Chase has launched its first Regular Saver in the UK, a new savings account paying 6.5% interest. The bank said the account was designed to "help customers make meaningful progress towards the savings goals that matter to them".
How the Regular Saver works
Customers can save up to £300 a month at 6.5% interest, meaning someone saving the maximum each month could accumulate up to £3,725 after 12 months, including £125 worth of interest. The rate is fixed for 12 months, after which customers' savings are transferred to a chosen Chase account and the Regular Saver automatically continues, making it easy to keep building savings without needing to open a new account, the bank said.
No penalties and flexible access
Customers can set up automatic monthly payments into their Regular Saver in the Chase app, helping to build their balance steadily and consistently over time without having to think about it every month. Customers are able to withdraw whenever they need with no penalty. Interest is calculated daily and paid monthly, so customers can see their savings grow and track the returns they're earning over time.
Shaun Port, managing director for daily banking and savings at Chase, said: "Whether customers are saving for a holiday, home improvements, or longer-term financial ambitions, savings goals are normally achieved by setting money aside consistently over time."
"Our Regular Saver is designed to help customers do exactly that, combining a competitive fixed rate with a simple way to build towards their financial goals."
Wider Chase offer and terms
The Regular Saver sits alongside the wider Chase offer, which includes day-to-day money management through the Chase current account, easy access savings accounts and 5% AER (4.89% gross) variable interest on Chase's round-up account that automatically saves small change round-ups. Chase also offers 2% cashback on everyday transport spending, groceries, restaurants, cafes, takeaways, fuel and public EV charging points.
The new Regular Saver is open to UK residents aged 18 and over. A Chase current account is required and eligibility applies. The rate is 6.5% AER, 6.31% gross. One Regular Saver account is permitted per customer. A maximum of £300 per month can be deposited and interest is paid monthly.
The balance will transfer to a chosen Chase current or Saver account on the anniversary of the account opening.
