Which? stated that consumers can maximise rewards
Millions of Brits could be forfeiting hundreds of pounds annually on expenditure they’re making regardless.
A Which? Money specialist has disclosed that he’s bagged over £600 in cashback purely through using the appropriate bank account for routine transactions. This warning emerges as Chase gears up to increase its cashback offering from 1% to 2% starting in July, potentially enabling account holders to accumulate up to £240 yearly. The development marks the latest move in an intensifying competition among banks providing cashback on items ranging from grocery shopping and petrol to utility payments.
Matthew Jenkin, senior writer at Which? Money, revealed he’s accumulated more than £600 in cashback since establishing his account in November 2022.
He said: “I’ve quietly earned hundreds of pounds on everyday spending since opening an account nearly four years ago, but I’d all but abandoned it after tighter rules shrank the list of eligible purchases.
“Now, with cashback set to rise from 1% to 2% from July and dining added to the list of eligible spending, I’m reaching for my blue numberless debit card again.”
According to Which?, Chase account holders will be capable of earning up to £20 monthly, or £240 annually, when the modifications come into force on July 1. Restaurant and café meals, alongside takeaways, will additionally qualify for rewards.
Cashback current accounts compensate customers with a proportion of their expenditure, essentially reimbursing them for purchases they’d be making in any case. However, Which? cautioned that consumers must be mindful of conditions including spending restrictions, monthly caps, minimum pay-in requirements and account charges.
Its latest analysis reveals several banks are now vying for customers with cashback incentives worth up to hundreds of pounds annually. The consumer group discovered Chase currently leads the way, with annual rewards set to increase to £240 following the July changes.
Santander’s Edge Up account provides up to £180 a year on household bills, while Santander Edge pays up to £120. Zopa’s Biscuit account delivers up to £80 and Nationwide’s FlexDirect account up to £60.
Best cashback current accounts
Account Cashback offer – Maximum annual cashback
- Chase 1% rising to 2% from July – £240
- Santander Edge Up 1% on household bills – £180
- Santander Edge 1% on household bills – £120
- Zopa Biscuit 4% on household bills in first year – £80
- Nationwide FlexDirect 1% on purchases for one year – £60
* Source: Which?, May 2026.
The research also spotlighted a recent drive by banks to enhance cashback offers. Chase revealed it would double its cashback rate from July and broaden the range of qualifying spending.
Meanwhile, Zopa has introduced a 4% cashback offer on direct debits for new customers opening its Biscuit current account. Which? stated the deal could be worth up to £80 annually but is only available until June 9.
Mr Jenkin urged consumers to look beyond headline cashback rates when selecting an account. He said: “Big cashback offers can be tempting, but the best account for you will also depend on fees, restrictions and customer service.”
For those seeking to maximise returns, he recommended holding more than one cashback account where account rules permit. He said: “As long as you meet the criteria, there’s nothing stopping you opening more than one cashback current account.” The Which? specialist also urged consumers to save their cashback rather than immediately spend it. He said: “While you could just spend it, placing it in a savings account or tax-free Isa means the money will gradually grow over time.”
He pointed out that certain easy-access savings accounts are presently offering up to 5 per cent interest, while several regular saver accounts provide even better rates for those willing to put away modest sums each month.
Which? stated that consumers can maximise rewards by ensuring they satisfy minimum monthly funding criteria, utilising retailer cashback programmes provided by banks and pairing cashback current accounts with dedicated cashback websites and applications. Further information available here.
