Reward & Cashback current accounts

A number of bank and building societies offer generous cashback or rewards if you transfer your current account to them. So why not see if you can get something for nothing by switching your account now?

Switching Cashback Current Accounts - Ordered by the amount of Cashback/Reward

  1. Switching Gift Card!

    Earn up to £220 on an M&S gift card! Receive £100 when you switch and up to £120 when you stay! Conditions apply, see T&Cs

    Great for
    Switch to M&S and earn £100 on an M&S gift card plus £10 gift card top up per month for up to 12 months. See T&Cs
    Access to the 6% AER high interest rate M&S Monthly Saver account. See T&Cs
    But be aware that
    To qualify for the £100 gift card you must use the Current Account Switch Service and have two active direct debits
    To qualify for a £10 monthly top up on your gift card you must have two active direct debits and a minimum monthly funding of £1,000

    Representative Example:

    0% EAR variable on the first £100. 15.9% EAR variable thereafter.

  2. Exclusive

    Get £100 for switching when you apply through MoneySuperMarket - plus up to £5.50 per month. Ts&Cs apply

    Great for
    Rewarding you up to £5.50 every month for simply doing Everyday Banking things
    To be rewarded £4 per month and 5p per debit card transaction (max £1.50), each month: pay in £800+, stay in credit/within agreed overdraft limit, log in to Online or Mobile Banking, remain opted in for Paperless Statements & pay out 4+ Direct Debits
    But be aware that
    Overdrafts are only available to account holders 18 or over. Subject to status.
    To qualify for Everyday Rewards you must meet all the qualifying criteria and opt in to the scheme. Account Terms & Conditions apply

    Representative Example:

    The advance of credit of £1,200 at an interest rate of 18.9% EAR variable per annum.

  3. Exclusive

    £150 cashback when you switch your current account to first direct through MoneySuperMarket!

    Great for
    Receive £150 cashback when you switch to first direct through MoneySuperMarket
    Earn a market leading 6% interest from first direct's regular saver and access preferential mortgage rates - open to first direct banking customers only
    But be aware that
    Minimum monthly funding of £1,000
    No interest paid on balances in credit
  4. £150 cashback

    £150 cashback when you switch your current account to Yorkshire Bank. T&Cs apply

    Great for
    2% AER in credit interest. Use for end of month balances or savings
    9.9% EAR Overdraft rate – great option for overdraft occasional users
    But be aware that
    Minimum monthly funding £1,000
  5. £150 cashback

    £150 cashback when you switch your current account to Clydesdale Bank. T&Cs apply

    Great for
    2% AER in credit interest. Use for end of month balances or savings
    9.9% EAR Overdraft rate – great option for overdraft occasional users
    But be aware that
    Minimum monthly funding £1,000
  6. £120 cashback

    £120 when you switch your current account using the Current Account Switch Service. T&Cs apply

    Great for
    £120 when you switch to the HSBC Advance Bank Account using the Current Account Switch Service within 30 days of account opening
    Access to a fixed rate of 6% AER/gross on HSBC's Regular Saver for 12 months
    But be aware that
    Minimum monthly funding of £1,750 or six-monthly funding of £10,500 required
    Minimum and maximum monthly deposit limits apply to HSBC's Regular Saver. No partial withdrawals are permitted

    Representative Example:

    assuming a formal overdraft of £1,200 on the HSBC Advance Bank Account, the overdraft rate is 17.9% EAR variable. Therefore, if you used £500 for 10 days, you would pay £2.27 in interest

    EAR is Effective Annual Rate. This takes account of the interest rate and how often interest is charged, and does not include any other fees or charges.

    Overdrafts are subject to status.

  7. £120 cashback

    £120 when you switch your current account using the Current Account Switch Service. T&Cs apply

    Great for
    No monthly account fee
    Access to your money 24/7 through HSBC Online, Phone & Mobile banking services
    But be aware that
    Must be 18 years or over to apply for this account
    Minimum monthly deposit of £500 required (unless under the age of 24)

    Representative Example:

    assuming a formal overdraft of £1,200 on the HSBC Bank Account, the overdraft rate is 19.9% EAR variable. Therefore, if you used £500 for 10 days, you would pay £2.51 in interest

    EAR is Effective Annual Rate. This takes account of the interest rate and how often interest is charged, and does not include any other fees or charges.

    Overdrafts are subject to status.

Ongoing Rewards & Cashback Current Accounts - Ordered by the amount of Cashback/Reward

  1. Great for
    Earn up to £15/month loyalty rewards
    Earn enhanced cashback at over 100 online retailers and Expedia when you shop through SmartSpend
    But be aware that
    £3 monthly fee
    Must pay in at least £800 & pay out at least two direct debits every month to be eligible
  2. Exclusive

    Get £100 for switching when you apply through MoneySuperMarket - plus up to £5.50 per month. Ts&Cs apply

    Great for
    Rewarding you up to £5.50 every month for simply doing Everyday Banking things
    To be rewarded £4 per month and 5p per debit card transaction (max £1.50), each month: pay in £800+, stay in credit/within agreed overdraft limit, log in to Online or Mobile Banking, remain opted in for Paperless Statements & pay out 4+ Direct Debits
    But be aware that
    Overdrafts are only available to account holders 18 or over. Subject to status.
    To qualify for Everyday Rewards you must meet all the qualifying criteria and opt in to the scheme. Account Terms & Conditions apply

    Representative Example:

    The advance of credit of £1,200 at an interest rate of 18.9% EAR variable per annum.

  3. Great for
    3% back on seven household bills (Council Tax, Mobile, Landline, TV Package, Water, Gas, Electricity & Broadband)
    Unlimited rewards on household bills if paid by Direct Debit
    But be aware that
    £3 monthly fee
  4. 2016 SUPERS

    Winner of the Best 'Loyalty’ Current Account Provider

    Great for
    Monthly cashback on selected household bills
    Monthly interest of 3% AER (variable) payable on your entire balance up to £20,000, when you have at least £3,000 in your account
    But be aware that
    A £5 account fee will be taken from your account each month
    You must pay in at least £500 each month 
  5. Great for
    3% back on household bills with no limit on the Rewards you can earn on the seven eligible household bills
    European travel insurance including winter sports, plus mobile phone insurance
    But be aware that
    £12 monthly fee
    Household bills will need to be paid by Direct Debit
  6. Great for
    3% back on household bills with no limit on the Rewards you can earn on the seven eligible household bills
    Worldwide travel insurance and preferential rates on Travel Money
    But be aware that
    £18 monthly fee
    Household bills will need to be paid by Direct Debit
  7. 2016 SUPERS

    Winner of the Best Overall Provider

    Great for
    In credit interest of 5% AER for balances from £0 - £2,000. Access to a Monthly Saver Account earning 5%AER (fixed) for 12 months. Deposit from £25 up to a max of £250 a month by standing order
    With 5% Cashback on your first £100 Contactless payments every month (T&Cs apply). Subject to eligibility. End Dec 2016.
    But be aware that
    The Classic Plus Account is subject to application and approval
    To earn 5% AER on the Classic Plus Account credit your account with a minimum of £500 each month, register for internet banking, paperless statements and paperless correspondence

Reward and Cashback accounts

What is a cashback account?

A cashback account is an account which gives you a cash bonus or reward when you switch to it. The cash is offered as an incentive by banks and building societies to persuade people to move their money across from another provider. Sometimes however, the reward may take a different form. For example, if the account is a packaged account with a monthly fee, the fees may be waived for a set period of time. Most of the accounts that offer cash incentives or rewards are current accounts.

Who do they suit?

Reward current accounts that pay a cash bonus when you switch often come with strings attached, or may not always necessarily offer the most competitive rates of credit or overdraft interest, which will mean they won’t be suitable for everyone.

You should always check whether the account is appropriate for your needs before moving, otherwise the benefit of the cash bonus or reward could be cancelled out. For example, if you tend to be overdrawn frequently and switch to a reward bank account purely because it is offering cashback, but it has expensive overdraft charges, you might be better off with an account with no cash bonus, but low overdraft fees.

Benefits

The benefits of this type of cash back current account are clear – a cash lump sum or other reward when you switch your account over. Given today’s low interest rate environment and how difficult it can be to earn decent returns, this kind of incentive can be extremely valuable when it comes to giving your savings an extra boost. You usually get paid the cash back within three months of moving your account across to the new provider.

Negatives

It’s easy to be tempted by cash back current accounts while ignoring what else the account is actually offering. Remember that if you go overdrawn regularly, you should check the overdraft charges, or if you tend to keep a large balance in your current account, you must find out how much interest you will earn if you are in credit.

You may be required to pay in a minimum amount each month to qualify for the switching incentive offered by the reward account. Bear in mind too that if you don’t meet this minimum deposit, in some cases you may be changed a monthly fee, which would soon wipe out the benefit of a cash bonus for switching. Some banks require that you pay in your salary each month, so always read the small print carefully first.

Alternatives

If you can’t pay in a certain amount each month and therefore won’t qualify for a cash reward, then choose a current account that doesn’t require regular monthly deposits. There are plenty to pick from, so you should choose one that is appropriate for your needs – think about how you run your current account before moving, so that you know whether an account with high interest when you’re in credit or an account with low overdraft charges will suit you best.

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