Chase adds 1% interest on current accounts

Digital bank Chase is introducing 1 per cent AER interest on current account balances.

The consumer banking business of JP Morgan, which was the fastest growing fintech of 2022, is offering the interest to both new and existing customers across all current accounts. 

The new interest rate adds to a suite of rewards the bank already offers, including cashback on spending and a joining/referral bonus.

As customers rollback on non-essential spending, they will be able to earn a small amount for spending, saving or holding money in their account.

“At a time when many need their money to stretch further, we've created a fuss free option for customers to help them earn a little bit extra on their everyday banking,” Chase MD for everyday banking Shaun Port said.

“Earning interest on money held in your current account can get your money working harder, and is a smart way of earning interest on your salary before your mortgage, rent or bills leave the account.”

Interest will accrue daily and be paid at the start of each month, according to the bank.