Martin Lewis discusses the Chase bank app in April
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Savers can profit from the Bank of England’s latest base rate increase of 0.75 percentage points by making sure they are getting the most from their savings. Chase recently increased the interest rate on its saver account from 1.5 to 2.1 percent on savings up to £250,000, plus customers can benefit from one percent cashback on spending.
While increasing interest rates aren’t good news for everyone, it’s good news for savers who have seen a boost to their savings rates lately.
Chase hiked the interest rate from 1.5 percent to 2.1 percent on its saver account last month – the first rate rise since the bank’s launch in 2021.
The new rate has been automatically applied to its easy-access accounts, so customers don’t need to do anything to benefit from the increase.
Digital app Chase has been a popular option for people who need access to their savings not least because it also offers cashback on spending both in the UK and abroad.
JP Morgan’s Chase was launched as a smartphone app-based bank in 2021 and has since accumulated more than 56 million customers across the US and the UK.
Shaun Port, Managing Director for Everyday Banking at Chase, said: “We’re increasing the rate on our saver account to help new and existing customers make their money work harder, in what we know is a challenging time for everyone.
“With costs increasing, having greater flexibility and access to savings, without being charged fees, is increasingly important for people when managing their money.
“The Chase saver is linked to Chase’s current account, which offers one percent cashback on everyday debit card spending for a year and five percent AER interest on small change round-ups.”
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Customers can open up to 10 accounts with Chase, to help with spending, budgeting, and setting money aside.
Each will individually earn interest and savers can deposit up to £250,000 across all their accounts without penalty.
The diital banks also has a refer a friend reward programme where people can make up to £400.
All they need to do is open the Chase app on their phone, go to “Rewards”, select “Refer a friend” and press get started.
Although this Chase account offers more competitive returns than previously, other savings account are offering more attractive easy-access savings rates.
However, savers need a minimum of £5,000 to open one of these accounts unlike the Chase account where an account can be opened with just £1.
The Chase Saver Account offers:
- One percent cashback on everyday spending – customers can earn percent cashback on all eligible debit card spend for 12 months. This includes:
- At home – Stock up on travel essentials like SPF and flip-flops, and earn cashback
- On flights – Land one percent cashback when booking flights using the Chase debit card.
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