Reward & Cashback current accounts

Compare 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?

Get £150 to switch & another £50 to stay

  • Get £150 cashback when you use the full Current Account Switching Service to switch to the HSBC Advance Bank Account, and switch at least two active direct debits or standing orders
  • Get an extra £50 bonus when you register for mobile or online banking, and meet the account eligibility criteria for at least 9 of the first 12 months
  • You must pay at least £1,750 into this account every month
  • You'll be eligible to open a HSBC Regular Saver account and get 5% AER/gross for 12 months

  • You're not eligible if you've had a HSBC current account in the last 12 months
Cashback

New customers get £200 and a 6 month interest and fee free overdraft when they switch and stay. You can't get this offer on any other comparison site. T&Cs apply. Limited offer, ends 23rd July 2017

Get up to £185 to spend at M&S

  • Get a £125 M&S gift card when you use the Current Account Switch Service to switch your current account to M&S, including at least 2 active direct debits. T&Cs apply. 
  • M&S will also top up your gift card by £5 a month for the first 12 months if you keep at least 2 active direct debits and pay in at least £1,000 a month
  • You'll get an overdraft of at least £500, with the first £100 interest free. After that, overdraft interest is charged at 15.9% EAR variable (subject to status), and there are no overdraft fees 
  • Representative example (assumed overdraft £1,200): 0% EAR variable on the first £100, 15.9% EAR variable thereafter
Switching Gift Card!

Earn up to £185 on an M&S gift card! Receive £125 when you switch and up to £60 when you stay! Conditions apply, see T&Cs

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

HSBC

HSBC Advance Bank Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (43%) Ok (36%) Poor (21%)

Customer service ratings provided by users of

  • Cashback
  • Online Banking
  • Mobile App
  • Standing Orders
Great for:
  • Get £150 & a 6 month interest and fee free overdraft, when you start a full switch, with 2 direct debits or standing orders, to the HSBC Advance Bank Account
  • Receive a further payment of £50 after 12 months when you register for Mobile or Online Banking within 60 days of account opening
  • Minimum overdraft offer of £1,000 at account opening.
But be aware that:
  • HSBC Advance Bank Account requires minimum monthly funding of £1,750
  • You must continue to meet account eligibility criteria in order to receive the further payment.
  • £1,000 overdraft offer subject to status and meeting HSBCs proof of UK address requirements.
Cashback

New customers get £200 and a 6 month interest and fee free overdraft when they switch and stay. You can't get this offer on any other comparison site. T&Cs apply. Limited offer, ends 23rd July 2017

M&S

Current Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (68%) Ok (19%) Poor (13%)

Customer service ratings provided by users of

  • Overdraft Facility
  • Direct Debits
  • Switching Service
  • Online Banking
Great for:
  • Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
  • You can also open an M&S Monthly Saver account and earn 5% AER
  • Get a £100 interest-free overdraft, with a £50 buffer if you go over your agreed limit, subject to status
But be aware that:
  • You must be at least 18 years old to open this account
  • To get the £125 gift card, you must use the current account switch service, and you must have at least two active direct debits from the account
  • To get the £5 monthly top up, you must pay in at last £1,000 every month, and you must have at least two active direct debits from the account
Switching Gift Card!

Earn up to £185 on an M&S gift card! Receive £125 when you switch and up to £60 when you stay! Conditions apply, see T&Cs

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (90%) Ok (7%) Poor (3%)

Customer service ratings provided by users of

  • Cashback
  • Online Banking
  • Mobile App
  • Standing Orders
Great for:
  • Get £100 cashback when you use the switching service to switch to this current account, for new customers only
  • You can also open a regular savings account and earn 5% AER
  • Get a £250 interest-free overdraft, subject to status
But be aware that:
  • You must be at least 18 years old to open this account
  • You must pay in at least £1,000 within the first 3 months of opening the account to qualify for the cashback reward
Cashback

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

 

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

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (46%) Ok (36%) Poor (18%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • 2% 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. NatWest customers earn on average £83 per year based on monthly bills of £345. Excludes monthly £2 fee
But be aware that:
  • £2 monthly fee
NatWest

Reward Silver Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (48%) Ok (38%) Poor (14%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • 2% back on seven household bills with unlimited rewards if paid by Direct Debit. NatWest customers earn on average £120 per year based on monthly bills of £333. 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
  • Ticket booking service, receive 25% cashback on tickets for theatre, dance, opera, concerts and more
But be aware that:
  • £12 monthly fee
NatWest

Reward Platinum Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (48%) Ok (38%) Poor (14%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • 2% back on seven household bills with unlimited rewards if paid by Direct Debit. NatWest customers earn on average £120 per year based on monthly bills of £333. Excludes monthly £19 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:
  • £19 monthly fee
Barclays

Bank Account with Blue Rewards

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (41%) Ok (40%) Poor (19%)

Customer service ratings provided by users of

  • Overdraft Facility
  • Mobile App
  • Direct Debits
  • Standing Orders
Great for:
  • Earn cashback at over 150 online retailers and Expedia when you shop through SmartSpend
  • Earn up to £16 a month in loyalty rewards
But be aware that:
  • You must be at least 18 years old to open this account
  • You'll have to pay a £3 monthly fee
Santander

123 Current Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (65%) Ok (29%) Poor (6%)

Customer service ratings provided by users of

  • Mobile App
  • Switching Service
  • Overdraft Facility
  • Cashback
Great for:
  • Earn interest of 1.5% AER (variable) on your balance up to £20,000
  • Earn cashback on selected household bills, as long as you pay by direct debit
But be aware that:
  • You'll have to pay a £5 monthly fee
  • You must pay in at least £500 every month
  • You must have at least two active direct debits from this account
2016 SUPERS

Winner of the Best 'Loyalty’ Current Account Provider

Santander

123 Lite Current Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (51%) Ok (38%) Poor (11%)

Customer service ratings provided by users of

  • Mobile App
  • Online Banking
  • Overdraft Facility
  • Direct Debits
Great for:
  • Earn cashback on selected household bills, as long as you pay by direct debit
But be aware that:
  • You'll have to pay a £1 monthly fee
  • You must pay in at least £500 every month
  • You must have at least two active direct debits from this account and log on to online or mobile banking at least once every three months
Limited offer

In addition to the standard cashback, earn 5% cashback on 1|2|3 Lite debit card purchases made using Apple Pay, Android Pay and Samsung Pay. T&Cs apply. Limited offer, ends 30th September 2017

TSB

Classic Plus Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (63%) Ok (30%) Poor (7%)

Customer service ratings provided by users of

  • Cashback
  • Direct Debits
  • Mobile App
  • Online Banking
Great for:
  • 3% AER on balances up to £1,500
  • £5 cashback for 20 debit card payments per month and £5 cashback for two different direct debit payments per month. Valid from 1st March 2017. T&Cs apply, ends 30th June 2018
  • If you have a Plus account, earn up to £5 a month cashback with selected TSB credit cards (Representative 18.9% APR variable) . T&Cs apply. Ends 30th June 2018
But be aware that:
  • To earn 3% 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
  • You can only get the monthly cashback if you opened your account on or after 1st March 2017, and if you register for internet banking. T&Cs apply. Offer ends 30th June 2018
  • To earn up to £5 per month credit card Cashback, you need an eligible credit card and the Cashback ends June 2018. Subject to Status and Lending Criteria. Must be 18+ and a UK resident
2016 SUPERS

Winner of the Best Overall Provider

 

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Current accounts. Trust us to explain them simply

Guides

  

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.