Chase current account cashback deal - how to get free money in your bank without changing direct debits

The popular Chase current account that gives you cashback on all your spending extended its cashback deal for existing customers earlier this year. The deal, which gives 1% cashback on everyday spending – food, petrol, clothes, holidays, train fares – was originally just for the first 12 months for all new sign-ups.

However from April 2023, the bank announced it would offer another 12 months of 1% cashback once that came to an end. If you set up a Chase current account before May 9, 2023, in your first year you would earn uncapped cashback however from May that changed so the maximum cashback you can get each month is £15.

So if you sign up for a new Chase current account now, you’ll still be able to get 12 months of 1% cashback, capped at £15 a month. After that you get another 12 months of 1% cashback but you have to pay in £500 a month to be eligible (as long as you pay in £500 the month before your initial 12-month period comes to an end you’ll be eligible for cashback the next month but you must then pay in £500 minimum each month to be eligible for cashback in each following month).

You cannot get cashback on direct direct debits so monthly bills and rent will not contribute to getting cashback. But unlike some current account switching deals, you don’t have to have any direct debits coming out of Chase, so you can keep your existing current account and not have to give your employer and other companies your new account details.

Blaine, Minnesota, JPMorgan Chase Bank the largest bank in the country with a new location in Blaine. (Photo by: Michael Siluk/UCG/Universal Images Group via Getty Images)

There are a host of things that you can’t earn cashback on like gambling transactions and car or van deals. You can see a full list of the exemptions here.

If you are interested in signing up you can do so through the Chase website where they also have a service to help with switching across if you are closing your old current account. Other top switching deals, some of which do require you to transfer your direct debits, include the First Direct switch that pays you £175, and TSB which pays you £150 and has cashback offers.

Get cashback twice

While paying for your everyday purchases on your Chase current account earns you 1% in cashback, you can boost that significantly by using a cashback website like Quidco or TopCashback. Before buying something, put the name of the retailer into the Quidco or Topcashback site to check if they offer cashback. If they do, click through to the website via the cashback site and it’ll earn you money on the purchase, on top of the 1% you already get by using your Chase debit card.

This can be particularly lucrative for pricey purchases or payments like car and home insurance as you can get a lump sum such as £45 in cashback for taking out a new insurance policy through Quidco or TopCashback, and then an extra £1 for every £100 you are spending by paying for the policy outright using your Chase debit card.

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