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 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 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

Current Account

Cashback

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

first direct

1st Account

Cashback

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 every month
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
 

NatWest

Reward Account

Cashback

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:
  • 3% back on seven household bills with unlimited rewards if paid by Direct Debit. On average NatWest customers earn, £120 in Rewards per year. Based on average monthly Direct Debit amount of £333. Excludes monthly £3 fee
  • 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
  • From 26th June 2017, the cashback on household bills will be reduced to 2%, and the account fee will fall to £2 per month
Rewards

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

NatWest

Reward Silver Account

Cashback

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:
  • 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
  • Ticket booking service, receive 25% cashback on tickets for theatre, dance, opera, concerts and more
But be aware that:
  • £12 monthly fee
  • From 26th June 2017, the cashback on household bills will be reduced to 2%
NatWest

Reward Platinum Account

Cashback

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:
  • 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
  • From 26th June 2017, the cashback on household bills will be reduced to 2%, and the account fee will increase to £19 per month
Barclays

Bank Account with Blue Rewards

Cashback

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 100 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

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

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
2016 SUPERS

Winner of the Best 'Loyalty’ Current Account Provider

TSB

Classic Plus Account

Cashback

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:
  • Earn 3% AER on your balance up to £1,500
  • Earn £5 cashback every month for having two direct debit
  • Earn another £5 cashback every month if you spend at least 20 times a month on your debit card, including Apple and Android Pay
But be aware that:
  • To earn interest on your balance, you must pay in at least £500 every month, and register for internet banking and 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
  • You must be at least 18 years old to open this account
2016 SUPERS

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.