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. Cashback

    Get £100 cashback for switching. You cannot get this offer anywhere else. T&Cs apply. Limited offer, must apply by 11th December 2016

    Great for
    £100 cashback for switching to a TSB Classic Plus Account using the Current Account Switch Service by 30th December 2016. Must apply by the 11th December 2016
    Plus 5% Cashback on your first £100 of contactless payments every month until 30th September 2017 (contactless debit card subject to eligibility). Plus, In credit interest of 5% AER on balances up to £2,000
    But be aware that
    To earn 5% AER (variable) on the Classic Plus Account credit your account with a min of £500 each month, register for internet banking, paperless statements and correspondence. From 4th January 2017 3% AER (variable) will be paid on balances up to £1500
    To earn the £100 Switching Cashback, transfer a minimum of two active direct debits as part of the switch and credit at least £500 in the first 28 days of the switch. Overdrafts are subject to status and repayable on demand
  2. Cashback

    Receive £100 cashback when you switch your current account to first direct- T&Cs apply

    Great for
    Receive £100 cashback and access to £250 interest free overdraft when you switch your current account to first direct – overdraft subject to status
    Earn 5% interest from first direct’s regular saver and gain access to preferential products available to first direct customers only
    But be aware that
    Minimum monthly funding of £1,000
    No interest paid on balances in credit

Ongoing Rewards – Ordered by highest ongoing cashback over the first 12 month period

  1. Rewards

    Top 20% of NatWest Reward customers earn on average, £217 in Rewards per year. T&Cs apply

    Great for
    3% back on seven household bills (Council Tax, Mobile, Landline, TV Package, Water, Gas, Electricity & Broadband) with unlimited rewards if paid by Direct Debit
    Top 20% of Natwest Reward customers earn, on average, £217 in Rewards per year. Based on their average Dec'15/Jan'16 Direct Debit amounts. Excludes monthly £3 fee
    But be aware that
    £3 monthly fee
  2. Great for
    3% back on seven household bills with unlimited rewards if paid by Direct Debit. Top 20% of NatWest Reward customers earn, on average £217 in Rewards per year. Based on their average Dec'15/Jan'16 Direct Debit amounts. Excludes monthly £12 fee
    Includes many lifestyle benefits such as European multi trip travel insurance, preferential rates on travel money, mobile phone insurance & tastecard membership. Account terms & conditions apply
    But be aware that
    £12 monthly fee
  3. Great for
    3% back on seven household bills with unlimited rewards if paid by Direct Debit. Top 20% of NatWest Reward customers earn, on average, £217 in Rewards per year. Based on their average Dec'15/Jan'16 Direct Debit amounts. Excludes monthly £18 fee
    Includes many lifestyle benefits such as Worldwide multi trip travel insurance, UK car breakdown cover, mobile phone insurance & tastecard membership. Account terms & conditions apply
    But be aware that
    £18 monthly fee
  4. 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
    Pack fees range from £6 to £15.50 per month
  5. Cashback

    Get £100 cashback for switching. You cannot get this offer anywhere else. T&Cs apply. Limited offer, must apply by 11th December 2016

    Great for
    £100 cashback for switching to a TSB Classic Plus Account using the Current Account Switch Service by 30th December 2016. Must apply by the 11th December 2016
    Plus 5% Cashback on your first £100 of contactless payments every month until 30th September 2017 (contactless debit card subject to eligibility). Plus, In credit interest of 5% AER on balances up to £2,000
    But be aware that
    To earn 5% AER (variable) on the Classic Plus Account credit your account with a min of £500 each month, register for internet banking, paperless statements and correspondence. From 4th January 2017 3% AER (variable) will be paid on balances up to £1500
    To earn the £100 Switching Cashback, transfer a minimum of two active direct debits as part of the switch and credit at least £500 in the first 28 days of the switch. Overdrafts are subject to status and repayable on demand
  6. 2016 SUPERS

    Winner of the Best 'Loyalty’ Current Account Provider

    Great for
    Monthly cashback on selected household bills
    Monthly interest of 1.5% AER (variable) payable on your entire balance up to £20,000
    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 and have at least two active Direct Debits

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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