Easy Saver - how long Chase rate bonus lasts

ecosarah

On MSE it says that the bonus for a new account at Chase lasts 1 year - making the rate 4.5% AER. On Chase site it says:

Get 4.5% AER on your savings

That's a 2.25% AER boost, fixed for 12 months on top of our standard saver variable rate. Offer may be withdrawn at any time. Available to new customers joining from 29 December for your first 31 days. 4.41% gross variable

What is the bit that says "for your first 31 days" - does that mean you need to deposit within 31 days of becoming a member? Of opening an account? That the bonus only lasts 31 days?

And how can something last 1 year, when the offer can be withdrawn at any time?

I am completely confused by everything! I want to invest a lump sum for an unknown period but I cannot understand the above.

Thanks

eskbanker

As usual, the accurate answer is to be found on the provider's own site, rather than the garbled version summarised by MSE!

Here's how it works

During your first 31 days as a new customer, you can open an easy-access Chase saver with a boosted rate, offering an extra 2.25% AER fixed interest for 12 months, in addition to our standard saver variable rate.

With our standard saver variable rate currently at 2.25% AER (2.23% gross), you'd earn 4.5% AER (4.41% gross) on your savings until your 12 months is up, helping you reach your financial goals sooner.

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

flaneurs_lobster

Think that means that the 2.25% "boosted" account is available for 31 days after you open the current account. Not checked the rules but to be sure I'd open AND fund (at least with a few quid).

refluxer

As mentioned above - when joining as a new customer, you need to open the account within 31 days to get the interest rate boost. There is no minimum balance for that account.

4.5% is a decent easy access rate at the moment, so it's obviously worth taking advantage of that offer when joining but just bear in mind that it's only the boost that's guaranteed - the Chase Saver account tracks the Bank of England base rate so the overall rate will rise and fall whenever that does.

An un-boosted Chase Saver currently tracks at 1.50% below the base rate, although they can change that at any time. The 2.25% boost means a boosted account currently tracks at 0.75% above the Bank of England base rate. (BoE rate is 3.75% - boosted Saver is 4.50%).

When the terms state that the offer can be withdrawn at any time, that just means they can withdraw the offer to new customers but if you've already opened the account with the boost in place, it last for 12 months and won't be taken away from you.