Chase saving account

tony3619

I've just transferred funds to the new Barclays rainy day saver as the value is brilliant on the first £5000.

Why does chase refuse to increase its interest rate from 1.5%? I know they dont follow the base rate but they must be losing custom as it stands 

refluxer

The 1.5% Chase Saver account and current account cashback were introduced to expand their UK customer base and it worked - they now have a million customers and (presumably) no need to increase the rate at the moment.

Albermarle

tony3619 said:

I've just transferred funds to the new Barclays rainy day saver as the value is brilliant on the first £5000.

Why does chase refuse to increase its interest rate from 1.5%? I know they dont follow the base rate but they must be losing custom as it stands 

Probably because they have as many customers as they want.

refluxer

Here are the stats... https://www.businesswire.com/news/home/20220927006157/en/Chase-Exceeds-One-Million-U.K.-Customers-as-It-Marks-First-Anniversary

tony3619

refluxer said:

The 1.5% Chase Saver account and current account cashback were introduced to expand their UK customer base and it worked - they now have a million customers and (presumably) no need to increase the rate at the moment.

So you can't see any rate increase in the near future? 

jimexbox

tony3619 said:

refluxer said:

The 1.5% Chase Saver account and current account cashback were introduced to expand their UK customer base and it worked - they now have a million customers and (presumably) no need to increase the rate at the moment.

So you can't see any rate increase in the near future? 

Just use it as a travel card and cashback while it lasts. Moved all my cash out months ago. 

wmb194

Chase's systems and customer service went into complete meltdown when it offered a market leading rate the last time. Apart from anything else and until it improves its systems I'd imagine it wants to avoid a repeat.

tony3619

jimexbox said:

tony3619 said:

refluxer said:

The 1.5% Chase Saver account and current account cashback were introduced to expand their UK customer base and it worked - they now have a million customers and (presumably) no need to increase the rate at the moment.

So you can't see any rate increase in the near future? 

Just use it as a travel card and cashback while it lasts. Moved all my cash out months ago. 

Would you recommend virgin m plus account /saver?

Daliah

tony3619 said:

jimexbox said:

tony3619 said:

refluxer said:

The 1.5% Chase Saver account and current account cashback were introduced to expand their UK customer base and it worked - they now have a million customers and (presumably) no need to increase the rate at the moment.

So you can't see any rate increase in the near future? 

Just use it as a travel card and cashback while it lasts. Moved all my cash out months ago. 

Would you recommend virgin m plus account /saver?

The VM saver is ok, apart from its rate. There are plenty of better paying instant access savings accounts https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

refluxer

tony3619 said:

refluxer said:

The 1.5% Chase Saver account and current account cashback were introduced to expand their UK customer base and it worked - they now have a million customers and (presumably) no need to increase the rate at the moment.

So you can't see any rate increase in the near future? 

It presumably depends if they need to attract new customers and/or more cash - a rate increase would probably be needed if that was the case. I've kept the current account for the cashback but moved the bulk of my savings from the Chase Saver elsewhere.

jimexbox

tony3619 said:

jimexbox said:

tony3619 said:

refluxer said:

The 1.5% Chase Saver account and current account cashback were introduced to expand their UK customer base and it worked - they now have a million customers and (presumably) no need to increase the rate at the moment.

So you can't see any rate increase in the near future? 

Just use it as a travel card and cashback while it lasts. Moved all my cash out months ago. 

Would you recommend virgin m plus account /saver?

Never used virgin. You can get 2.25/2.35% easy access, way above virgin.