Move over Marcus: JP Morgan's Chase launches UK saver with "market-leading" 1.5 per cent interest rate

JP Morgan’s Chase brand has today launched its first saver account in the UK, with a “market-leading” 1.5 per cent interest rate.

JP Morgan launched its digital banking brand Chase in the UK last year, in an attempt to take on the likes of Monzo and Starling Bank.

At launch, it offered customers a free basic current account with a  range of simple, rewarding features to help people budget, manage, spend and set aside money.

The app-based savings account is available to new and existing Chase current account holders.

Savers can deposit up to £250,00 and can access their funds as often as they like, without fees, charges or loss of interest.

Customers can open multiple saver accounts to suit their savings goals.

Each saver account has a unique account number, enabling customers—or their friends and family—to pay in directly from other providers.

Each account can be named so it can be personalised towards a specific savings goal.

By comparison, the best current interest rates on easy access saver accounts are Aldermore (0.95 per cent); Atom Bank (0.90 per cent); Cynergy Bank (0.9 per cent); and Shawbrook Bank (0.89 per cent).

“With the cost of living increasing, we know that consumers want to maximise the interest they can earn with the reassurance of being able to access their savings instantly,” said Shaun Port, managing director, Savings and Investments for Chase in the UK.

“We have designed the Chase saver account to provide our customers with maximum flexibility alongside a competitive rate. 

“Savers can set up multiple accounts via the Chase app, each with a unique account number, making it easy to organise their savings for specific goals.”