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Martin Lewis warns against giving up your bank account and changing immediately

Martin Lewis warns against giving up your bank account and changing immediately

Martin Lewis’ Money Saving Expert has issued a warning to Chase bank account holders. The BBC Sounds star’s team at MSE has published a guide to Chase accounts after the bank “cut interest rates on its popular 5.1 percent bonus savers.”

MSE asked: “Should you give up and switch?” The team, founded by ITV regular Lewis, said: “Chase has cut the interest on its linked savings accounts by 0.25 percentage points. As of Thursday 8 August, its easy-access ‘Boosted Saver’ now pays 4.85% – down from 5.1% – while its Standard Saver pays just 3.85%.

“The changes mean you can make more money on your savings elsewhere – although it’s still worth keeping Chase for its debit card benefits.” To explain to consumers what that means, MSE said: ” Can you lock money away? Earn more with a fix. The best fixed deposit savings plans currently offer up to 5 percent – ​​or 5.2 percent if you’re willing to open an account through an online savings marketplace like Flagstone or Raisin.

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“With fixed rate savings accounts, the interest rate is guaranteed until maturity – it can’t change during the term. But your money is locked in, which also means you’re usually stuck with it if the accounts no longer seem competitive in a few months (although with fixed rate ISAs you can access your money for a penalty).”

Chase has also eliminated its 1 percent interest rate on checking account balances. But you’ll still get 1 percent cash back on your spending with the debit card, MSE also said. According to Mr Lewis’ team, it is also a top choice for use abroad as it offers near-perfect exchange rates.

It also does not charge any fees for foreign transactions or ATM withdrawals, MSE further explained on its website, as the cost of living crisis continues across the UK.

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