Chase Bank announces interest rate cut for savings accounts starting February 2025

Chase Bank will permanently reduce its interest rates on savings accounts by 0.25 percent, effective February 19, 2025. The new rate will be 1.50% below the Bank of England's base rate, compared to the previous 1.25% difference. Currently, if the Bank of England's base rate is 4.75%, Chase customers will receive an interest rate of 3.25%. Customers with boosted saver accounts will also see changes, but they can close their accounts without charge before the effective date. Other banks are offering higher rates, with Atom Bank at 4.85% and Chip at 4.72%. Chetwood Bank and Leeds Building Society also provide competitive rates with flexible withdrawal options.