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

pennyfarthing66

ToastLady said:

Just had an email in from Chase, stating that from 5th August 24, they will no longer pay 1% interest on current account, it will be 0%.

Yes I just noticed this.... talk about give with one hand and take away with the other!
See link for information about Chase interest rates
https://www.chase.co.uk/gb/en/support/interest-rates-explained/

sausage_time

pennyfarthing66 said:

ToastLady said:

Just had an email in from Chase, stating that from 5th August 24, they will no longer pay 1% interest on current account, it will be 0%.

Yes I just noticed this.... talk about give with one hand and take away with the other!
See link for information about Chase interest rates
https://www.chase.co.uk/gb/en/support/interest-rates-explained/

I suspect many people just keep a small float in their current account (I know I do that).  My interest was 7p in May.

jaypers

This offer is available to new customers joining Chase from 2 May 2024, and to existing Chase customers with no saver account, or a combined balance of less than £50,000 in saver accounts, at close of 2 May 2024.

https://www.chase.co.uk/gb/en/saver-boosted/

pittcity

sausage_time said:

pennyfarthing66 said:

ToastLady said:

Just had an email in from Chase, stating that from 5th August 24, they will no longer pay 1% interest on current account, it will be 0%.

Yes I just noticed this.... talk about give with one hand and take away with the other!
See link for information about Chase interest rates
https://www.chase.co.uk/gb/en/support/interest-rates-explained/

I suspect many people just keep a small float in their current account (I know I do that).  My interest was 7p in May.

I only transfer money to my current account when I'm about to spend it. I got 7p too!

RedImp_2

Thanks for the heads up, got the offer.  Going to have to think about how I deal with the £1500 funding requirement for the cashback.  Only because I normally transfer money in and out but I’ll want to keep money in Chase now !

arfster

sausage_time said:

pennyfarthing66 said:

ToastLady said:

Just had an email in from Chase, stating that from 5th August 24, they will no longer pay 1% interest on current account, it will be 0%.

Yes I just noticed this.... talk about give with one hand and take away with the other!
See link for information about Chase interest rates
https://www.chase.co.uk/gb/en/support/interest-rates-explained/

I suspect many people just keep a small float in their current account (I know I do that).  My interest was 7p in May.

That's the way to do it imo, if you can be bothered. I have the direct debits coming out of an account with an overdraft so they can't bounce, and whenever it gets below £200 it sends me a notification, then it gets refilled from savings.

In an ideal world we'd be able to tell the bank app to auto top-up from savings based on current account balance. Maybe some third party app will do that via open banking sometime.

Wheres_My_Cashback

The Chase 1% current a/c was pointless anyway for keeping money in. It's only useful for the cashback. Transfer a nominal amount in each day from the saver and then what you don't spend send it back. It must take all of about 55.3 seconds per day!

Kim_13

pennyfarthing66 said:

ToastLady said:

Just had an email in from Chase, stating that from 5th August 24, they will no longer pay 1% interest on current account, it will be 0%.

Yes I just noticed this.... talk about give with one hand and take away with the other!
See link for information about Chase interest rates
https://www.chase.co.uk/gb/en/support/interest-rates-explained/

Don’t buy it at all. Saying that they’ve done it in part to keep paying a great saver rate when they have recently changed to follow the base rate at an unappealing margin.

More time limited bonus elements added to the rate based on holding (or not) an arbitrary sum in their saver account on a given date, then.

Suppose it simplifies the admin tracking interest earned when only one or two saver accounts with them will be earning anything.

They are a spending/holding account for me so I’m not fussed, it’s the spin they’re trying to put on it that has annoyed me.

Futuristic

I'd rather have the boost then the 1% spend rewards tbh so great news for me as I wasn't eligible for the boost before but saw the app msg today for it. 

Hoping they can release a rewards credit card....well overdue

TBC15

jaypers said:

Just a heads up. Mentioned to a friend who is on Android and the offer wasn’t showing. He updated the App and it was then available. So if anyone not seeing it, update your Chase App. 

How do you do that?
Edit just done it.