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Chase makes a splash in UK savings market

Chase makes a splash in UK savings market

Chase's digital bank has made an aggressive statment of intent in its bid to crack the UK retail banking market with the launch of an easy access savings account offering a market-beating 1.5% interest rate.

Savers can deposit up to £250,000 in total at any time and can access their savings as often as they like, with no fees, charges or loss of interest.

The account blows all other UK savings accounts out of the water, coming in at a 0.5 percent premium to the next best account from Virgin Money.

The offer is available to existing customer and new subscribers, who must open a Chase current account to qualify.

Chase launched its UK digital bank in September, offering a fee-free current account that combines money management features with cashback rewards.

There are various tools to help people budget, manage money, spend and save, as well as a rewards programme offering one per cent cashback on all eligible debit card spend for 12 months plus fee-free withdrawals at overseas ATMs.

The new savings account comes with its own account number and can be linked to other sub-accounts for goal-based savings.

“With the cost of living increasing, we know that consumers want to maximise the interest they can earn with the reassurance of being able to access their savings instantly,” says Shaun Port, managing director, Savings and Investments for Chase in the UK. “Savers can set up multiple accounts via the Chase app, each with a unique account number, making it easy to organise their savings for specific goals.”

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