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Chase Saver account vs current account
ac427
Posts: 128 Forumite
Both accounts pay in the same amount of interest monthly. Are there any real differences between them?
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From 1st April, the current account pays 1% AER. Currently the savings pays 3% AER. The rate isn't the same.ac427 said:Both accounts pay in the same amount of interest monthly. Are there any real differences between them?
In terms of differences - one is a current account, one is a savings account. The CA comes with a card, I don't think the SA does. Then there are lots of the standard differences between current accounts and savings accounts, but IIRC, Chase allows standing orders to be set up on the savings too
https://www.raisin.co.uk/savings/current-savings-account/
https://www.money.co.uk/current-accounts/current-account-or-savings-account-which-is-right-for-you
If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.3 -
As above, until April the interest rate on the current (spending) accounts is 0%.ForumUser7 said:
From 1st April, the current account pays 1% AER. Currently the savings pays 3% AER. The rate isn't the same.ac427 said:Both accounts pay in the same amount of interest monthly. Are there any real differences between them?
In terms of differences - one is a current account, one is a savings account. The CA comes with a card, I don't think the SA does. Then there are lots of the standard differences between current accounts and savings accounts, but IIRC, Chase allows standing orders to be set up on the savings too
https://www.raisin.co.uk/savings/current-savings-account/
https://www.money.co.uk/current-accounts/current-account-or-savings-account-which-is-right-for-you
Chase allow scheduled payments (their version of SOs) and DDs from both current and savings accounts.
The debit card can only be linked to a current account (but can be changed between different ones).
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Thank you, Here a post i just found on MSE about the changes to the current account:ForumUser7 said:
From 1st April, the current account pays 1% AER. Currently the savings pays 3% AER. The rate isn't the same.ac427 said:Both accounts pay in the same amount of interest monthly. Are there any real differences between them?
In terms of differences - one is a current account, one is a savings account. The CA comes with a card, I don't think the SA does. Then there are lots of the standard differences between current accounts and savings accounts, but IIRC, Chase allows standing orders to be set up on the savings too
https://www.raisin.co.uk/savings/current-savings-account/
https://www.money.co.uk/current-accounts/current-account-or-savings-account-which-is-right-for-you
https://www.moneysavingexpert.com/news/2023/02/chase-cashback-changes/
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