Changes have been made to some accounts

Chase customers will be affected by a change made to one of its accounts this week.

The interest rate on the Chase Saver account used to track at 1.25% below the Bank of England base rate.

But as of February 19, the Chase Saver now tracks 1.5% below, making the current rate 3%.

It was previously set at 3.5% but this was cut by Chase to 3.25% last week after the Bank of England reduced its base rate from 4.75% to 4.5%.

But customers can still boost their saving rate with Chase, which has two million customers – but only if you are new to the bank.

New customers currently get an extra 1.5% bonus for just six months, Mirror reports.

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Chase previously said: “We keep our interest rates under constant review and can change these for one of the reasons set out in our terms and conditions.”

The bank added: “We’ll let customers know if there are any changes to our rates in the future.”

In a message to customers, it said: “On February 6, 2025, the Bank of England base rate was reduced by 0.25%, meaning the new rate is 4.5% As the Chase saver rate is tied to the Bank of England base rate, we’ll be updating it.

“The standard saver rate will change from 3.5% AER (3.45% gross) variable to 3.25% AER (3.2% gross) variable on February 13, 2025.

“In case you missed it: From February 19, 2025, the AER on our Chase saver account will change from 1.25% to 1.5% below the Bank of England base rate.

“This means the standard Chase saver variable rate will be 3% from that day.”