Chase Saver: How the Easy Access Account Works

Chase saver is an easy access savings account that sits alongside a Chase current account and is opened, funded and closed inside the Chase app. There is no fee for holding it, no notice period and no charge from Chase for taking money out, and interest is calculated daily and paid into the saver on the first calendar day of the month¹.

The account is best understood as two things in one. There is the ordinary Chase saver, which pays a variable rate, and there is a Chase saver with a boosted rate, which pays a fixed boost on top of that variable rate for a set offer period. Chase runs these boosted offers in numbered versions, and the terms differ between them: some offer periods run 12 months (365 days) from opening, one ran 6 months (184 days), and the eligibility rules change from offer to offer³. Chase's own site carries today's figures for both the standard rate and any live boost.

Because the boost is time limited, the practical questions are what happens when it ends, how many boosted savers you can hold, and what protects the money. This page covers those, plus how to open and close the account, how interest is paid and reported, and where to take a complaint.

How the Chase saver works alongside the Chase current account

Chase saver accounts are not standalone. They are opened from inside the Chase app by someone who already holds a Chase current account, and the current account is the hub the saver hangs off. If you do not bank with Chase yet, you open a Chase current account first and then apply for a saver in the same way as an existing customer⁶.

The current account itself is free to hold, and Chase states you can open extra current accounts in seconds, also free¹. That matters for savers because it gives you somewhere to move money to and from without leaving the app. Chase saver accounts are designed to hold money you are setting aside rather than for day to day payments, and you can hold up to 10 Chase saver accounts at any time⁴.

There is also a round-up account, which works differently again. It collects the spare change from your spending, and its balance is transferred to your chosen Chase current or saver account on the anniversary of the account opening¹. Round-up money earns interest too, calculated every day and paid every month⁷.

The saver also connects to other Chase products. You can pay into J.P. Morgan Personal Investing investment pots straight from a Chase saver or current account, though payments cannot be made directly into J.P. Morgan Personal Investing pension pots from within the Chase app⁸.

The boosted rate offer: how it works and who gets it

A Chase saver with a boosted rate pays a fixed boost on top of the variable Chase saver rate for a set period. The boost element is fixed for the offer period, while the underlying saver rate stays variable and can change during that period³. Interest on a boosted saver is paid monthly⁵.

The offer periods have changed over time. Chase Saver with Boosted Rate Three set a 12 month (365 day) offer period from the point of opening, and Chase Saver with Boosted Rate Five does the same³. Chase Saver with Boosted Rate Four ran for 6 months (184 days) from opening⁴. Which terms apply to you depends on which version of the offer you opened, so the document that governs your account is the one issued for that version.

Eligibility is set per offer and is not simply "any Chase customer". One version required that on 2 May 2024 you either did not have a Chase saver account, or held one or more Chase saver accounts with a combined balance below £50,000³. Another was available to new customers joining from 29 December 2025 for their first 31 days⁵. Chase also states that you cannot open a boosted saver if you have reached any limits it has set on the number of accounts you can open or hold³.

Two conditions are worth knowing before you plan around a boost. Chase states the offer may be withdrawn at any time, and that it is a limited offer for eligible Chase customers³. And you can only hold one Chase saver with a boosted rate at any time, excluding accounts you previously opened where the offer has already ended³.

What happens when a boosted rate offer period ends

When the offer period ends, the boost is removed and the account reverts to the variable Chase saver rate. Chase sets this out plainly: at the end of the offer period the boosted interest rate is removed and you receive the variable Chase saver account interest rate⁴. On the most recent version, the same wording applies: at the end of the offer period the boosted rate is removed and the variable Chase saver rate applies³.

Interest is paid on the first calendar day of the month and also when the offer period ends, calculated on a daily basis³. So the final boost payment arrives at the point the offer closes rather than waiting for the next monthly cycle.

The end date is not something you have to work out from the terms. Chase states you will have the boost until the end date specified in the app, which you can find under Save and Invest by tapping the interest rate below the account balance¹⁰.

There is one consequence to plan for. If you close a Chase saver with boosted rate after the offer closes, you will not be able to open another one under that offer³. Closing the account at the end of the boost therefore ends that particular offer for you, even though the money is yours to move.

No fees for holding a Chase saver

Chase states that you will not incur any fees or charges for holding the account, and the same wording appears across the standard saver terms and the boosted rate terms³. The current account is also free to hold⁸.

Withdrawals are not charged either. Chase's product page says you can take your money out whenever you like, or save it up, with no fees or charges from Chase to worry about¹. Closing the account is free as well: Chase states you can close the account at any time without charge, with the funds including interest transferred to you².

That combination, no account fee, no withdrawal charge and no closure charge, is what makes this an easy access account in practice rather than a notice or fixed term product. If you want to compare it with accounts that do restrict access, see easy access savings accounts explained and notice savings accounts explained.

The costs that can arise elsewhere in a Chase relationship are separate from the saver. Chase applies no ATM fees of its own on the current account side, and its credit card terms set out how interest is calculated on card balances, which is a different product with different rules¹¹.

How interest is calculated, paid and reported

Interest on a Chase saver is calculated on a daily basis and paid on the first calendar day of the month, directly into the saver account¹. The same daily calculation applies across Chase accounts: the general terms state that interest is calculated on a daily basis for all accounts⁸.

On a boosted saver the schedule adds one extra payment date. Interest is paid on the first calendar day of the month and when the offer period ends, calculated on a daily basis³. The round-up account follows the same daily calculation and monthly payment pattern⁷.

Because the underlying rate is variable, the amount you earn can change during the offer period even though the boost itself is fixed³. If you want the mechanics of how a daily rate turns into a monthly payment, compound interest and how savings interest is calculated sets that out, and AER, gross and fixed or variable rates explained covers what the quoted figures mean.

On tax, interest you receive counts as savings income, and there are allowances that determine whether you owe anything on it. How tax on savings interest works and the personal savings allowance explain the rules and the reporting that goes with them.

Statements are held in the app and can be exported as a PDF or in CSV format¹³. If you are no longer a Chase customer, you can still log in to the app to access your statements for up to 6 years from when they were generated, and Chase keeps transaction information for the previous six years⁸.

Opening a Chase saver in the app

Everything happens in the Chase app. To open a saver, go to Save and Invest on Home, tap Add + in Savings, then follow the instructions to open your saver account¹⁴. A boosted rate saver is opened the same way: Chase states you get the offer by opening a Chase saver with boosted rate through the app³.

If you are not a Chase customer yet, the route in is the current account. Chase's instructions are to download the Chase UK app from the App Store or Google Play and follow the instructions in the app to open your account¹¹. Once you are a customer, you can add further current accounts by tapping Add + on Spend, and a round-up account by going to Save and Invest on Home, tapping Add + in Savings and choosing Round-up account¹⁵.

To be eligible for a Chase saver you need a smartphone and a UK mobile number¹. The app terms also state that you must not allow anyone else to use the app¹⁷.

If you are switching your banking across rather than just adding a saver, the switch route is in the app: tap Profile, then Switch to us, and follow the steps⁶. For the wider picture on moving accounts, see how to open a savings account and how to move savings to a new account.

Moving money in and out of your saver

Chase saver accounts are funded in pounds sterling only. You can pay in and take money out whenever you like, with no fees or charges from Chase¹.

There is a maximum deposit limit on the account, and Chase handles breaches automatically. If you pay money in that takes your balance over the maximum deposit limit, Chase will move the amount over the limit into one of your other accounts held with Chase and tell you if it does this⁴. That is worth knowing if you are consolidating several savings pots, because the excess does not simply sit in the saver.

Money can also move between Chase products. You can pay into J.P. Morgan Personal Investing investment pots straight from your Chase saver or current account, though payments cannot be made directly into J.P. Morgan Personal Investing pension pots from within the Chase app⁸. Only the account holder, or the registered contact for a Junior ISA, can link a J.P. Morgan Personal Investing account to a Chase account⁸.

If a credit card ends up in credit, Chase's own guidance is that you can ask it to move the money to one of your Chase current accounts, or spend as normal to bring the balance out of credit¹². That is a card process rather than a saver one, but it is another route money can take between Chase accounts.

Complaints and help: support in the app, then the Financial Ombudsman

The first step is Chase itself. Chase states you can make a complaint via Support in the app, or write to Freepost Banking Operations, PO Box 17507, Edinburgh, EH12 1PX⁸. If Chase can resolve it, it will do so within the first 3 working days and send a Summary Resolution Communication. If it needs longer, it sends an acknowledgement within 5 working days, and for most complaints it could take up to 8 weeks⁸.

Payment related complaints run to a different clock. Chase states that if your complaint is payment related, it aims to find a solution within 15 days, extendable up to 35 days in exceptional circumstances⁸. The two timescales sit alongside each other in the same terms, so which applies depends on what the complaint is about.

If you are unhappy with the outcome, you can ask the Financial Ombudsman Service to look into it. Chase states the ombudsman will do so free of charge, but you must contact it within 6 months of Chase's response⁸. The ombudsman's own guidance covers issues such as account closures, disputed transactions, IT failures, and problems with switching services, and it offers an online complaint checker that tells consumers whether it can help and what to do next¹⁸. It can also assist with complaints about an e-money business if it has unfairly reversed a payment or placed restrictions on your account²⁰. Its service is free and easy to use, and you can ask someone else, such as a friend, family member or support worker, to help with the complaint or speak on your behalf²¹.

FSCS protection for money in a Chase saver

Money in a Chase saver is covered by FSCS protection, which Chase states on the product page¹. The Financial Services Compensation Scheme is the backstop that pays out if a deposit taker fails, and it covers deposits as well as other products on different terms: for insurance, whole of life assurance claims are covered at 100% and warranty claims at 90%²².

The practical point for a saver is the limit and how it aggregates. FSCS deposit protection applies per person, per banking licence, so balances held under the same licence count together towards one limit. If you hold savings with more than one brand that shares a licence, the totals are added up rather than protected separately. How FSCS protection works for savings sets out the limit and how it is applied, and what happens to money above the FSCS limit covers the position on any excess. If you hold a saver jointly, FSCS cover on joint savings accounts explains how the limit works for two holders.

Chase is the trading name of J.P. Morgan Europe Limited, which is authorised by the Financial Conduct Authority with firm reference number 124579 and appears on the Bank of England's list of banks incorporated in the UK authorised to accept deposits²³. The company is active on the Companies House register under company number 00938937, incorporated on 18 September 1968²⁵. A reader who wants to check the firm's status can do so on the FCA Register using that reference number.