Chase Bank to lower interest rates on Saver accounts starting February 13

Chase Bank will reduce interest rates on its standard Saver account starting February 13, dropping from 3.5% to 3.25%. A further decrease to 3% is expected the following week, reflecting changes in the Bank of England's base rate. New customers can still benefit from a promotional rate of 4.75% for the first six months if they open an account within 31 days. This rate includes a fixed bonus of 1.5% on top of the standard rate. Other banks, like Barclays, are also cutting rates on their savings accounts. The changes come as many banks adjust to the recent drop in the Bank of England's base rate, which is currently at 4.5%.