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Chase introduces 1% interest on current account balances

Source: Chase

Customers of digital bank, Chase, will now earn 1% AER* interest on money they have in their current account, as the bank offers a new way of making everyday banking more rewarding.

Available to new and existing customers, interest will be earned across all Chase current accounts. Customers can set up multiple current accounts via the Chase app, each with a unique account number, which has been designed to make it easier for customers to manage their money in a way that works for them.

There are no minimum monthly deposit or direct debit requirements, no fees from Chase, and customers can pay in as much as they like. As consumers cut back on discretionary spending** as a result of increased costs, high inflation, and a higher interest rate environment, Chase customers can now earn interest on money they hold in their current account.

The introduction of current account interest complements Chase’s cashback offer, competitive rate saver account, and interest on small change round-ups, with customers rewarded when they spend, save, or just for having money in their account. Interest will accrue daily and be paid at the start of each month.

Shaun Port, Managing Director for Everyday Banking at Chase, said: “At a time when many need their money to stretch further, we’ve created a fuss free option for customers to help them earn a little bit extra on their everyday banking.”

“Earning interest on money held in your current account can get your money working harder, and is a smart way of earning interest on your salary before your mortgage, rent or bills leave the account.”

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