For new customers, Chase has raised the easy access savings rate to 5% Is this the best deal available?

Chase has been well-liked by savers because of its attractive savings offers ; however, is it a good investment, and who can benefit from it?

With Chase's latest bonus offer, new customers can earn a five percent interest rate for a maximum of one year. Though not everyone will be eligible, it ranks among the top savings accounts available for immediate access.

In addition to the variable interest rate offered by Chase's Easy Access Saver Account, savers can also receive a temporary, boosted fixed rate.

Only new customers are eligible for this offer, but the bank has increased the fixed bonus rate from 1 point 75 percent AER for six months to 2 point 25 percent AER for twelve months.

The standard saver rate may fluctuate, but the underlying variable rate is currently 2point 75 percent AER (2point 72 percent gross).

Because it tracks 1.5 percent below the base rate set by the Bank of England, the AER will decrease if interest rates are lowered. The rate change will take effect five business days following the Bank of England's decision, according to Chase.

It implies that if the variable rate stays the same, new Chase savers may receive a maximum interest rate of 5% for a full year. The first year will see no change in the 2 percent boosted rate.

There are no fees, charges, or penalties for taking money out of this account because it is easy to access.

The maximum amount that savers can deposit is 3 million, but the FSCS only protects 85,000 per person per banking license.

Chase UK's managing director of savings, Shaun Port, stated: "The new bonus rate on our easy access account offers a highly competitive rate for new customers that will help them make the most of their money when they are saving with Chase for the first time.

"Since living expenses are still high, it makes sense for people to maximize their financial potential by placing their money in a top easy access account.

Who can take advantage of Chase's 2.25 percent boosted rate?

This offer is available to customers who join Chase as of today, June 9, and open a Chase saver account with a boosted rate within the first thirty-one days.

Any UK citizen who is at least eighteen years old is eligible. Terms and conditions apply, and they need to open a Chase current account.

What is the difference between Chase's new boosted saver offer and other easy access savings accounts?

One of the highest rates available at the moment is Chase's 5 percent offer.

According to Moneyfactscompare . co . uk, Atom Bank's Instant Saver Reward is currently the best easy access savings account available to all users and allows you to save over 4,000.

While this is a reward rate that is only paid in months when you do not withdraw money, it pays 4 points 75 percent AER variable. The rate will decrease to 2.5 percent AER variable for the month if you withdraw money.

Spokeswoman Caitlyn Eastell of Moneyfactscompare . co . uk told BFIA: "Chases new deal dominates other easy access accounts offering a bonus and speeds to the top of its sector."

She did, however, advise savers to be "prepared to see their returns drop significantly" after the boost ends.

A new 5 percent easy access savings account was introduced by Skipton Building Society last week in a similar manner. Customers who have maintained a Skipton mortgage or savings account continuously on or before June 2, 2025, are the only ones eligible for this account.

This account can hold up to £5,000 for qualified savers.

It consists of a variable underlying interest rate of 2 percent and a bonus rate of 2 percent that is fixed for the first 12 months.

Additionally, for a full year, Cahoot offers easy access savings through the Sunny Day Saver at a variable rate of 5% AER. However, only up to £3,000 is subject to this interest rate.

Only current Santander Edge account holders are eligible for the Santander Edge saver, which offers a variable interest rate of 6% AER on balances up to £4,000 (plus a bonus rate for the first 12 months).