Chase Bank launches top 5% easy-access savings deal
Chase Bank has launched a best buy easy-access savings deal for new customers who open its current account.
The app-based bank has boosted the rate it pays on its easy-access saver to 5 per cent to customers who open a Chase current account from today.
The 5 per cent rate includes a bonus of 2.25 per cent which lasts for 12 months on top of an underlying rate of 2.75 per cent.
It has vaulted its way to the top spot for the best easy-access account rate, overtaking Atom Bank which offers 4.75 per cent
Customers can't have held an account before 9 June if they want to get this 5 per cent easy-access deal.
Withdrawals are unlimited so savers will not face a penalty for accessing their money. It can be opened with a deposit of £1.
To get the 5 per cent easy-access deal, savers must open a Chase saver account within 31 days of opening a Chase current account.
Chase's easy-access rate is linked to the Bank of England's base rate and tracks 1.15 per cent below it. That means if the base rate falls, so too does the rate Chase pays customers.
Markets are currently pricing in two cuts to the base rate by the end of the year.
But the bonus will remain fixed for 12 months even if the underlying rate is cut.
The Chase current account is app-based and comes with 1 per cent cashback on shopping, fuel and everyday transport capped at £15 a month in their first 12 months of being a customer.
Chase overhauled its cashback deal in March making it far less attractive for customers. Previously customers could earn 1 per cent cashback on all debit card spending, up to £15 a month.
Eligible spending was also confined to the UK where as before customers could earn 1 per cent cashback on overseas spending.
Savers can deposit up to £3million in total in the savings account, though only £85,000 will be protected under the Financial Services Compensation Scheme (FSCS) if anything goes wrong.
How does it compare to other easy-access deals?
For savers who have been Chase customers since before 9 June or who don't want to get a Chase bank account to get the easy-access deal, there are still competitive easy-access deals to be found.
Savers can still bag a 4.75 per cent deal from Atom Bank, though this also contains a bonus rate for savers who don't withdraw money from the account. Savers who withdraw money in any given month will get a rate of 2.5 per cent.
Santander-backed Cahoot has an easy-access deal paying 4.55 per cent, which includes a 3.41 per cent bonus for 12 months.
Meanwhile Coventry Building Society is offering 4.5 per cent on its easy-access account, which allows customers to withdraw money twice in a 12-month period before the rate drops to on a third withdrawal.
Savers looking for an easy-access account should also consider a tax-friendly cash Isa to keep as much of their savings tax-free as possible.
These accounts allow you to funnel up to £20,000 per tax year into them and all of the interest is free from tax.
Moneybox offers an easy-access cash Isa paying 5.46 per cent, which includes a 1.51 per cent bonus for three months, while CMC Invest offers a cash Isa with a rate of 5.44 per cent including a 0.85 per cent bonus for three months.
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