Which? stated customers may enhance rewards additional
Martin Lewis reveals methods to get cashback from Amazon
Hundreds of thousands of Brits may very well be lacking out on a whole bunch of kilos a yr from cash they’re already spending.
A Which? Cash skilled has revealed he has earned greater than £600 in cashback just by utilizing the correct checking account for on a regular basis purchases. The alert comes as Chase prepares to double its cashback fee from 1% to 2% from July, probably permitting clients to earn as much as £240 a yr. The transfer is the newest salvo in a rising battle between banks providing cashback on all the things from grocery store procuring and gasoline purchases to family payments.
Matthew Jenkin, senior author at Which? Cash, stated he had pocketed greater than £600 in cashback since opening his account in November 2022.
He stated: “I’ve quietly earned a whole bunch of kilos on on a regular basis spending since opening an account almost 4 years in the past, however I would all however deserted it after tighter guidelines shrank the checklist of eligible purchases.
“Now, with cashback set to rise from 1% to 2% from July and eating added to the checklist of eligible spending, I am reaching for my blue numberless debit card once more.”
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Which? stated customers may enhance rewards additional (Picture: Getty)
In response to Which?, Chase clients will have the ability to earn as much as £20 a month, or £240 a yr, as soon as the modifications take impact on July 1. Eating in eating places and cafés, in addition to takeaways, will even qualify for rewards.
Cashback present accounts reward clients with a share of what they spend, successfully paying them for purchases they might be making anyway.
Nonetheless, Which? warned that buyers must be careful for circumstances together with spending restrictions, month-to-month caps, minimal pay-in necessities and account charges.
Its newest evaluation reveals a variety of banks are actually competing for patrons with cashback incentives price as much as a whole bunch of kilos a yr. The buyer group discovered Chase at the moment tops the desk, with annual rewards set to rise to £240 following the July modifications.
Santander’s Edge Up account presents as much as £180 a yr on family payments, whereas Santander Edge pays as much as £120. Zopa’s Biscuit account presents as much as £80 and Nationwide’s FlexDirect account as much as £60.
Greatest cashback present accounts
Account Cashback provide – Most annual cashback
- Chase 1% rising to 2% from July – £240
- Santander Edge Up 1% on family payments – £180
- Santander Edge 1% on family payments – £120
- Zopa Biscuit 4% on family payments in first yr – £80
- Nationwide FlexDirect 1% on purchases for one yr – £60
* Supply: Which?, Could 2026.
I’ve pocketed £600+ in cashback from on a regular basis spending.
With Chase doubling its cashback fee from July, is it nonetheless one of the best deal round? See how the newest cashback accounts stack up and methods to maximise your rewards.https://t.co/M78zyDRYKd pic.twitter.com/wv9GuHXsRz
— Which? Cash (@WhichMoney) June 2, 2026
The analysis additionally highlighted a current push by banks to spice up cashback presents. Chase introduced it might double its cashback fee from July and broaden the vary of qualifying spending.
In the meantime, Zopa has launched a 4% cashback provide on direct debits for brand new clients opening its Biscuit present account. Which? stated the deal may very well be price as much as £80 a yr however is just obtainable till June 9.
Mr Jenkin stated customers ought to look past headline cashback charges when selecting an account. He stated: “Massive cashback presents could be tempting, however one of the best account for additionally, you will depend upon charges, restrictions and customer support.”
For these seeking to maximise returns, he recommended holding a couple of cashback account the place account guidelines enable. He stated: “So long as you meet the standards, there’s nothing stopping you opening a couple of cashback present account.”
The Which? skilled additionally urged customers to avoid wasting their cashback reasonably than instantly spend it. He stated: “When you may simply spend it, putting it in a financial savings account or tax-free Isa means the cash will step by step develop over time.”
He famous that some easy-access financial savings accounts are at the moment paying as much as 5 per cent curiosity, whereas a variety of common saver accounts provide even greater charges for these ready to avoid wasting small quantities every month.
Which? stated customers can enhance rewards additional by ensuring they meet minimal month-to-month funding necessities, utilizing retailer cashback schemes supplied by banks and mixing cashback present accounts with specialist cashback web sites and apps. Extra particulars right here.
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