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Preheat the oven to 425 degrees F (220 degrees C).
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Make the biscuits: In a medium bowl, stir together Bisquick, milk, melted butter, and Cheddar until a soft dough forms. Drop dough by spoonfuls to create eight biscuits on an ungreased cookie sheet.
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Bake in the preheated oven until golden brown, 16 to 18 minutes.
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Meanwhile, make the topping: In a small bowl, stir together melted butter, salt, Old Bay, garlic powder, and parsley flakes.
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Remove biscuits from the oven and immediately brush with topping. Serve warm.