Chase Saver account review
With interest rates on the rise, now’s the ideal time to find a better savings account. This review takes a closer look at the Chase Saver account.
Digital banking brand Chase is owned by global finance giant JP Morgan Chase. It serves over 56 million digital customers in the USA and launched in the UK in 2021.
Chase offers both a current account and a savings account to UK customers, so here’s all you need to know about its saving option.
What is the Chase Saver account?
The Chase Saver account is an easy access savings account, meaning you can add to your funds or withdraw them whenever you want to. The account pays an interest rate of 1.5% AER (variable) and can be managed via the Chase Bank app. You can start saving with as little as you like, up to a maximum of £250,000.
The caveat is that you’ll need to open a Chase current account to qualify.
How does it work?
The Chase Saver account offers the following key features:
- Monthly interest. Earn 1.50% AER (variable) on balances up to £250,000. Interest is calculated daily and paid monthly.
- Free extra accounts. You can open up to 10 saver accounts in the app to help you save for different goals, plus set targets to track your progress.
- Easy access. Withdraw money from your account whenever you need to, with no penalty fees.
Who is it for?
The Chase Saver account could be suitable for anyone looking for an easy access savings account that pays a competitive rate of interest. You will need to be happy managing your account via the app only.
To qualify, you’ll also need to open a Chase bank account, which means you’ll need to:
- Be at least 18 years old
- Be a UK resident
- Have a smartphone and UK mobile phone number
- Be a tax resident of the UK
What are the benefits?
The Chase Saver account is an easy access account, which means customers can pay in and withdraw funds whenever they need to. What’s more, it currently offers one of the most competitive easy access interest rates on the market.
Although customers will need to open a Chase bank account as well, this also offers a range of benefits. You’ll be able to earn cashback for a year and spend on your card fee-free abroad, for instance. You can read more about the current account in our review.
How to apply
To apply for the Chase Saver account you’ll first need to open a Chase bank account (if you haven’t already) by downloading the app from the App Store or Google Play Store.
You can then log in to the app, tap “Add+” and choose “start saving”. Then follow the on-screen instructions to get your saver account up and running.
Is it safe?
Chase is a subsidiary of JP Morgan which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means that your money will be protected by the Financial Services Compensation Scheme (FSCS) which covers deposits of up to £85,000 per person.
Pros and cons of the Chase Saver account
- Competitive interest rate
- No penalties for making withdrawals
- FSCS protected
- Easy to open and manage via the app
- Open up to 10 accounts to save for different goals
- You’ll need to hold a Chase bank account to qualify
- No branches if you prefer face-to-face banking
Our verdict: Is this account worth it?
The Chase Saver account is certainly a competitive option if you’re looking for a better home for your savings. Opening an easy access account means you’ll be able to access funds quickly in an emergency, while the option to open up to 10 accounts makes it easier for budgeting and setting goals.
Of course, the slight downside is that you’ll need to open a Chase bank account to qualify. But this account also has a lot going for it, so it could be worth making the switch.