Chase 5.1% Saver Account - 1% boost until January [updated]

ColdIron

Mr_blibby said:

MSE_Gavin said:

Hi folks!

We've just published a news story on the Chase boosted saver offer coming to a close:

Last chance: Grab Chase's 5.1% easy-access savings deal before it's pulled on Wednesday

Click reply below to discuss.
If you haven’t already, join the forum to reply.

Hi, Chase telling me I cant 'upgrade' my existing boosted account from the November to the Jan timeline as I have an existing boosted account.....not quite the impression I got from the article, but I may have misinterpreted it

Did mine 5 minutes ago. I was a bit hesitant but it worked as others have said. Usefully all the payees remained though SOs cancelled which made it easy to set them up again

trampie

Closed my November saver this morning but won't give me an option to open a new January 5.1 saver.
Transferred money out of Chase to get my balance below 50k but still not able to get a new offer.

ColdIron

trampie said:

Closed my November saver this morning but won't give me an option to open a new January 5.1 saver.
Transferred money out of Chase to get my balance below 50k but still not able to get a new offer.

This is what matters:

You can get the offer if:

• You're an existing customer who had less than £50,000 in total across any Chase savings accounts you held on 2 May 2024 (you can hold up to 10 of these accounts);
  OR
  
• You join or joined Chase on or after 3 May 2024.

trampie

ColdIron said:

trampie said:

Closed my November saver this morning but won't give me an option to open a new January 5.1 saver.
Transferred money out of Chase to get my balance below 50k but still not able to get a new offer.

This is what matters:

You can get the offer if:

• You're an existing customer who had less than £50,000 in total across any Chase savings accounts you held on 2 May 2024 (you can hold up to 10 of these accounts);
  OR
  
• You join or joined Chase on or after 3 May 2024.

It also says in their small print if you close an existing 5.1 account you might not be able to open a new one.

My advice is beware.

trampie

If you go to 'support' then 'Chase saver with a boosted rate' it says in there "Just so you know - the boosted rate is a limited offer and may be withdrawn at anytime. If you decide to close your Chase saver with a boosted rate and open a new saver account, you may not get the boost on the new account."

ColdIron

That's right, you must qualify. Did you have £50,000 across accounts on 2nd May?

Mr_blibby

Have just gone through this online with chase. You can close and open a new 5.1% saver if eligible, but the app wont tell you are/are not beforehand - need to have < £50k on the 2nd May or not had a boosted saver before - they can check your eligibility via the support chat before you close the old one if you aren't sure, but takes a while as they have to raise a support tkt. bit of a palaver, but maybe worth it if rates drop and they keep competitive on their underlying rate

trampie

ColdIron said:

That's right, you must qualify. Did you have £50,000 across accounts on 2nd May?

I only had a few hundred in Chase accounts on 2nd May hence why I qualified for the initial 5.1% rate, I set up a 5.1% (Nov) account and had over 50k in that account this morning when I closed it in the hope of being able to get a 5.1% (Jan) account but unfortunately the system has not offered me a new 5.1% account only a standard 4.1%

refluxer

Mr_blibby said:

 maybe worth it if rates drop and they keep competitive on their underlying rate

It's worth noting that the Chase Saver interest rate is now linked to the BoE base rate, so the non-boosted account will be the base rate minus 1.15% and the latest boosted account will be the base rate minus 0.15% until January. I would imagine this should lead to the boosted account remaining competitive until the boost expires.

• We're changing the way we calculate the interest rate on your saver accounts. We used to set our own variable saver rate, but we'll now tie ours to the Bank of England base rate, which you can find on their website. This means each time their rate changes, the annual equivalent rate (AER) on your saver account will change 5 business days later, to stay 1.15% below theirs. The current saver rate is 4.1% AER (variable). AER is the interest you earn each year, including any prior interest payments. 

ColdIron

trampie said:

ColdIron said:

That's right, you must qualify. Did you have £50,000 across accounts on 2nd May?

I only had a few hundred in Chase accounts on 2nd May hence why I qualified for the initial 5.1% rate

It's not relevant but the qualifying date for the Nov saver was 8th March

Bad luck though. Some people reported that force closing the app or restarting your phone made the original offer available to them. Got to be worth a try