However, while the headline rates are eye-catching, the two offers are very different. Below, we explain how the new Zopa and Chase cashback deals work, the terms and conditions you need to be aware of, and how to decide which one is right for you.
Zopa doubles cashback on household bills to 4%
Zopa Bank has temporarily doubled the cashback offered on its flagship Biscuit current account from 2% to 4%. The offer is designed to help consumers offset the rising cost of household bills.
To access the offer, you need to open a Biscuit current account via the Zopa app and set up your essential household bills to be paid by Direct Debit.
Customers who meet this deadline will receive the enhanced 4% rate for a full 12 months. The cashback is earned on essential bills, such as energy, council tax, and broadband, and is paid directly into the account once a month. You can earn the enhanced rate on up to £2,000 of Direct Debits per year, which equates to a maximum of £80 in cashback.
Alongside the promotional cashback rate, the Biscuit current account offers several other features:
- Interest - The account pays 2.00% AER on the main current account balance.
- Linked savings rate - Customers get access to a Regular Saver account paying 7.10% AER on deposits of up to £300 per month.
- App-based money management - Link external bank accounts within the Zopa app so you can manage all of your money from one place.
- Fee-free spending abroad - Use your debit card overseas without incurring foreign transaction fees.
- Financial protection - As a fully licensed UK bank, eligible deposits held with Zopa are protected by the Financial Services Compensation Scheme (FSCS).
- No hard credit check - Opening the account does not require a hard credit search, meaning it will not impact your credit score.
To qualify for the Zopa Biscuit double cashback offer (4% on essential bills), the account must be opened by 9th June 2026.
Chase boosts cashback to 2% but introduces new requirements
Chase is also doubling its cashback offer, increasing its rate from 1% to 2% from 1st July 2026. The bank is also expanding the categories where you can earn cashback to include UK restaurants, cafes, and takeaways, in addition to the existing categories of UK groceries, transport, and fuel.
Furthermore, the maximum cashback you can earn each month is rising from £15 to £20, meaning customers can earn up to £240 a year.
However, there is a catch. To qualify for the boosted cashback, Chase has introduced strict new eligibility criteria that apply from 1st June 2026. The previous requirement to simply pay £1,500 into the account each month has been scrapped. Instead, customers must now meet both of the following conditions each calendar month to earn cashback in the following month:
- Make 15 or more card transactions or Direct Debit payments - This can be split across a Chase debit and credit card, but things like standing orders or bank transfers do not count. There is no minimum spend per transaction.
- Keep at least £1,000 in a Chase savings account - You must maintain a minimum balance of £1,000 across one or more Chase savings accounts continuously every day for the entire calendar month. Cash held in your current account does not count.
If you are a new Chase customer still in your first year, you will get a grace period for June, but you will need to meet the new criteria (detailed above) from July to continue earning cashback in August.
Which cashback account is right for you?
When comparing the Zopa Biscuit and Chase current accounts, the right choice depends entirely on your spending habits and how you manage your money. If you want a simple way to earn money back on your household bills without needing a large savings balance, the Zopa Biscuit account is a strong option. Just remember that the 4% offer is only available if you open the account by 9th June 2026.
On the other hand, if you spend heavily on groceries, commuting, and dining out, the Chase account offers a much higher potential return of up to £240 a year. However, you must be comfortable locking away at least £1,000 in a Chase savings account and making at least 15 transactions a month. While Chase offers competitive interest rates on its savings accounts, keeping your money there could mean missing out on the top-paying rates elsewhere in the market.
| Zopa Biscuit Account | Chase Account | |
|---|---|---|
| Max Annual Cashback | £80 (under boosted offer) | £240 (under boosted offer) |
| Best for... | Automated fixed costs (Energy, Council Tax, Broadband) | Active lifestyle spending (Groceries, Commuting, Dining Out) |
| Effort level | Low: Set up Direct Debits once and let it run. | High: Tracking 15 monthly transactions & keeping savings locked. |
| The "Opportunity Cost" | None really, no major savings balance required to unlock it. | You have to place £1,000 into Chase savings meaning you might miss out on higher interest rates elsewhere. |
Ultimately, you don't have to choose between either, you could use both and achieve the maximum amount of cashback across both accounts (£320 over the next 12 months in total) as long as you make sure you stick to the cashback conidtions.
Ultimately, both Zopa and Chase are digital-only banks, meaning they are managed entirely through a smartphone app with no physical branches. If you value face-to-face banking or regularly need to deposit cash, a traditional high street bank may be a better option. You can compare the top options in our article 'Which is the best app only bank in the UK'.
£200 Pension Cashback Offer
Make a qualifying deposit or transfer a pension to our partner Interactive Investor.
- Deposit or transfer a pension of at least £20k and you could earn £200 cashback
- Terms and Fees apply, Capital at risk
- New & Existing customers opening a SIPP
- Offer ends 30th June 2026
Before starting your transfer, check you won't lose any valuable benefits (such as guaranteed annuity rates or a lower protected pension age) and find out what exit fees you might have to pay
