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 £125 for switching your current account to first direct at MoneySuperMarket
  • Earn £125 cashback when you use the full Current Account Switch Service to switch your current account to first direct through MoneySuperMarket, T&Cs apply. Offer ends 23 April 2018.
  • Cashback exclusive to MoneySuperMarket Group – not available on any other comparison site or on first direct’s website 
  • You must pay in at least £1,000 into this current account within three months of opening. After 6 months, first direct will charge a monthly £10 fee unless the customer pays in a regular £1,000 a month or has another first direct product
  • New first direct customers only
  • Once you have paid in £1,000, the £125 cashback will be credited to your account within 28 working days
  • Customers must be 18 or over
Exclusive

Receive £125 cashback when you switch your current account to first direct. You can't get this offer anywhere else. T&Cs apply. Offer ends 23rd April 2018

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
 

M&S M&S

Current Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (62%) Ok (29%) Poor (9%)

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 least £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 (91%) Ok (7%) Poor (2%)

Customer service ratings provided by users of

  • Cashback
  • Online Banking
  • Mobile App
  • Standing Orders
Great for:
  • Receive £125 cashback when you switch your current account to first direct. You can't get this offer anywhere else. T&Cs apply
  • 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
Exclusive

Receive £125 cashback when you switch your current account to first direct. You can't get this offer anywhere else. T&Cs apply. Offer ends 23rd April 2018

 

See more current accounts

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 (42%) Ok (39%) Poor (19%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • 2% cashback on 7 types of household bills if paid by direct debit. Customers earn £83 on average in rewards per year based on monthly bills of £345
  • Access to emergency cash if your card is lost or stolen
  • Easy-to-use mobile banking app
But be aware that:
  • £2 monthly fee applies
  • You must be 18+ and a UK resident
  • To earn Rewards you need to access online or mobile banking once every 3 months
Barclays Barclays

Bank Account with Blue Rewards

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (45%) Ok (37%) Poor (18%)

Customer service ratings provided by users of

  • Overdraft Facility
  • Mobile App
  • Direct Debits
  • Standing Orders
Great for:
  • Get £7 every month for banking with Barclays (£3.50 for each Direct Debit payment). Subject to eligibility
  • Get extra cash rewards on selected products. Subject to eligibility
  • Earn and enhanced rate of cashback with over 150 retailers and Expedia when shopping through Barclays
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
  • You'll need to pay in at least £800 a month in 'new' money, such as salary or pension (as opposed to interest or one-off payments from other Barclays accounts)
Santander Santander

123 Lite Current Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (61%) Ok (31%) Poor (8%)

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
M&S M&S

Current Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (62%) Ok (29%) Poor (9%)

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 least £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 (61%) Ok (31%) Poor (8%)

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
M&S M&S

Premium Current Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (62%) Ok (29%) Poor (9%)

Customer service ratings provided by users of

  • Online Banking
  • Overdraft Facility
  • Direct Debits
  • Standing Orders
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
  • Get £224 in M&S vouchers every year (£129 to spend on hot drinks, £40 for clothing and homeware, £45 for treats and delights and a £10 birthday gift)
  • You can also open an M&S Monthly Saver account and earn 5% AER
But be aware that:
  • You'll have to pay a £10 monthly fee
  • 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 least £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

NatWest NatWest

Reward Silver Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (42%) Ok (39%) Poor (19%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • 2% cashback on 7 household bills with unlimited rewards if paid by direct debit. Customers earn on average £120 per year based on monthly bills of £333
  • Includes benefits such as European multi-trip travel insurance, preferential rates on travel money, mobile phone insurance & tastecard membership. T&Cs apply
  • Ticket booking service: receive 25% cashback on tickets for theatre, dance, opera, concerts and more
But be aware that:
  • You must be 18+ and a UK resident to apply
  • £12 monthly account fee applies
NatWest NatWest

Reward Platinum Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (42%) Ok (39%) Poor (19%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • 2% cashback on 7 household bills with unlimited rewards if paid by direct debit. Customers earn on average £83 per year based on monthly bills of £345
  • Includes benefits such as worldwide multi-trip travel insurance, UK car breakdown cover, mobile phone insurance & tastecard membership. T&Cs apply
But be aware that:
  • You must be 18+ and a UK resident to apply
  • £19 monthly account fee applies

 

See more current accounts

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.