Effective from 8 October 2024
These terms add to the General Account Terms and Conditions. If there's a conflict between any term in the General Account Terms and Conditions and one here, then the term here will apply.
You can find a copy of these terms and the General Account Terms and Conditions in the app.
About this account
This account is designed to help you save money for when you need it, rather than for day-to-day payments.
Interest
This account has a variable interest rate. The annual equivalent rate (AER) tracks at 1.25% below the Bank of England’s base rate (also known as the Bank of England’s bank rate which is available on the Bank of England website). For example, If the Bank of England’s base rate is 5.0% we will track below this rate by 1.25%, resulting in a Chase saver interest rate of 3.75%. The current interest rate applicable can be found in the app or on our website (or you can contact us). Interest is paid on the first calendar day of the month and is calculated on a daily basis.
Change to the interest rate
The interest rate we’ll pay on this account will automatically change five business days after the Bank of England announces a change to its base rate. For example, if the Bank of England announces that they are decreasing the base rate by 1%, the AER on this account will decrease by 1% five business days later. We will contact you to let you know the new rate applicable to this account.
The interest rate on this account will never go below 0%. If the Bank of England’s base rate goes below 1.25% the interest we pay on this account will be 0%.
We may also change the rate below which this account’s interest rate tracks the Bank of England’s base rate. We will give you at least two months’ notice before making this change.
Payments into the account
You can only pay money into the account in pounds sterling. This can only come from another account you have with us or another bank in the UK.
Payments out of the account
You can only withdraw from the account by transferring funds to other accounts held with us or other UK banks. You can make as many withdrawals as you like with no penalties.
Minimum balance and deposit
There is no minimum balance or minimum deposit.
Maximum balance and deposit
There is a maximum deposit limit of £3,000,000 across all Chase saver account(s) you hold with us.
You may accrue interest that pushes your balance over this limit. If you do, you will keep earning interest and that will continue to be paid into the account.
If you pay money into the account that takes your balance over the maximum deposit limit, we will move the amount over the limit into one of your other accounts held with us. We will tell you if we do this.
How many accounts you can hold
You can hold up to 10 Chase saver accounts at any time.
Fees and charges
You will not incur any fees or charges for holding the account.
If you close your other accounts
You must have at least one general account with us open at any time to hold a Chase saver account. If you close the last of your general accounts with us, we'll close your Chase saver account too. When we do that, we’ll transfer any funds (including interest) in it to you.
Closing the account
Your statutory cancellation right means you can cancel this agreement within 14 days of entering into it. You don’t have to give a reason. You just need to close the account in the app. You can also close the account at any time without charge. We'll transfer any funds held in it (including interest) to you.
AER and Gross
The Annual Equivalent Rate shows the interest rate for a year, taking into account any interest payments made during the year.
Gross is the interest rate used to calculate your monthly interest payments, before tax.