Over 2 million people can now earn 4 percent for a limited period of time thanks to Chase's new bonus rate

The saver account is now the most competitive on the market thanks to Chase's new bonus offer, but who is eligible?

Chase has introduced a new bonus interest rate of 11.8 percent on its Chase Saver savings account, which offers more than two million customers the opportunity to save money.

One of the best rates for easy access savings is the boosted offer, which allows qualified customers to earn 4 points 8 percent on their savings for six months.

Following the expiration of the offer period, the standard saver rate will be applied. This is currently 3 percent AER (2.96 percent gross), but it is subject to change because it is variable.

What is the Chase rate in comparison?

It is currently the greatest savings account available on the market in terms of interest rates. Chip's Easy Access Account, which offers new customers a variable annual percentage rate (AER) of 4 points 76 percent, is in second place. The Chase savers underlying rate is variable, though, so if the Bank of England lowers the base rate next month, it might fall from 4 to 0.8 percent.

The bonus rate of 1.8 percent is set. In other words, savers will earn 1 point 8 percent above the standard rate even if the standard saver rate changes.

It makes sense to opt in and benefit from the higher rate while you can if you are a Chase customer and qualify for it. However, keep in mind that it is only valid for six months, so after the offer expires, you should continue to look for other options. Although interest rates on cash savings are typically declining, you can make sure your money keeps working hard by keeping an eye on the best offers, according to Terry Tanaka, editor at BFIA.com.

The Chase bonus rate is available to whom?

According to Chase's website, "everyone right now" is not eligible for the offer. The bank continues, saying: "We occasionally run promotions that are accessible to clients at various stages of their Chase relationship.

Eligible consumers can open a boosted rate account through the app, according to an email sent by Chase.

This 1 point 8 percent boost offer is in addition to Chase's 1 point 75 percent AER boosted rate, which was introduced on March 14 and is available for six months. This offer is only valid for new customers who join on or after December 9, 2024, for the first thirty-one days.

For the six months, it offers qualified clients a savings rate of 4 points 75 percent AER, assuming that the standard saver rate stays constant.

What is the standard saver rate at Chase?

The Chase Saver's standard saver rate, which is currently set at 3% AER variable, is linked to the base rate set by the Bank of England.

It indicates that five business days after the MPC lowers or raises interest rates, the AER would shift to 0.5 percent below the bank rate.

Experts predict a cut in the Bank of England's base rate, which is currently 4 points 5 percent.

On May 8, the MPC is scheduled to meet again, and economists anticipate that they will lower the base rate to 4 percent.

Chase's standard saver rate would therefore decrease to 3 points 75 percent AER. Thus, the overall rate would decrease to 4.55 percent AER for customers receiving a boosted 1.8 percent AER for six months.

The IMF has projected three more rate cuts before the year ends, but many others are predicting at least two more.

Prior to February 2025, Chase's standard saver rate was 1 point 25 percent lower than the base rate.