save as they spend by rounding up their debit card purchases to the nearest £1, and we will deposit the small change into a separate account where it will earn interest at 5%****.

• Fee-free debit card use abroad: customers won’t be charged any fees by Chase when using their card while travelling, including for cash withdrawals at ATMs abroad. Customers can also get 1% cashback on everyday purchases when they use their Chase card abroad making it ideal for holiday spending***

• A UK-led customer support team: with just a few taps in the Chase app, customers will be connected to a specialist - 24 hours a day, 7 days a week.

Customers’ money is protected by the Financial Service Compensation Scheme up to £85,000.

Notes to editors

Market-leading for easy access savings accounts as of Friday 25 March 2022

*1.5% AER (1.49% gross) variable, paid monthly. T&Cs apply

**Up to 10 separate saver accounts

***Cashback exclusions apply, available for first 12 months

****5% AER (4.89% gross) variable, paid monthly. T&Cs apply.

About Chase in the UK

Chase is the consumer and commercial banking business of JPMorgan Chase & Co (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide.

Located in Canary Wharf, London, the UK bank is designed specifically to meet the needs of customers in the country. It will provide a range of banking products and features, having started with a current account. In the UK, Chase is a trading name of J.P. Morgan Europe Limited. J.P. Morgan Europe Limited is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. For more information, go to www.chase.co.uk.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220328005345/en/

Media contact

Chase UK - Julian Wadley: julian.wadley@jpmorgan.com

Source: JPMorgan Chase & Co.

FAQ

What is the interest rate for Chase's new saver account?

The new saver account offers an interest rate of 1.5% AER.

Can I open multiple saver accounts with Chase?

Yes, customers can open up to 10 separate saver accounts.

What is the deposit limit for Chase saver accounts?

Customers can deposit up to £250,000 in total across all saver accounts.

Are there any fees for accessing funds in the Chase saver account?

No, there are no fees or charges for accessing funds.

What additional rewards does Chase offer with its banking services?

Chase offers 1% cashback on debit card spending and 5% interest on small change round-ups.