Great news for savers as new bank account offers five percent interest rate

This is the latest US banking provider to enter the UK savings market following Goldman Sachs, which launched its Marcus service in 2018. On the AJ Bell Money & Markets, Laura Suter explained she has “high hopes” for this new account.

She said: “[The current account] looks promising.

“It is one percent cash back on anything you spend on your debit card and that is uncapped. It is unlimited the amount of cash back you can get.

“For example, if you spend £1000 a month on your card, you could get £10 back.

“What is really interesting is that there are no restrictions on this.

© GETTY SAVINGS

“So quite often with current accounts at the moment, they will offer a cash back offer but you’ll have to pay a fee from the account, or you have to ensure you have two direct debits coming out of it, or you have to have a minimum account balance.

“This account has none of that, there is no fee’s or direct debit – that makes it more attractive for people and it’s easier than having to meet all these requirements.”

Additionally, the savings account launching is giving Britons a five percent interest rate, however there is a catch which is important to bear in mind.

Ms Suter continued: “Another perk is that there is a five percent savings rate which is insane in comparison to savings rates at the moment, but there is a catch on this one.

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“That’s only on round up savings – so people might have used these already.

“They are features that quite a lot of banks offer at the moment where for every amount that you spend, they round it up to the nearest pound and they funnel those extra few pence into a savings account.

“It’s kind of like an automatic saving.

“So, for example if you spent £5.75 on your lunch, then it would round it up to six pounds, and the £0.25p would be shuttled of into a savings account and at the end of the month you’ll hopefully be amazed at how much you’ve magically saved.

© GETTY SAVINGS

“So, they’re paying a five percent interest rate on those savings, which is great rates, but it’s not going to be on massive amounts of money, so you won’t make a kings saving on that.”

Chase will offer a few other services once launched such as free spending abroad, and an app that has lots of fancy gizmos that will help people with budgeting and money saving.

“The big drawback is that there is no overdraft, so it’s not use for anyone who occasionally dips into their overdraft,” Ms Suter explained.

Chase plan to launch more services soon and they have intentions to offer all things that banks generally provide, such as savings accounts, mortgages, overdrafts and more.

Sanoke Viswanathan, CEO of the bank, commented: “We’re offering people in the UK the opportunity to experience Chase for the first time with a current account that’s based on simplicity, a fuss free rewards programme and exceptional customer service.”

The Chase current account will launch with a rewards programme offering one percent cashback on all eligible debit card spend for 12 months.

This, according to Chase, has been developed in line with UK consumer debit card spending habits in order to ensure all customers can benefit from rewards on many of the things they already buy every day.

This includes, but is not limited to groceries, travel, meals, entertainment, fashion, homewares, electronics, as well as flights and holidays.

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