Rates reductions on Chase's easy-access savings account once more - remains a competitive savings option?
In August 2025, the Bank of England cut the base rate from 4.25% to 4.00%, prompting many UK savings providers to lower their easy-access savings rates quickly thereafter [2][4]. One such provider, Chase, adjusted its easy-access savings account rate accordingly.
The Chase easy-access savings account pays a tracker rate, currently set at 1.25% below the Bank of England base rate. As a result of the base rate cut, the rate on the Chase easy-access savings account was reduced by 0.25% on 8 August. This means the current rate for Chase Bank's easy-access savings account is 3.75%, down from 5.00% prior to the cut.
However, it's worth noting that some of the most competitive easy-access accounts on the market are still paying around 5%. In comparison, the highest U.S. high-yield savings accounts offer rates up to about 5.00% APY, while average savings rates nationally are around 0.58% APY [3][5].
The offering from Chase is no longer one of the best rates on the market due to the cooling savings market. Savers can find better deals elsewhere by shopping around, particularly if they are on the standard Chase rate rather than the bonus deal.
The Chase account does not have any criteria to qualify for the rate, unlike some accounts. It is important to keep an eye on comparison sites as rates change to ensure the interest earned on the account remains competitive.
The maximum balance on the account is £3,000,000, but only £85,000 is protected under the Financial Services Compensation Scheme (FSCS). The current market average for easy-access savings accounts is 3.06% according to Moneyfacts.
If the base rate is cut as expected, it would take the base rate down to 4.5% by the end of the year, and the Chase rate would then fall to 3.35%. Customers should be prepared for the Chase rate to drop again after a potential base rate cut.
The Chase account is a base rate tracker account, which can help time-poor savers bag a competitive savings rate. However, it's crucial to remember that the account's rate is directly linked to the base rate, and changes in the base rate will affect the account's interest rate.
For the most accurate and up-to-date figure on the Chase easy-access savings account rate, I recommend checking Chase UK's official website or contacting them directly. Savers who secured an additional 1.00% through a temporary bonus deal with Chase now have a rate of 4.75%.
Scores of providers have slashed their rates over the past couple of months after the base rate was cut from 5.25% to 5%. Other providers are also likely to slash their savings rates as the base rate comes down. As always, it's essential to shop around for the best savings deals to maximise returns.
Personal-finance experts advise savers to shop around for higher savings rates as the current offering from Chase Bank's easy-access savings account dropped from 5.00% to 3.75% due to the base rate cut. Despite being a base rate tracker account, the rate on the account is still lower than some of the most competitive easy-access accounts in the industry, which are paying around 5%.
