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CHASE Boosted Savings Rate

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  • trickydicky14
    trickydicky14 Posts: 1,244 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Shall we just say, nobody actually knows how this works and leave it at that. Flogging a dead horse comes to mind.
    I choose the rooms that I live in with care,
    The windows are small and the walls almost bare,
    There's only one bed and there's only one prayer;
    I listen all night for your step on the stair.
  • trickydicky14
    trickydicky14 Posts: 1,244 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    masonic said:
    Shall we just say, nobody actually knows how this works and leave it at that. Flogging a dead horse comes to mind.
    Are you not enjoying the running commentary about which forum members and their friends and family have or have not received the offer? ;)
    In a word NO. 
    I choose the rooms that I live in with care,
    The windows are small and the walls almost bare,
    There's only one bed and there's only one prayer;
    I listen all night for your step on the stair.
  • Hi, I have managed to get this account with the boosted rate. I have had my first months interest and it is significantly less then I expected. Can anyone please explain how the interest works? Would it be 4.45% per month or is it only 4.45% after the six months. I have calculated my interest rate and it is less than 1%. Granted it was not a full months amount - opened it on the 7th of May. 

    I did message Chase customer services for clarification but ended up with more questions than answers. 
  • ColdIron
    ColdIron Posts: 9,820 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    edited 1 June at 12:32PM
    Hi, I have managed to get this account with the boosted rate. I have had my first months interest and it is significantly less then I expected. Can anyone please explain how the interest works? Would it be 4.45% per month or is it only 4.45% after the six months. I have calculated my interest rate and it is less than 1%. Granted it was not a full months amount - opened it on the 7th of May. 

    I did message Chase customer services for clarification but ended up with more questions than answers. 
    It won't be 4.50% (or 4.45%) per month. That would be over 50% per year
    The rate is 4.50% AER, that's Annual Equivalent Rate or 4.41% Gross (another annual rate)
    If you deposited £1,000 and kept the interest in the account for a year you would have £1,045
    As the rate is only paid for 6 months you would expect to receive £1,022.25
    Don't forget that it tracks the BoE base rate so if that decreases then so will the rate of interest
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