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JP Morgan’s Chase ups savings account rate to 3.8% after Bank of England ‘super-hike’

JP Morgan’s neobank challenger to Monzo and Starling Chase has been one of the first banks to react to the rate hike with a boost for savers.

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The Bank of England has increased its base rate by 0.5 per cent to 5 per cent, its highest level since. 

Chase, JP Morgan’s challenger neobank, has upped its saver account to 3.8 per cent in response. 

The rate will increase from its current 3.3 per cent AER from 3 July 2023, with the new rate will automatically be passed onto customers.

Savers can earn interest on deposits up to £500,000.

"We've increased the rate on our easy access saver account to help customers make the most of their money and support them in reaching their savings goals. We know customers value flexibility and instant access to savings, without being charged fees, so they can manage their money in a way that best suits them,” said Shaun Port, Managing Director for Everyday Banking at Chase. 

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