The bank’s Chase savings account, which is linked to the Chase checking account, will offer customers a rate of 1.5% AER. Currently, it is available to all customers, whether existing or new. It is accessible through the JP Morgan Chase app which offers round-the-clock support for anyone who needs help with their savings account.
One of the many features of this latest savings offer is that bank customers will be able to deposit up to £250,000.
Plus, they’ll be able to access their funds as often as they want with no fees, charges, or loss of interest.
In addition to this, those who choose to open an account with JP Morgan bank can open multiple savings accounts to suit their financial needs and goals.
Each Chase savings account has a unique account number, which allows customers and bank relatives to pay directly from other providers.
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Additionally, each account can be named so that it can be personalized by the saver according to their saving or spending ambitions.
According to research by Chase, savers in the UK are looking for other ways to “partition” their savings to achieve certain goals.
Other features of the savings account include a one percent cashback offer on the daily debit card for 12 months when you spend at home and abroad
The bank will also deposit loose change in a separate account where it will earn five percent interest.
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Shaun Port, Managing Director of Savings and Investments for Chase, described what customers can achieve by joining the bank.
Mr. Port explained: “With the rising cost of living, we know that consumers want to maximize the interest they can earn with the assurance of having instant access to their savings.
“We designed the Chase Saver account to offer our customers maximum flexibility alongside a competitive rate.
“Savers can create multiple accounts through the Chase app, each with a unique account number, making it easy to organize their savings for specific goals.
On how this will affect savers, Laura Suter of AJ Bell, said: “While banks are very quick to pass on any base rate increases to their mortgage customers, savers have to wait longer and many won’t see any increases. .
“A lot of people’s savings are just sitting in their checking account or old savings account, earning 0.01%. And those people probably won’t see an increase in the interest rate paid to them, but the banks will pocket the difference to increase their profits.
“However, the best buy rates will improve. We have already seen a rise based on the last two interest rate hikes, with the best easy-to-access savings account paying 0.65% before the increase December rates and now the highest rate is 1%.
“It means savers can finally get a little more out of their money, but they’ll have to do some legwork to get there.”