Interest rates: Expert advises on savings and mortgages
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The bank’s Chase saver account, which is linked to the Chase current account, will offer customers a rate of 1.5 percent AER. Currently, it is available to all customers, whether they be existing or brand new. It can be accessed through JP Morgan Chase’s app which has 24-hour support for all those who need assistance with their savings account.
One of the many features of this latest savings offering is that the bank’s customers will be able to deposit up to £250,000.
Furthermore, they will be able to access their funds as often as they like with no fees, charges or loss of interest.
On top of this, those who choose to open an account with the JP Morgan bank can open multiple savings accounts to accommodate their financial needs and goals.
Every Chase saver account has a unique account number, which allows the bank’s customers and loved ones to pay in directly from other providers.
As well as this, every account can be named so it can be personalised by the saver towards their savings or spending ambitions.
According to research carried out by Chase, savers in the UK are looking for more ways to “partition” their savings to reach certain goals.
Other features of the savings account include a cashback deal of one percent on everyday debit card for 12 months when spend at home and abroad
The bank will also deposit the small change into a separate account where it will earn interest at five percent.
Shaun Port, the managing director of Savings and Investments for Chase, outlined what customers can achieve by joining with the bank.
Mr Port explained: “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.
“We have designed the Chase saver account to provide our customers with maximum flexibility alongside a competitive rate.
“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.
“There are no fees or charges when customers move money out of their saver accounts, no monthly caps on how much can be saved provided total savings are within the £250,000 limit for all saver accounts.”
High street banks have received criticism in recent weeks for not passing on the Bank of England’s three consecutive interest rate hikes to their consumers.
Last month, the financial institution raised the base rate to 0.75 percent, citing rising inflation and Russia’s invasion of Ukraine as reasons for the most recent hike.
On how this will impact savers, Laura Suter from AJ Bell, said: “While banks are very quick to pass on any Base Rate increases to their mortgage customers, savers have to wait longer and many won’t see any increase at all.
“Lots of people’s savings are just sitting in their current account or old savings account, earning 0.01 percent. And these people likely won’t see an increase in the interest rate they’re being paid, instead banks will pocket the difference to boost their profits.
“However, the best buy rates will improve. We’ve already seen an uplift based on the past two interest rate rises, with the top easy-access savings account paying 0.65 percent ahead of the December rate increase and now the top rate is 1 percent.
“It means that savers can finally get a bit more money on their cash, but they’ll need to put in some legwork to get there.”
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