Chase Bank announces interest rate cuts on savings accounts starting this month

Chase Bank is making significant changes to its savings accounts. Starting February 19, the interest rate on its Chase Saver will drop to 3.25%, down from 3.5%. This follows a reduction from 4.5% for older accounts effective January 16. Despite these cuts, Chase remains competitive in the market. It still offers one of the highest rates for easy-access accounts and allows unlimited penalty-free withdrawals. Other banks, like Plum and Chip, currently offer higher rates but with withdrawal limits. Chase also provides a cashback debit card and favorable terms for overseas transactions. Customers may consider moving their savings to other accounts but can still benefit from Chase's features.