Savvy spenders have just four days left to apply for a bank account which can reward customers with unlimited cashback.

1

In the latest MoneySavingExpert newsletter, Martin Lewis said: “For over a year now, the Chase banking app, owned by US giant JPMorgan, has been in three best-buy categories.

“And as you don’t need to switch to it to get the perks, it’s easy to use in conjunction with your existing bank.”

One of the major perks of signing up for an account is unlimited 1% cashback on everyday spending when using the Chase debit card.

But from next week, the amount of cashback that can be earnt will be cut to a maximum of £15 a month.

Martin said: “Apply by Monday, May 8, and for the first year its debit card gives you 1% cashback on all normal spending done on it (it excludes buying cars, art, gambling and cash from Bureau de change).

“Many have earnt big, like our own MSE Steve B who earnt £402.24 in cashback since Feb last year.

“From next Tueday, newbies get cashback limited to £15 a month (so only cashback on the first £1,500 monthly spending).

“It’s still a best buy, but just not as good, especially for bigger spenders. So if you’re going to get it, don’t delay.”

Customers can sign up for the account by downloading the Chase app on the App Store or Google Play store.

You’ll need to provide a photograph of identification and the bank will run a soft credit check to assess your eligibility.

Customers will be provided with a free physical debit card which can be used fee-free when making overseas transactions and cash withdrawals.

Chase account holders also get free access to a linked savings account which currently pays 3.1% back on deposits of £1 or more.

But it’s important to remember that if you’re not a big spender you might be better off looking at moving to another bank account to take advantage of other free cash perks.

What are other banks offering?

Three major banks are paying bonuses of up to £200 if you are a new customer switching your current account over to them.

Despite a recent surge in people moving banks, millions have stuck with the same account for more than a decade and could be missing out on a much better deal.

NatWest, RBS and HSBC are both offering a £200 bonus, while First Direct will pay £175.

With NatWest and RBS you can get the bonus by switching to their Select accounts which come with no monthly fee.

You’ll need to open the account online and give NatWest details of the existing account you want to switch.

The banks will then move all your direct debits within seven working days.

You must pay in at least £1,250 and log into the bank’s app within 60 days to get your bonus.

Alternatively, if you’re able to pay in at least £1,250 a month, you could get the £200 bonus, plus up to £36 a year in cashback by switching to the NatWest Reward or RBS Reward account following the same process.

Meanwhile, HSBC offers £200 if you switch to its

Advance account which has no monthly fee.

You don’t have to pay in a set amount every month, but you’ll need to deposit at least £1,500 within 60 days to get your bonus.

You can open the account online or in branches, so it’s the only bank offering free cash even if you don’t use the internet.

As with NatWest and RBS you’ll need to share details of an existing bank account with at least two direct debits that you want to switch across within 30 days.

First Direct pays £175 if you switch to its 1st Account.

You can only open it online or through its app and you’ll need to pay in £1,000 within three months.

You won’t get the bonus if you’ve previously had a First Direct or HSBC account.

How to find the best bank accounts

With your current rates in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.

Using price comparison websites such as Compare the Market, GoCompare and MoneySupermarket will help save you time and show you the best rates available.

These sites let you tailor your searches to an account type that suits you.

You might come to realise that a different account is better suited to you instead of one with the biggest switching incentive.