Martin Lewis’s Money Saving Expert (MSE) has revealed the top two cashback current accounts currently available, which can earn users up to £30 per month.
A cashback bank account rewards customers with a percentage of money back on certain transactions, such as paying bills or making purchases, helping them earn while they spend.
According to MSE, the providers offering the best deals of this kind are Santander and Chase.
As well as cashback, the two accounts offer a range of perks, such as fee-free spending abroad and high-interest savings accounts.
Here is a rundown of Santander’s Edge and Chase’s Current Account offers.
Santander Edge
The Santander Edge account offers a range of perks for customers willing to pay a £3 monthly fee. It provides 1% cashback on eligible bills – such as water, energy, council tax, mobile, broadband, phone, and paid-for TV – as well as 1% on supermarket and travel spending. Cashback is capped at £10 per month in each category, allowing customers to earn up to £20 monthly.
Additional features include a linked easy-access savings account with a competitive 6% interest rate (up to £4,000 balance, single accounts only), and no fees for overseas spending or cash withdrawals with the Santander Edge debit card.
To qualify for cashback and the savings account, customers must pay in at least £500 per month and set up two or more Direct Debits.
For those with higher bills or spending needs, Santander Edge Up offers up to £15 cashback per category (capped at £30 total), but with a higher £5 monthly fee. Note that the 6% savings account is not available with this option.
A bonus incentive is available for new customers, offering a £150 cash reward for switching to Santander Edge.
Chase Current Account
The Chase current account offers 1% cashback on nearly all spending for new customers during their first 12 months, capped at £15 per month. There is no fee to open this account.
After this period, customers need to deposit at least £1,500 per month to continue earning cashback, though workarounds may be available. Cashback also applies to spending overseas, and there are no fees for international transactions or cash withdrawals.
Chase includes a linked easy-access savings account offering 3.5% AER interest, with new customers receiving an additional 1.25% boost for six months if the account is opened within 31 days.
However, while this may sound appealing, MSE noted that other savings accounts can “beat” these rates.
A “round-up” feature also saves spare change from purchases into an account paying 5% interest.
To use Chase, customers need a device with at least iOS 14.1 or Android 8.1.
