Chase raises interest on easy access account to more competitive 4.1%

Chase raises interest on easy access account to more competitive 4.1% (Image: Getty) Chase has announced it will be raising the  interest rate  on its easy access account by 0.3 percent, bringing the Annual Equivalent Rate up to 4.1 percent from August 14, 2023.  As the Bank of England proceeds to increase its Base Rate to stem inflation , high street banks and building societies have been raising interest across their own products, offering savers some of the highest returns seen in decades. Easy access savings accounts have recently been growing in demand, as persistent high living costs have left more Britons needing the freedom to dip into their savings to get by. These accounts are typically simple to manage and savers are able to make withdrawals with minimal restrictions. The new rate will be passed on to all existing and new customers automatically, so savers won’t need to do anything. Shaun Port, managing director for everyday banking at Chase, commented: “We’re committed to helping our customers reach their savings goals which is why we’re continuing to pass on interest rates where we can. Chase’s interest rate rise comes in an effort to help saver’s money ‘work harder’. (Image: Getty) ‘With the cost of living remaining high, we know customers value flexibility and easy access to their money, without being charged fees, so they can manage their money effectively. “Customers can make their money work even harder by taking advantage of Chase current account features such as earning one percent interest on their balances and one percent cashback on their everyday debit card spending for a year.” People must have a Chase current account to open the Saver Account, which requires no minimum deposit. Up to 10 of these pots can be had at one time and up to £500,000 can be invested overall. Interest is calculated daily and paid monthly, and people can withdraw funds whenever they need to without providing notice or facing a charge. Chase bank accounts also come with additional perks, such as a one percent cashback on everyday debit card spending for the first 12 months and five percent interest on round-ups paid monthly. Customers can also make the most of zero fees on transactions abroad. But while the new Chase Saver Account will offer more competitive returns than it previously did, it still doesn’t top the current market-leading easy access savings rate. Shawbrook bank is topping the tables with an AER of 4.63 percent. Savers need at least £1,000 to launch the account and interest can be paid either monthly or annually. The account can be opened online and up to £85,000 can be invested overall, while those with a joint account can invest up to £170,000. There are no limitations on the number of withdrawals to be made, nor do savers need to provide notice, however, the minimum people can take out at any given time is £500. Beehive Money, which is a trading name of Nottingham Building Society, places just behind with an AER of 4.6 percent on its Bonus Saver. This rate includes an introductory bonus of 2.1 percent which runs until August 31, 2024, and the account can be launched with a minimum of £1,000. Savers must be aged 18 or over and unlimited withdrawals are permitted – as long as the minimum balance remains at £1,000.