Get 1.5% interest with the new Chase savings account (plus 1% cashback)

The trick to earning 1.5% interest on an easy access savings account

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Looking for the best savings account? Take a look at how you can earn 1.5% with an easy access savings account with Chase bank.

You can now get 1.5% interest on savings from Chase (opens in new tab), JP Morgan’s digital bank that launched last year. If you have cash savings that you want to be able to dip into with ease, and want to benefit from the highest rate of interest available then now could be the time to turn to Chase.

If you don’t mind managing your money on an app and opening a new current account with Chase (without having to close your existing one), then you can bag the leading 1.5% interest on up to £250,000 of your cash savings. 

The Chase saver account (opens in new tab) offers instant fee-free access to your savings and is available to both new and existing customers. The 1.5% interest on offer is 0.4 percentage points higher than the next best easy access savings rate, which is 1.1% from Cynergy Bank. For a saver with £10,000, this gives you £150 in annual interest, £40 more than the next highest-paying account.

While fixed-period savings accounts generally pay more interest, easy access accounts have no restrictions on withdrawals. This means you can access your savings instantly if you have an emergency, or as many times as you like if you are using savings to pay for different things. 

Having the option to dip into savings penalty-free could be an advantage at a time when the cost of living crisis is throwing up extra costs for households with higher energy bills, increased rail fares and more expensive everyday goods.

How to get the 1.5% interest rate with Chase

To get the 1.5% interest savings rate, you will need to have a current account with Chase.

So, while it does mean opening a new account, you do not need to close your existing current account to have a Chase account and benefit from the 1.5% rate. 

There is no minimum income requirement to open a current account with Chase, nor the need to have a minimum of two direct debits which can often be the case when opening a new account.

You can simply open the current account to get access to the savings account. 

How to open an account with Chase?

You can open an account with Chase by downloading the Chase banking app (opens in new tab). Open the app and follow the sign-up instructions for the current account. 

Then to open the saver account, again open the Chase app and tap the ‘add’ button and follow its instructions.

You can also open up to 10 saver accounts if you want to separately manage your savings goals. Each saver account has a different number and can be labelled to denote specific savings priorities ( such as ‘holidays savings’ or ‘car repairs’). Customers can save up to £250,000 in total across all these savings accounts.

There is no limit on the number of withdrawals you make.

How long will the 1.5% rate last?

It’s not possible to say how long the 1.5% rate will last. It's a variable rate so it could change and go up or down in the future. 

It’s not unusual for banks to use such incentives as a high interest rate to try to drive new current account openings. Some popular savings deals have been pulled quickly in the past after a huge rush from new customers.

See our Best savings accounts to keep up-to-date on the most competitive interest rates.

The Chase current account benefits

Although you may be looking to open the Chase current account to take advantage of the 1.5% savings offer, it is worth knowing that the current account gives you cashback of 1% on debit card spending for the first 12 months. You then have the option of transferring cashback you earn to your savings account to maximise the interest you could earn. 

“If you have short-term cash savings then the 1.5% interest on savings, alongside the 1% cashback on spending, is an attractive offer - but these rates don't hang around for long, so if you want to maximise what you can earn on your savings, act fast,” says Kalpana Fitzpatrick, editor of the Money Edit.

What to look out for when opening the Chase bank account

Be aware that the Chase current account and saver account require smartphone access to open and manage. There is no online access or in-person branches. 

If you need help with your account you have to contact Chase either via the app, by phoning 0800 376 3333 or by emailing ChaseSupportUK@chase.com

Chase is covered by the Financial Services Compensation Scheme (opens in new tab), meaning if the bank goes bust, then up to £85,000 of your savings are protected.

Katie is staff writer at The Money Edit. She was the former staff writer at The Times and The Sunday Times. Her experience includes writing about personal finance, culture, travel and interviews celebrities.  Her investigative work on financial abuse resulted in a number of mortgage prisoners being set free - and a nomination for the Best Personal Finance Story of the Year in the Headlinemoney awards 2021.