Chase customers set to be worse off in days if they don’t act

manchestereveningnews.co.uk:

Chase has confirmed plans to reduce the interest rate on its easy-access Chase Saver account in just a few days. This means that from Wednesday, February 19, customers who have an account with Chase will see a decrease in their returns.

The change is due to the way Chase Saver rates align with the Bank of England's base rate, which currently stands at 4.5 per cent.

At present, Chase's interest rate is 1.25% below the base rate, but this gap is set to widen next month to 1.5% below the base rate, resulting in a 0.25% difference.

Chase has emphasised that other interest rates in its products are not linked to the Bank of England base rate. It said: "We keep our interest rates under constant review and can change these for one of the reasons set out in our terms and conditions." It added: "We'll let customers know if there are any changes to our rates in the future." It comes after Barclays introduced similar changes this week by slashing its savings rates on two accounts.