Chase saver account Terms and Conditions

Effective from 14 August 2023

These terms add to the General Terms and Conditions. If there's a conflict between any term in the General Terms and Conditions and one here, then the term here will apply.

You can find a copy of these terms and the General Terms and Conditions in the app.

About this account

This account is designed to help you save money for when you need it, rather than for day-to-day payments.

Interest

We'll pay interest at a rate of 4.1% AER/4.02% Gross (Variable) per annum. Interest is paid on the first calendar day of the month and is calculated on a daily basis.

Payments into the account

You can only pay money into the account in pounds sterling. This can only come from another account you have with us or another bank in the UK.

Payments out of the account

You can only withdraw from the account by transferring funds to other accounts held with us or other UK banks. You can make as many withdrawals as you like with no penalties.

Minimum balance and deposit

There is no minimum balance or minimum deposit.

Maximum balance and deposit

There is a maximum deposit limit of £500,000 across all Chase saver account(s) you hold with us.

You may accrue interest that pushes your balance over this limit. If you do, you will keep earning interest and that will continue to be paid into the account. 

If you pay money into the account that takes your balance over  the maximum deposit limit,  we will move the amount over the limit into one of your other accounts held with us. We will tell you if we do this.

How many accounts you can hold

You can hold up to 10 Chase saver accounts at any time.

Fees and charges

You will not incur any fees or charges for holding the account.

If you close your other accounts

You must have at least one general account with us open at any time to hold a Chase saver account. If you close the last of your general accounts with us, we'll close your Chase saver account too. When we do that, we’ll transfer any funds (including interest) in it to you.

Closing the account

Your statutory cancellation right means you can cancel this agreement within 14 days of entering into it. You don’t have to give a reason. You just need to close the account in the app. You can also close the account at any time without charge. We'll transfer any funds held in it (including interest) to you.

AER and Gross

The Annual Equivalent Rate shows the interest rate for a year, taking into account any interest payments made during the year. 

Gross is the interest rate used to calculate your monthly interest payments, before tax.