Chase Savings Account UK - Everything you need to know

Saving for something special, like a new car, kitchen or the holiday of a lifetime? Perhaps you simply want to put money aside for a rainy day, and make your hard-earned income go further.

Whichever is the case, you’ll need to find a savings account that meets your needs. It should pay a decent rate of interest on your balance, and let you access your money when you need it.

One of the options you’ll come across when searching for savings accounts is Chase Bank. The digital bank owned by US banking giant JPMorgan Chase has just one savings account for UK customers. But is it any good, and what interest rate does it pay?

Find out everything you need to know about the Chase savings account here in this guide, including interest rates, features and how to sign up.

Chase savings account - an overview

So what is the Chase savings account and what does it have to offer? In a nutshell, it’s a straightforward easy access savings account designed for everyday use. You can access your money and make transactions whenever you want.

It’s a digital account available when you open the Chase current account - it’s not available as a standalone product. The Chase current account is an app-first account, offering features such as 1% cashback on spending and zero fees for spending abroad.

What interest rate does the Chase saver account offer?

At the moment, the Chase saver account pays interest of 4.1% AER (4.02% gross) per annum. This is a variable rate though, so it could be raised or reduced at any time.²

There’s no limit on how much of your balance will earn interest. The account lets you save up to a maximum of £500,000.

Interest on your balance will be calculated on a daily basis, and paid on the first calendar day of the month.²

Chase UK is a part of JPMorgan Chase, a multi-national financial services firm and one of the largest banks in the United States. Chase Bank has around 56 million customers in the US, and launched in the UK in September 2021.¹

Wise also gives you something back - simply turn on Wise Interest and you can get a 4.70% variable rate on your GBP balance. Your money is invested in an interest-earning fund that holds assets guaranteed by the government.

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Capital at risk. Current rates do not guarantee future growth.

Variable rate is based on 7 day performance as of 14 Dec 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Chase savings account features

Alongside paying interest on your money, the Chase saver account also offers some other useful features. This includes the following:

• Instant access - make deposits or withdraw money whenever you like
• Option to open up to 10 linked saver accounts to save for different goals - you can set targets to track progress and set up regular payments from your current account.
• All the features of the Chase app and current account, including rewards on spending, a numberless debit card and a round-up account paying 5% AER variable interest.

How to manage your account

The Chase saver account is fully digital, and the only way to manage it is via the Chase Bank mobile banking app. Unlike some other digital banks, Chase Bank doesn’t offer online banking. And it doesn’t have any physical branches, so it’s probably not the best choice if you prefer to do your banking face-to-face.

So, you’ll need to have a smartphone to open and use this account, and download the app in order to manage your money.

Once you’re all signed up though, you’ll be able to check your balance and statements in just a few taps in the app. You can also transfer money between your Chase current and saver accounts.

How to open a Chase savings account

Like the sound of the Chase saver account so far? You’ll need to know how to open one. The good news is that it’s pretty easy, and can all be done through the Chase Bank mobile app.

We’ll run through everything you need to know about opening an account below.

Eligibility

To open a savings account with Chase Bank, you’ll need to meet the following requirements:³

• Be at least 18 years old
• Be a resident (and a tax resident) of the UK
• Have a smartphone and a UK mobile phone number
• Have a Chase Bank current account open.

Documents and details

You shouldn’t need any documents to open a Chase savings account. However, you will need to have a valid form of photo ID to hand when opening the Chase current account (necessary in order to open the savings account). You can use either your passport or photocard driving licence.

During the application process for the current account, you’ll need to take a photo of your ID along with a selfie photo. This is necessary to verify your identity.

Opening a Chase savings account - step-by-step

It’s really easy to open a Chase Bank saver account. Simply follow these steps:³

1. If you don’t already have a Chase Bank current account, download the Chase app to open one.
2. Provide your details and upload your photo ID and selfie photo to verify your identity
3. Once your current account is open, login to the Chase app
4. Go to ‘Save & Invest’ at the top of the screen
5. Tap ‘Add+’
6. Choose ‘Saver account’
7. Follow the on-screen instructions to open your new saver account.
8. Add money from your Chase current account whenever you’re ready, or set up regular payments.

Are there any minimum deposit requirements?

No, the Chase Bank savings account doesn’t have any minimum deposit requirements. This means you can open your account and make a deposit whenever you’re ready, whether it’s £1 or £1,000.³

You can save a maximum of £500,000 across all your Chase savings accounts. You won’t be able to pay in anymore once you reach this limit, but you’ll still earn money on your balance.³

Chase savings account withdrawal limits

Although you can access your money at any time, the Chase saver account does have a daily withdrawal limit. You’ll only be able to transfer a maximum of £25,000 out of the account per day.³

Is the Chase savings account safe?

Chase is covered by the Financial Services Compensation Scheme (FSCS). This gives you protection of up to £85,000 if anything should happen to the bank.

Chase also uses sophisticated security measures to keep your account, money and data safe. This includes:⁴

• Multiple authentication checks - this protects access to your account, whether accessed through online or mobile banking.
• Monitoring of suspicious activity - Chase has a dedicated security team who monitor your Chase account and transactions in order to detect fraud as early as possible.
• Numberless debit card - Chase debit cards don’t feature any numbers, as these are all stored securely in the app so that only you can see them.
• Encryption technology - the bank uses 128-bit encryption technology to protect your personal account information when using the Chase app or website.

And that’s pretty much it - all the essentials you need to know about the Chase Bank savings account. We’ve covered everything from account features and interest rates, right through to how to open an account and access your money.

You should be all set to compare the Chase saver account to alternative products out there, and work out if it’s the best choice for you. It’s worth bearing in mind though that if you’re not keen on mobile or app-based banking, this might not be the best fit for your needs.

Sources used:

1. Chase - Our Story
2. Chase - Chase saver account terms and conditions
3. Chase - Chase saver account
4. Chase - Security - How we protect you

Sources last checked on date: 21-Aug-2023

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.