Chase has launched a new boosted savings account for UK customers, offering a headline rate of 4.75% AER for 12 months. The deal is available to new customers who open a Chase current account from 9 June 2025 and set up a saver account within their first 31 days.

The product combines Chase’s standard saver, which currently pays 2.5% AER variable, with a fixed 2.25% AER boost lasting one year. Interest is calculated daily and paid monthly, and the account remains fully flexible with instant access to funds. After the boost period ends, savers revert to Chase’s standard variable rate.

Unlike many fixed-term savings products, Chase’s boosted saver does not require customers to lock away their money. Funds can be withdrawn at any time without penalty, making it a hybrid between an easy-access account and a fixed-rate bond. The maximum balance across all Chase saver accounts is £3 million, though only one account qualifies for the boosted rate.

How it compares to other boosted savings accounts

Chase’s new product lands in a competitive but cooling UK savings market. Over the past two years, interest rates on easy-access and notice accounts have climbed in line with Bank of England base rate hikes. But with policymakers signalling rate cuts later in 2025, providers are beginning to trim top-end offers.

Currently, market-leading easy-access accounts pay between 4.6% and 5% AER. For example, Metro Bank offers 5.22% AER on balances up to £25,000 for new customers, while Coventry Building Society’s Triple Access Saver pays 5.15% AER but limits withdrawals to three per year. Other digital challengers, such as Kroo and Tandem, are paying between 4.5% and 5% AER with fewer restrictions.

Chase’s boosted saver therefore sits towards the upper end of the easy-access table, but with a key caveat: the rate is only available for 12 months and only to new customers. Existing Chase account holders cannot access the offer, and after the first year, savers drop back to whatever the standard rate is at that time — currently just 2.5% AER.

Is Chase’s boosted savings account worth it?

For new customers looking for a competitive instant-access rate with the security of FSCS protection, Chase’s boosted saver is an attractive option. However, the 12-month time limit and reversion to a much lower rate mean savers will need to be proactive after the first year.

Those seeking longer-term certainty may find better value in fixed-rate bonds, while active rate-chasers may prefer rivals currently offering higher headline returns without customer restrictions.