JP Morgan's Digital Bank Chase Launches Savings Account with 1.5% Interest

JP Morgan's new digital bank Chase is launching a savings account offering interest of 1.5% as rate rises look to spark a new savings war among lenders.

The new account is double the Bank of England base rate as Chase competes to snatch savers from the high street giants.

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The investment banking is entering the savings market at a time when the average rates can hover anywhere between 0.75% and 0.9%. The offer is likely to be attract at a time when inflation is at it highest level in three decades, 6.2%. 

The rate will be available to all new and existing Chase current account holders and will be promoted via the Chase app. It is the first product launch since Chase debuted last September.

Savers can deposit up to £250,000 and will have easy access to their money with no fees, charges or loss of interest. The savings account will be followed by an expansion of products last this year, with Chase understood to be eyeing lending and investment.