Chase Bank makes huge change to its current account cashback deal making it far less attractive

• Only spending on groceries, trasnport and fuel in GBP will be eligible

By HELEN KIRRANE

Updated: 13:05 GMT, 5 March 2025

Chase Bank will overhaul its popular cashback deal from 7 April – a perk that has helped rake in millions of customers.  

From this date, customers will only be able to earn 1 per cent cashback on UK spending made in sterling. 

In addition, customers will also only be able to get cashback on purchases if they fall across three categories – groceries, everyday transport and fuel.

Fuel spending will include electric vehicle charging points while everyday transport spending comprises local and suburban trains, ferries, bus lines and national rail.

Customers will not be able to earn cashback on purchases made in foreign currency. 

It comes as as blow to customers who previously could earn 1 per cent cashback on any spending in the UK or worldwide. 

Chase has overhauled its popular 1 per cent cashback deal limiting it to GBP spending across three catagories

Chase was ranked as the UK’s favourite bank account in a banking satisfaction survey by the Competition and Markets Authority last month.

Its cashback deal has been immensely popular since the US giant launched in the UK in 2021, seeing millions open the account to get it.

Customers will still be able to earn up to £15 a month in cashback or £180 in a year.

In March last year, chase hiked the minimum monthly pay in needed to get the cashback deal to £1,500. Previously it had been £500.

To be able to pay £1,500 into the account a month, many will have to get their salary paid into their Chase account – making it their primary account.

In addition to cashback, Chase offers a 3 per cent linked easy access account with its current account.

In December it moved to add a 1.5 per cent bonus to the account for the first six months, bringing it to a best buy 5 per cent, but this was only available to new customers.

Santander’s Edge and Edge Up current accounts comes with a similar cashback deal, allowing customers to earn 1 per cent cashback on supermarket, travel and fuel costs, capped at £10 a month for the Edge account and £15 a month for the Edge up account. 

The Edge Up account also lets customers earn 1 per centcashback – up to £15 a month – on some household bills when you pay by Direct Debit

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Chase Bank makes huge change to its current account cashback deal making it far less attractive

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