Chase Bank issues 48-hour warning to anyone with £1 or more in their account

Chase Bank has issued a 48-hour warning to anybody with a savings account. The standard Chase saver variable rate will change from 3.75% AER (3.69% gross) to 3.50% AER (3.45% gross), effective from 14 November 2024, the financial provider has warned.

The bank said: "Because the Bank of England has recently reduced its base rate, the standard Chase saver variable rate will change from 3.75% AER (3.69% gross) to 3.50% AER (3.45% gross), effective from 14 November 2024. You can find out more about our interest rates here."

The Chase Saver account pays 3.75% AER (variable), and can be opened from just £1 currently. As an instant access account, savers can make as many withdrawals as they like, without notice or penalty. The maximum balance is £3 million, but bear in mind that only the first £85,000 is protected by the Financial Services Compensation Scheme.

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The Chase Round-up account pays 5.00% AER (variable) on balances. It can be opened by simply switching on the ‘round-ups’ function in the Chase app. Once activated, this feature rounds up each debit card transaction to the nearest £1, and deposits the spare change into your Round-up account.

Savers can withdraw their cash or switch off ‘round-ups’ at any time, but there’s no option to make manual deposits. According to data from Moneyfacts, the average easy access savings account paid 3.07 per cent AER as of October 2024.

On its website, Chase says: "Bank with Chase and you can open a saver account. It'll give you 3.75% AER (3.69% gross) variable interest, which we'll calculate daily and pay monthly – directly into your saver account. You can start saving with as little as you like, and as much as £3m.

"With a saver account, there's no need to lock your money away for years with minimal returns. You can take your money out whenever you like, or save it up – there are no fees or charges from us to worry about."

There is a maximum daily external transfer limit of £25,000.