Andrew Hagger of Moneycomms.co.uk comments on the launch of the new linked savings account from Chase Bank for its current account customers, paying 1.50%
There’s no doubt that this is a stunning rate for an easy access savings account – it is head and shoulders above the stand alone easy access best buys paying between 0.90% and 0.95%.
This is clearly a carrot from the digital bank to try and drive new current account openings and in the current market l expect it will be swampred with applications.
Let’s just hope that the rate is more than a short term incentive that then gets cut just a few months down the line.
There is no minimum income requirement to open the Chase current account, however the account is run via a smartphone and also the bank doesn’t currently offer joint accounts, so it’s not an offer that will work for everyone.
Easy access savings rates have been edging upwards in recent months, and it will be interesting to see if this standout savings rate has a further positive impact on the easy access savings market.