Reward 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?

Reward and cashback accounts - Ordered by the amount of Cashback/Reward received

  1. Up to £240 Cashback

    Get up to £240 when you switch to a HSBC Advance Bank Account and take up their Save Together offer

    Great for
    £120 when you switch to the HSBC Advance Bank Account using the Current Account Switch Service within 2 months of account opening
    Up to £120 additional interest over 12 months with HSBC's Save Together offer
    But be aware that
    HSBC Advance Bank Account requires minimum monthly funding of £1,750. Switch Offer T&Cs apply
    To benefit from Save Together you must also hold an HSBC Loyalty Cash ISA and meet minimum payment requirements. Offer T&Cs apply

    Representative Example:

    If you use an overdraft of £1,200 on an HSBC Advance Bank Account, the overdraft rate HSBC will charge is 17.9% EAR (variable).

    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.

  2. Up to £160 reward

    Receive £100 reward when you switch to this account plus an additional £5 per month - see T&Cs

    Great for
    Earn up to £160 reward in the first year - made up of £100 for switching & 12x £5 reward each month you pay in £750+, pay out two different Direct Debits and stay in credit
    Your switch is covered by the Current Account Switch Guarantee
    But be aware that
    To qualify for the £100 offer you must use the Current Account Switch Service and close your account held elsewhere. If you've had cashback for switching since January 2012, we're sorry but you don't qualify
    Account terms and conditions apply

    Representative Example:

    If you use a planned overdraft of £1,200, then Halifax will charge you £1 a day when you use it. Overdrafts are subject to status.

  3. £150 Cashback

    £150 cashback when you switch using the Current Account Switching Service

    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
    Account must be opened on the phone or in branch
  4. £150 Cashback

    £150 cashback when you switch using the Current Account Switching Service

    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
    Account must be opened on the phone or in branch
    • Provider/Product name Current Account

      Current Account

    • Cashback £100 M&S Gift Card & £10 Dine in for Two voucher
    • Monthly Fee No monthly fee
    • Customer Service Rating
      Great
      68%
      OK
      26%
      Poor
      6%
    • Go to site

      Phone

      More details

    Exclusive

    Receive an exclusive £10 Dine in for Two voucher in addition to the £100 M&S gift card when you switch to the M&S Current Account via MoneySuperMarket!

    Great for
    £10 Dine in for Two Voucher available exclusively to MoneySuperMarket
    Access to the 6% AER high interest rate M&S Monthly Saver account
    But be aware that
    To qualify for both offers, you must transfer 2 direct debits in addition to using the Current Account Switch Service
    Apply on or before 30th Sept 2015 through MoneySuperMarket to be eligible for the £10 Dine in for Two voucher

    Representative Example:

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

  5. £100 cashback

    £100 cashback when you switch your current account to the Co-operative Bank

    Great for
    £100 cashback when you switch using The Co-operative Bank switching service
    The Co-operative Bank will also donate £25 to charity
    But be aware that
    Terms apply for the £100 offer. See 'more details' page or visit providers site for full details

    Representative Example:

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

  6. £100 cashback

    £100 cashback when you switch your current account to the Co-operative Bank

    Great for
    £100 cashback when you switch using The Co-operative Bank switching service
    The Co-operative Bank will also donate £25 to charity
    But be aware that
    Minimum monthly funding £800
    Terms apply for the £100 offer. See 'more details' page or visit providers site for full details

    Representative Example:

    The advance of credit of £200 at an interest rate of 18.9% EAR variable.
    Debit interest of 18.9% per annum is charged on the total overdrawn balance. Subject to status.

  7. £100 Cashback

    £100 cashback when you switch your current account to first direct

    Great for
    Receive £100 cashback when you switch to first direct
    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
  8. £100 reward

    Receive £100 reward when you switch to this account - see T&Cs

    Great for
    £100 reward for switching. Your switch is covered by the Current Account Switch Guarantee
    Worldwide family travel insurance, car breakdown cover, mobile cover and more, provided by selected third parties
    But be aware that
    Account terms and conditions apply
    To qualify for the £100 offer you must use the Current Account Switch Service and close your account held elsewhere. If you've had cashback for switching since January 2012, we're sorry but you don't qualify

    Representative Example:

    If you use a planned overdraft of £1,200, then Halifax charge you a daily fee of £1. For Ultimate Reward Current Accounts, you will pay the higher monthly account fee of £15 rather than £10 if you use your overdraft. This means there will be an additional indirect cost of £5 if you use a planned overdraft on this account. Overdrafts are subject to status.

  9. Exclusive

    £100 cashback when you switch your main bank account using the current account switching service (T&Cs apply). Offer ends 1st September 2015

    Great for
    Earn £100 cashback when you open an account by 1st September and switch to TSB using the Current Account Switch Service by 2nd October, credit £500 to your new TSB account within 28 days of switching and register a minimum of 3 active Direct Debits
    In credit interest of 5% AER for balances from £0 - £2,000. T&Cs apply
    But be aware that
    Subject to application and approval
    To earn 5% AER you must credit your account with £500 each month, register for internet banking, paperless statements and paperless correspondence
  10. 2015 SUPERS

    Winner of the best overall current account provider

    Great for
    Cashback on your household bills
    But be aware that
    £2 monthly account fee
    Minimum monthly funding of £500
  11. Great for
    Earn a minimum of 1% cashback at selected retailers and an additional 1% cashback on contactless purchases
    Award winning mobile banking - pay your contacts anytime
  12. Great for
    Ticket booking service, receive 25% cashback on tickets for theatre, dance, opera, concerts and more
    European travel insurance including winter sports, plus mobile phone insurance
    But be aware that
    Monthly fee of £10
  13. Great for
    Worldwide travel insurance and preferential rates on Travel Money
    Other benefits such as National Trust site visits and a free tastecard
    But be aware that
    £16 fee per month

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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