Digital bank Chase has launched a new savings option for UK customers. The Chase saver account, which is linked to the Chase current account, will offer savers an interest rate of 1.5 per cent.
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. Research from Chase found that UK consumers are looking for ways to partition their savings in order to better save for specific goals.
Savers can deposit up to £250,000 in total at any time and can access their savings as often as they like, with no fees, charges or loss of interest.
“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. There are no fees or charges when customers move money out of their saver accounts, no monthly caps on how much can be saved provided total savings are within the £250,000 limit for all saver accounts.”
JPMorgan Chase launched its new digital bank in the UK under the Chase brand last year, offering a range of simple, rewarding features to help people budget, manage, spend and set aside money.
The launch comes alongside interactive investor, the UK’s second-largest DIY investment platform, republishing its ISA millionaires data, helping to emphasise how beneficial saving your money away can be.
There are 983 interactive investor ISA millionaires – up from 731 last year and is nearly half of the total ISA millionaires in the UK, according to latest data from HMRC, obtained by InvestingReviews.co.uk.
Moira O’Neill, head of personal finance, interactive investor, says: “Congratulations to all the savvy investors who have grown their ISAs to £1million+. They will be able to draw tax-free cash and income from their portfolios, while anyone who accumulated substantial investments outside an ISA wrapper will be feeling the pain of capital gains and income taxes.
“But, with the average interactive investor ISA millionaire aged 72, it’s a reminder that investing is a marathon, not a sprint.
“Ask any professional athlete, and they’ll tell you the key to crossing that finish line in one piece, was the consistent, and diligent habits they developed and stuck within the run-up to the event. Think of a short-term investment win as a pair of shiny new running shoes – it’s lovely to have, and sometimes it helps longer-term, but it’s mainly the rest, the fuel, and the training along the way – which all adds up in the end.
“Accumulating £1million in your ISA pot is a long-term game. And even if the one million figure may seem daunting – we can all learn from the UK’s wealthiest savers to help our own investment pots grow.”