Digital bank Chase has announced a new cashback offer for its existing customers.
The bank currently offers 1% cashback on spending for all new customers for 12 months, but from 1 April, existing customers can qualify for another 12 months of 1% cashback.
That’s up to 24 months of cashback at 1% available. So, if you’re thinking of switching bank accounts, the bank could be a contender.
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Customers can earn cashback on supermarket shopping, travel, meals, entertainment, homeware and flights. Spending abroad also qualifies - the bank does not charge any fees for using your card abroad.
To qualify for the offer, customers must pay at least £500 a month into their Chase current account each month.
Other accounts offering cashback
Chase is not the only bank offering cashback on purchases.
Nationwide recently announced it’s giving 5% cashback on groceries, capped at £10 a month. But the deal will only run from 9 February to 30 April, or until £100m has been paid back to consumers.
For £3 a month, Santander’s Santander Edge account also offers up to £20 cashback a month, including 1% cashback on up to £10 a month on grocery shopping and 1% cashback on household bills.
Santander’s 123 account also pays 3% cashback on household bills, capped at £15 a month.
Chase introduces interest on current account balances
As well as its cashback offer, from 1 April customers will be able to earn 1% AER on their current account balances with Chase.
There is no minimum deposit or direct debit requirements, and it will apply to all Chase current accounts. Interest will be paid on the first day of each month and accrue daily.
Chase's current account holders also have access to its savings account, which pays 3% AER. But given that there are savings accounts offering rates of up to 7%, it’s worth shopping around for the best savings account.
Additionally, the bank provides 5% AER on its round-up account. For customers who opt-in to this offer, each transaction is rounded up to the nearest pound with the round-up deposited in a separate savings account earning 5% interest.
Chase is an app-based bank so if you prefer a physical branch, it might not be the bank for you. Customers can get support in-app, via live chat or by phone.
Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She joined MoneyWeek in 2019.
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