'I got £600 back just for spending normally'

Millions of Brits could be leaving hundreds of pounds on the table each year from money they are already putting to use. A Which? Money expert has disclosed that he has accumulated more than £600 in cashback simply by selecting the right bank account for his day-to-day spending. The warning comes as Chase prepares to double its cashback rate from 1% to 2% from July, potentially enabling customers to pocket up to £240 a year. The move represents the latest development in an intensifying battle between banks offering cashback on everything from supermarket shopping and fuel to household bills. Matthew Jenkin, senior writer at Which? Money, said he has pocketed more than £600 in cashback since opening 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 customers will be able to earn up to £20 a month, or £240 a year, once the changes take effect on July 1. Dining in restaurants and cafés, as well as takeaways, will also qualify for rewards. Cashback current accounts reward customers with a proportion of what they spend, effectively paying them back for purchases they would be making regardless. However, Which? cautioned that consumers must be vigilant about conditions such as spending restrictions, monthly caps, minimum pay-in requirements and account fees. Its latest research reveals that several banks are now vying for customers with cashback incentives worth up to hundreds of pounds annually. The consumer watchdog found that Chase currently leads the field, with annual rewards set to climb to £240 following the July adjustments. Santander's Edge Up account provides up to £180 per 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. 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 analysis also spotlighted a recent drive by banks to enhance cashback propositions. Chase announced it would double its cashback rate from July and broaden the scope of qualifying expenditure. 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 said consumers should examine more than just 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? expert also encouraged consumers to save their cashback instead of spending it straight away. 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 some easy-access savings accounts are presently paying up to 5 per cent interest, while a number of regular saver accounts offer even more attractive rates for those willing to save modest amounts each month. Which? said consumers can maximise rewards further by ensuring they meet minimum monthly funding requirements, taking advantage of retailer cashback schemes offered by banks and combining cashback current accounts with specialist cashback websites and apps. More details here.