Interest rates
The interest rates on all our accounts are variable. This means that the rate can change and go up or down.
Bank of England rate change
The Chase saver rate is tied to the Bank of England base rate. This means that 5 business days after the Bank of England base rate changes, the Annual Equivalent Rate (AER) of our saver will also change to 1.15% below theirs. For example, if the new Bank of England rate is 4.25%, we’ll subtract 1.15%, and the AER of our saver will change to 3.10%. You can find the Bank of England rate here.
None of our other interest rates are tied to the Bank of England base rate. We keep our interest rates under constant review and can change these for one of the reasons set out in our terms and conditions. We’ll let customers know if there are any changes to our rates in the future.
The Bank of England base rate changed on 1 August 2024. This means that the new Chase saver rate is 3.85% AER (3.78% gross) variable. If you have a Chase saver with a boosted rate, your 1% AER boost will be added on top of the standard Chase saver rate, giving you an interest rate of 4.85% AER (4.75% gross) variable.
Chase interest rates
Effective from 8 August 2024:
Chase current account
AER 0.00%
Gross 0.00%
Chase saver account
AER 3.85%
Gross 3.78%
Round-up account
AER 5.00%
Gross 4.89%
All our rates are variable unless stated otherwise.
Future changes to our interest rates
The Chase saver variable rate tracks the Bank of England base rate, and we also regularly review our interest rates to align with the ongoing economic conditions. From 8 October 2024, the AER on our Chase saver account will change from 1.15% to 1.25% below the Bank of England base rate.
If you have a Chase saver with a boosted rate, you'll still get your 1% AER boost on top of the standard Chase saver rate, as normal.
Offers on our interest rate
Chase saver with a boosted rate – includes 1% AER (fixed) boost until 16 January 2025 on top of our standard saver variable rate
AER 4.85% variable until 16 January 2025
Gross 4.75% variable until 16 January 2025
After 16 January 2025, the interest rate will change to the standard variable interest rate for the Chase saver account at the time.
This limited offer is now closed. If you're already getting a boosted rate with this offer, you'll have it until 16 January 2025. After 16 January 2025, the interest rate will change to the standard variable interest rate for the Chase saver account at the time.
Chase saver with a boosted rate – includes 1% AER (fixed) boost until 4 November 2024 on top of our standard saver variable rate
AER 4.85% variable until 4 November 2024
Gross 4.75% variable until 4 November 2024
This limited offer is now closed. If you're already getting a boosted rate with this offer, you'll have it until 4 November 2024. After 4 November 2024, the interest rate will change to the standard variable interest rate for the Chase saver account at the time.
You can find out which Chase saver with a boosted rate you have from the Chase app. Just head to 'Save & Invest', then tap on your boosted rate account. Next, tap on the interest rate on the account view. You'll then see a pop-up with more information on your interest rate – including the end date of your Chase saver with a boosted rate.
Interest rates explained
AER is the rate of interest you earn from us on any balance above £0. It's short for Annual Equivalent Rate and shows the interest rate for a year, taking into account any interest payments made to you during the year. The AER enables you to easily compare the interest rates on accounts from different banks and building societies where interest may be calculated or paid at different frequencies.
Gross interest is the rate used to calculate your monthly interest payments where no tax is deducted. UK bank interest is paid gross. The interest you receive is subject to taxation.
How we pay interest
We calculate your interest daily and pay it monthly. With a 1% AER interest rate if you put in £1,000 on your first day, you'd earn £10 in interest over the year. If nothing changes (including the interest rate), you'd have £1,010 at the end of the year. Please note that a 30-day month will generate less interest than a 31-day month.
Interest and tax
Interest you earn on your Chase accounts is taxable in the UK. We don't deduct tax from your interest before it's paid to you, as the amount of tax you pay depends on how much you earn.
You'll need to tell HMRC yourself if you need to pay tax on your interest. If you're a UK taxpayer, you might get the UK Personal Savings Allowance, which basically lets you earn some interest before tax. How much your tax-free amount is depends on your tax rate. If you pay the basic rate of income tax, you can earn £1,000 in interest before tax. Higher-rate taxpayers have £500 before tax, and additional-rate taxpayers get no UK Personal Savings Allowance. You can find out more on gov.uk
If you are also a tax resident in another country, interest income may be taxable in that other country.
Related FAQs
How do I shop online if my card is numberless?