Savings account offers 1.5 percent interest rate ‘head and shoulders above’ others

Martin Lewis shares advice on easy access savings accounts

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The new digital account means Britons can access their savings as often as they like without incurring fees, charges or loss of interest. The £250,000 savings limit is one of the best on the market and has been described as “stunning”.

“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.”

JP Morgan Chase launched its new digital bank in the UK under the Chase brand last year.

It offers a range of simple, yet rewarding features to help people budget and save.

It also gives customers cashback on everyday spending and no charges when using cards abroad.

There are no high street branches, so customers will need to be comfortable with using an entirely digital service.

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The Chase account offers:

  • One percent cashback on everyday debit card spend for 12 months at home and abroad
  • Small change round-ups on which customers can earn five percent interest
  • Fee-free debit card use abroad including cash withdrawals at ATM
  • 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, seven days a week.
  • Customers can also get one percent cashback on everyday purchases when they use their Chase card abroad making it ideal for holiday spending

Andrew Hagger of Moneycomms.co.uk said this was one of the best savings rates currently available.

He said: “There’s no doubt that this is a stunning rate for an easy access savings account.

“It is head and shoulders above the stand alone easy access best buys paying between 0.90 and 0.95 percent.

“This is clearly a carrot from the digital bank to try and drive new current account openings and in the current market l expect it will be swamped with applications.”

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Mr Hagger continued: “Let’s just hope that the rate is more than a short term incentive that then gets cut just a few months down the line.”

“There is no minimum income requirement to open the Chase current account, however the account is run via a smartphone and also the bank doesn’t currently offer joint accounts, so it’s not an offer that will work for everyone.

“Easy access savings rates have been edging upwards in recent months, and it will be interesting to see if this standout savings rate has a further positive impact on the easy access savings market.”

People can find out more about the account by going to the Chase website.

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