The major financial provider has issued an unwelcome warning message to customers after cutting its rates from later this week.
Chase Bank has issued unwelcome news to customers with savings ahead of a big shake-up. The major financial provider has issued an unwelcome warning message to customers after cutting its rates from later this week.
Chase has announced that it will track at 1.5% below the Bank of England rate, as of February 19, 2025. Starting Wednesday, February 19, Chase account holders will experience a dip in their returns, thanks to adjustments made in line with the Bank of England’s base rate, currently positioned at 4.5 per cent.
While currently the Chase Saver rate stands at 1.25% below the base, starting from next month it will be 1.5% below, marking a reduction of 0.25%. However, Chase has made it clear this does not affect other products, stating: “We keep our interest rates under constant review and can change these for one of the reasons set out in our terms and conditions.”
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Furthermore, the bank reassured: “We’ll let customers know if there are any changes to our rates in the future.” Chase issued a message to customers with two months’ notice which said: “We’re making some changes to our Saver Account Terms and Conditions from 19 February 2025 that you should be aware of.
“The AER of the Chase Saver account is currently 1.25% below the Bank of England base rate. We’re changing this percentage difference from 1.25% to 1.50%. This means if the Bank of England base rate is 4.75%, the AER of our saver will be 3.25%.
“You can find the Bank of England base rate on their website at any time.” To customers who opened a boosted saver account, Chase added: “You’ve also got a Chase saver with a boosted rate. This boosted rate offer is subject to any changes to the standard Chase saver variable rate.
“These changes will apply from 19 February 2025. If you’re happy with them, you don’t need to do anything as they’ll happen automatically. You have the right to close your account at any time before this date, free of charge. If we don’t hear anything from you, we’ll assume you’ve consented to these changes.”