How do interest and cashback work on a Biscuit joint bank account?

What interest does a Biscuit joint bank account earn?

Similar to your personal Biscuit current account, with a Biscuit joint bank account, you’ll earn 1% AER* variable interest, which you can boost to 2.75% AER* (2.72% gross**) variable by choosing to earn extra interest as your benefit. Interest rates are variable and can change from time to time.

For more about how interest is calculated, read How does interest on my Biscuit bank balance work?

When is interest paid?

Interest is paid monthly, on the day your Biscuit joint bank account was opened.

How is interest on a joint account taxed?

Interest on a joint account is usually split 50/50 between you. Each of you has your own Personal Savings Allowance, so most people won't pay tax on interest. See 'Do I pay tax on interest I earn in a Biscuit current account?' for more, and check HMRC guidance for your own situation.

How does cashback work on a joint bank account?

If you choose cashback on Direct Debits as your benefit, you'll earn cashback on up to £150 per month of Direct Debits that come out of your joint account.

If you choose cashback on groceries as your benefit, you'll earn cashback on up to £150 each month spent on your joint card at shops that mainly sell food and everyday groceries. Whether you’ll earn cashback depends on the type of shop it is.

Every shop is given a category code, called a merchant category code, based on what it mainly sells. We don’t decide or assign this code, but we use it to work out whether a purchase earns cashback on groceries.

You can earn cashback at these shops:

• Supermarkets and grocery stores, such as Tesco and Sainsbury’s

• Convenience stores, markets and specialist food shops, such as Premier and Londis

• Dairies, such as The Modern Milkman and Moreco

You can’t earn cashback at bakeries, sweet and chocolate shops, shops that mainly sell alcohol, restaurants, cafés or takeaways.

If a shop sells groceries but the merchant category code categorises it as something else, you won't earn cashback on what you spend there.

Cashback is calculated daily and paid automatically into your Biscuit joint account once a month.

To check the current cashback rate, take a look at the latest joint account benefits in the Zopa app.

Is the cashback cap per account or per person?

The monthly cashback cap applies to the joint account, rather than separately to each account holder.

Why are joint and personal cashback paid on different days?

As your personal and joint accounts were opened on different dates, the cashback for each account will be paid on different days each month.