Banking app Chase’s easy-access savings account with a 5.1 percent interest rate is the best on the market, according to moneysavingexpert.com.
The account offers a fixed 1 percent bonus on top of its standard 4.1 percent standard variable rate, meaning you get an unbeatable 5.1 percent interest overall.
The easy-access account is recommended by MSE for those that have used their ISA allowance.
The bonus only lasts until 16 Jan 2025, at which point the rate then falls, so MSE advises Brits to “diarise for then to check for a better rate”.
“As with all easy-access accounts, the underlying rates are variable and could change at any time – so do keep an eye out”, MSE warns potential customers.
The account is available to existing customers who had under £50,000 saved on 2 May as well as new Chase customers.
There’s no minimum deposit necessary to access the account and you can save up to £1m but MSE, which was founded by Martin Lewis, warns that “as with any UK-regulated bank, you only get FSCS protection on up to £85,000”.
Mse advises that if you have more than £85,000, it’s best to spread savings across several different banks just in case one gets into difficulty as cash is only protected up to £85,000 per person, per financial institution.
The account can only be accessed via the Chase app and the interest is accumulated monthly.
MSE posted on its website: ” To get the savings account you first need to open Chase’s current account – a top-pick in its own right.
“It’s free, you don’t need to switch to get it, and there’s no hard credit-check (just an ID check), so it’s easy to get.
“Spend on its debit card and you get 1 percent cashback on most normal spending up to £15/month, plus it’s fee-free for overseas spending too. See our Chase Bank review for full info.”
MSE offers a savings calculator to find out how much you’ll earn in easy-access savings.
