New Chase Regular Saver 6.5%

irelavv

Hey,

Just wanted to give all of you a heads up that there is a new Chase regular saver account available to open via the app. I haven't seen any other discussion or topics about this so it's probably a new product.

It's a 1 year fixed rate in-app saver (it doesn't come with account number or sort code). The interest rate for the 1 year term stands at 6.5% (6.31% gross). It's fixed for the whole term. To open the account you need to have a Chase current account.

The maximum deposit is £300 each month and deposit windows are reset from account opening date, not start of calendar months.

Cheers

flaneurs_lobster

First mentioned by @Kazza242 at 1:00am today, but thank-you.

https://forums.moneysavingexpert.com/discussion/comment/82150784#Comment_82150784

la531983

Does anyone know if this counts towards the £1k holding you need to obtain the cashback?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82150970#Comment_82150970

Know? No.

Here's what the T&Cs for cashback say

have a combined balance of £1,000 or more across all your Chase saver accounts each day for the entire calendar month. Balances in your current or round-up accounts are not included in this calculation.

I'd interpret that as meaning that it does count towards the £1k.

la531983

Cheers, did wonder if there would be a sneaky exclusion for this one maybe but evidently not. Well in that case I will move £300 a month from the piddling 2.25% account on there and then in the New Year move funds in from elsewhere, cheers.

jaypers

https://forums.moneysavingexpert.com/discussion/comment/82150975#Comment_82150975

I would interpret that it DOES count because ‘current’ and ‘round-up’ are exclusively mentioned as being excluded. I would categorise a regular saver as being under ‘Chase saver accounts’ but it does need clarification.

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Shedman

Thanks hadn't spotted this one. Handy it pays interest monthly rather than on maturity given the increase in tax rate on savings come April.

Albermarle

If your money is currently in a good easy access savings account paying say 4.5%, then the benefit of this regular saver is only about £35 for the year.

Of course if your money is currently languishing in an account with an uncompetitive rate, it would be more.

jaypers

https://forums.moneysavingexpert.com/discussion/comment/82151082#Comment_82151082

Oh that old chestnut! And if you have 10 regular savers paying a similar interest rate (most in this group do) then that’s about £350 more interest than said EA 4.5% account!!

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82151094#Comment_82151094

For me, "only" £35 is worth the effort anyway!

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82151082#Comment_82151082

I am with you on this one.

I find the typically low monthly contribution limits render these regular savers a lot of faff for little reward.

Bump up the monthly limits per account to £1000 - £1500 combine with say a 6% interest rate, then I'll pay attention.