Chase Bank has issued an unwelcome warning message to all of its customers
Chase bank, operating solely online, has delivered a blow to customers who hold savings accounts with them by revealing plans to permanently slash the interest rates by 0.25 percent. Historically, the bank's savings have been benchmarked at 1.25% beneath the Bank of England's base rate; however, Chase is set to adjust this tracking margin to 1.50% below the central bank's rate from February onwards.
Furthermore, the bank outlined: "The AER of the Chase Saver account is currently 1.25% below the Bank of England base rate. We're changing this percentage difference from 1.25% to 1.50%. This means if the Bank of England base rate is 4.75%, the AER of our saver will be 3.25%." The pending updates are scheduled to take effect from 19 February 2025, with the bank noting: "These changes will apply from 19 February 2025. If you're happy with them, you don't need to do anything as they'll happen automatically.
The Bank of England decided to maintain interest rates at 4.75% on Thursday, resulting in Chase savers receiving a 3.25% interest rate on their savings. The Bank's Monetary Policy Committee announced that it was keeping rates unchanged on Thursday after reducing them in August and again in November.
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