Chase increases easy-access savings account by 1.25% to make it the best buy table, but only for new customers

Chase Bank has added a 1.25 percent bonus rate to its bonus percentage easily accessible account*, bringing the total rate to 4.75 percent, but only for new customers who joined after December 9.

The 1.25 percent bonus, 25 basis points higher than the previous 1 percent bonuses, is in addition to the easy-access 3.5 percent bill, increasing the underlying rate for six months until June 9, 2025.

The CEO of savings company Chase said the move was an attempt to attract new customers.

Last month, Chase cut the interest rate on its easy-access savings account from 3.75 percent to 3.5 percent, after the Bank of England cut the base rate to 4.75 percent.

Shaun Port, director of savings at Chase, said: “We want to help people get the most out of their money, while encouraging them to experience how saving with Chase works for the first time.”

Savers must open the easy-access savings account within 31 days of opening a Chase checking account to receive the 1.25 percent bonus rate.

Chase’s easy-access rate is tied to the Bank of England’s base rate. That means if the base rate drops, the rate Chase pays customers will also drop.

But the bonus remains fixed for six months, even if the underlying interest rate is reduced.

Chase has made several changes to its checking account and its associated easy-access account in recent months, including swapping the 1 percent interest it paid on checking account balances for 1 percent cash back.

How does it compare to other easily accessible deals?

The boost puts Chase’s easy-to-access deal just below the best bargains on This is Money’s independent savings charts.

If you joined Chase before December 9, 2024, there are several other good, easily accessible deals you can get.

Savers can get a deal of 4.85 percent Atomic bankalthough this also includes a bonus rate for savers who do not withdraw money from the account. Savers who withdraw money receive a rate of 3.25 percent.

Monument bank pays 4.81 per cent to savers with pots of £25,000 or more.

Savers can open the easy-to-access Chase account with deposits from £1.

Savers looking for an easy-to-access account should also consider a tax-efficient cash Isa to keep as much of their savings as possible tax-free.

These accounts allow you to transfer up to £20,000 into these accounts each tax year and all interest is tax free.

Trading 212’s cash Isa* They pay 4.9 percent and give savers access to their money as often as they want without interest rates dropping.

*The asterisked links here are affiliate links. If you open an account through this, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.