Chase UK Regular Saver vs Lloyds and Bank of Scotland

Chase launched its first UK regular saver on 28 September 2026: 6.5% AER fixed for 12 months, up to £300 a month, with penalty-free withdrawals and interest paid monthly. This review covers exactly what it pays, where the catches are, and how it stacks up against the Lloyds and Bank of Scotland Monthly Savers — which have quietly changed since their 8% launch in July.

Chase Regular Saver: the details

The Chase current account is free, opens in the app in minutes, and has no minimum monthly pay-in — so the "needs a current account" condition is a much lower bar than it is at most banks.

What you'd actually earn

Chase's own figures, paying in the same amount every month for 12 months:

If you were expecting 6.5% of £3,600 (£234), that's the regular saver catch. Your first £300 earns interest for 12 months, your last £300 for one, so the average balance across the year is a little under £2,000. The rate is real; it just applies to a pot that's building from zero.

Pros and cons

Pros

• Fixed for 12 months. Chase can't cut it mid-term, which matters when Lloyds Banking Group has just cut its own headline regular saver rates by three percentage points.

• £300 cap. Joint-highest among the big-name regular savers, so it earns more in cash terms than several accounts with higher rates.

• Penalty-free access. Withdraw any time without losing interest.

• Interest paid monthly. Most regular savers, including Lloyds and Bank of Scotland, pay one lump sum at the end.

• Easy to qualify. A free app-based current account with no pay-in requirement.

Cons

• Not the top rate. Santander pays 8%, First Direct and the Co-operative Bank pay 7%.

• Withdrawn money can't simply go back in. The £300 monthly limit still applies, so a withdrawal permanently reduces what you'll have at the end of the year.

• The landing account is weak. The standard Chase Saver pays 2.25% variable. Pick where the money goes at maturity, and move it if there's something better.

• One per customer. You can't open a second to double the cap.

How it compares to Lloyds and Bank of Scotland

Some context first. In July, Lloyds and Bank of Scotland launched Monthly Savers at 8% fixed and briefly topped the market. That rate has now been withdrawn for new customers. As of today, the Lloyds Monthly Saver and Bank of Scotland Monthly Saver both pay 5% fixed, and the Club Lloyds Monthly Saver pays 6.25% fixed. Anyone who opened at 8% keeps it until their account matures; anyone opening now gets the new rates.

That reshuffles the comparison.

*Estimated using the same method for every account (maximum deposit at the start of each month, no withdrawals). Providers' own worked examples use slightly different timing: Chase quotes £125.53 at £300 a month; Lloyds quotes £93.75 for Club Lloyds and £75 for the Monthly Saver at £250; Bank of Scotland quotes £75.

The differences that matter

Rate and cap together. Chase wins on both. At the same £250 a month, it earns roughly £4 more than Club Lloyds and £24 more than Lloyds or Bank of Scotland. Max out Chase's £300 and the gap over the two 5% savers is about £45 a year.

Interest timing. Chase pays monthly. All three Lloyds Banking Group accounts pay a single lump sum at the end of the 12 months. It's the same money, but with Chase you can see it building and it compounds inside the account.

Flexibility of deposits. Lloyds and Bank of Scotland want £25–£250 in by the 25th of each month. Chase sets a maximum and nothing else, which suits anyone whose income is uneven.

Withdrawals. All four are easy access with no penalty, and all four have the same catch: you can only put money back within that month's deposit limit. None is meaningfully more flexible than the others here.

The current account behind it. Chase's is free with no strings. Lloyds' Classic and Bank of Scotland's Classic are also free, but Club Lloyds carries a monthly fee unless you meet its pay-in condition — worth factoring in if you'd be opening it purely for the saver.

Age. Lloyds and Bank of Scotland Monthly Savers are open from 16. Chase and Club Lloyds are 18+.

FSCS. Three separate banking licences: J.P. Morgan Europe Limited (Chase), Lloyds Bank plc, and Bank of Scotland plc (shared with Halifax). At regular saver balances it's academic, but it means holding all three doesn't concentrate your protection.

Which should you open?

• Opened a Lloyds or Bank of Scotland saver at 8% in July or August? Keep it. You're locked in at a rate nobody's offering now. Add Chase alongside it if you can afford another £300 a month.

• Already have a Club Lloyds account? Club Lloyds at 6.25% is close enough to Chase that it's not worth opening a Chase account just to switch. Open both if you're saving more than £250 a month.

• Have a standard Lloyds or Bank of Scotland account? Chase pays 1.5 percentage points more and takes £50 a month more. It's the better account for new money.

• None of the above? Chase is the easiest of the four to get, and the only one that's fixed, penalty-free and pays monthly. It's the one to open — but check Santander (8%) and First Direct (7%) first if you bank with either, because they pay more.

Regular savers stack. There's nothing stopping you holding Chase, a Lloyds Group saver and a Santander saver at the same time — the caps are per account, not per person.

The wider market

Chase sits fourth on rate but second on pounds earned among the big-name regular savers, and rates in this corner of the market move fast. The table below is live:

FAQs

Is the Chase Regular Saver rate fixed?
Yes. 6.5% AER is fixed for 12 months from the day you open the account. Chase can't change it during the term.

Can I withdraw from the Chase Regular Saver without losing interest?
Yes. Withdrawals are free and don't affect your rate. The only catch is that you can't put more than £300 back in during any month, so withdrawn money can't always be replaced.

Do I need a Chase current account?
Yes. The current account is free, has no monthly pay-in requirement, and is open to UK residents aged 18 and over.

What happens after 12 months?
Your balance and interest transfer to a Chase current or saver account of your choosing. The Regular Saver itself stays open at whatever rate applies at the time. The standard Chase Saver pays 2.25% variable, so it's worth moving the money on.

Is Chase better than the Lloyds Monthly Saver?
For new customers, yes. Chase pays 6.5% on up to £300 a month; the Lloyds Monthly Saver now pays 5% on up to £250. Club Lloyds at 6.25% is closer, but Chase still edges it on rate, cap and monthly interest.

Are the Lloyds and Bank of Scotland 8% savers still available?
No. The 8% rate launched in July was withdrawn for new customers in September. Existing accounts keep 8% until they mature.