Savings Interest Rates, Switch Offers and Guides for Chase UK

Who they are

In January 2021, JPMorgan Chase announced it was entering the British retail banking sector under the Chase brand, establishing its first non-American retail banking operation in its history. The first Chase-branded products in the UK went live in September 2021. That makes Chase one of the newer faces in UK banking - but the backing is about as established as it gets. JPMorgan Chase is one of the largest financial institutions in the world, which gives Chase UK a level of financial solidity that pure-play fintechs simply cannot match.

Rather than establishing physical branches, JPMorgan offers its services through a mobile app only. The proposition is deliberately simple: no paid tiers, no subscription upgrades, everyone gets the same deal. That stripped-back approach - combined with a competitive savings rate and cashback on everyday spending - has won a loyal following among UK savers and spenders alike.

Savings accounts

Chase UK offers two savings products, both easy access and both FSCS protected.

The Chase Saver is the headline account. It pays 4.50% AER variable, made up of a 2.25% base rate plus a 2.25% boost that lasts for 12 months. You need just £1 to open it, and access is instant. The boost is available to new customers only, so if you are already a Chase customer earning the base rate, it is worth checking what you are currently on. Once the 12-month period ends, the rate reverts to the base - so set a calendar reminder at around month 11 and compare again at that point.

The Round-up Account works differently. It pays a higher variable rate of 5.00% AER, but you cannot fund it directly. It can only be built up through automatic round-ups on card transactions - so spare change from your everyday spending is swept in automatically. It is a neat way to save passively, but it is not a substitute for a main savings pot.

Both accounts carry FSCS protection up to £120,000, which is the higher limit introduced for UK depositors. Chase UK holds its own banking licence, so this protection is not shared with another brand.

Is it right for you?

Chase works particularly well if you want a single account that handles savings, everyday spending, and travel in one place. There are no foreign transaction fees on the debit card, and fee-free ATM withdrawals abroad are available up to generous monthly limits - making it a practical choice for anyone who travels regularly.

The main limitations are worth being clear about: there are no joint accounts, no overdraft facility, and no way to deposit cash. If you need any of those things, Chase will not cover you as a standalone bank.

The 4.50% Saver rate is competitive in the easy-access space, but it does include a 12-month bonus - so the rate you see today is not necessarily the rate you will earn in year two. As always, compare the live figures shown on this page to see where Chase sits right now against the rest of the market before you decide.