Huge bank with 2million customers to make big change to popular bank account in weeks
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A MAJOR online-only bank with millions of customers is making a big change to a popular account in weeks. Chase is dropping the interest rate on its easy-access Chase Saver account from February 19. The savings account's interest rate tracks the Bank of England's (BoE) base rate - the rate charged to the major banks.
![[Chase Bank branch entrance in New York City.]](https://www.thesun.co.uk/wp-content/uploads/2025/01/chase-bank-branch-new-york-893394171.jpg?strip=all&w=960)
Currently, the Chase Saver interest rate is 1.25% below the base rate, which is currently at 4.75%. However, from February 19, the interest rate will track 1.5% below the base rate instead - a 0.25 percentage point drop. It means savers will see their interest rate go down from 3.5% to 3.25%, as it stands.
It means someone with £1,000 in the account would get £2.71 in interest each month, rather than £2.92, if the Annual Equivalent Rate (AER), were to stay at 3.25%. Of course, if the base rate goes up or down, the interest rate on the Chase Saver account will mirror this.
Markets are expecting the base rate to reach 4% by the end of the year, in which case the interest rate on Saver account would drop to 2.5%. Chase said a note was sent to customers with a Saver account in December informing them of the change to the interest rate.
Chase is offering a 1.5% boost on the easy-access Savers account to new customers, but for six months only, and if you sign up within 31 days of opening the account. It means a new customer signing up for one of the accounts after February 19 would get an interest rate of 4.75%.
