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?

Switching Cashback Current Accounts - Ordered by the total amount of cashback/reward after fees.
 

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 four active direct debits from the account
  • To get the £5 monthly top up, you must pay in at least £1,250 every month, and you must have at least four active direct debits from the account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (91%) Ok (7%) Poor (2%)

Customer service ratings provided by users of

  • Mobile App
  • Online Banking
  • Overdraft Facility
  • Standing Orders
Great for:
  • Choose from a range of rewards worth up to £150 when you switch - including £150 Expedia voucher, Amazon Echo Spot, Polaroid OneStep 2 i-Type camera. 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 advertised reward

 

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Ongoing Rewards – Ordered by lowest fees
 

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 four active direct debits from the account
  • To get the £5 monthly top up, you must pay in at least £1,250 every month, and you must have at least four active direct debits from the 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% Rewards on eligible household bills if paid by direct debit. Customers earn on average £83 per year on monthly bills of £345.
But be aware that:
  • You must be 18+ and a UK resident to apply. £2 monthly fee applies and to earn Rewards you need to access online or mobile banking once every 3 months and pay in £1,500 into your eligible account monthly

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (28%) Ok (43%) Poor (29%)

Customer service ratings provided by users of

  • Cashback
  • Overdraft Facility
  • Switching Service
  • Mobile App
Great for:
  • 2% Rewards on eligible household bills if paid by direct debit. Customers earn on average £83 per year on monthly bills of £345.
But be aware that:
  • You must be 18+ and a UK resident to apply. £2 monthly fee applies and to earn Rewards you need to access digital banking once every 3 months and pay in £1,500 into your eligible account monthly
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:
  • Earn 2% in rewards on selected household bills with unlimited rewards if paid by Direct Debit. Customers earn on average £83 per year based on monthly bills of £345
  • Account benefits including European travel insurance, tastecard, mobile phone insurance and up to 40% off cinema tickets. T&Cs apply
But be aware that:
  • You must be 18 or over and a UK resident to apply. £10 monthly fee applies. To earn rewards you will need to access digital banking once every three months

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (28%) Ok (43%) Poor (29%)

Customer service ratings provided by users of

  • Cashback
  • Online Banking
  • Mobile App
  • Switching Service
Great for:
  • Earn 2% in rewards on selected household bills with unlimited rewards if paid by Direct Debit. Customers earn on average £83 per year based on monthly bills of £345
  • Account benefits including European travel insurance, tastecard, mobile phone insurance and up to 40% off cinema tickets. T&Cs apply
But be aware that:
  • You must be 18 or over and a UK resident to apply. £10 monthly fee applies. To earn rewards you will need to access digital banking once every three months
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:
  • Earn 2% in rewards on selected household bills with unlimited rewards if paid by Direct Debit. Customers earn on average £83 per year based on monthly bills of £345
  • Account benefits including worldwide travel insurance, tastecard, mobile phone insurance and up to 40% off cinema tickets. T&Cs apply
But be aware that:
  • You must be 18 or over and a UK resident to apply. £20 monthly fee applies.To earn rewards you need to access online and mobile banking once every three months

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (28%) Ok (43%) Poor (29%)

Customer service ratings provided by users of

  • Cashback
  • Overdraft Facility
  • Switching Service
  • Mobile App
Great for:
  • Earn 2% in rewards on selected household bills with unlimited rewards if paid by Direct Debit. Customers earn on average £83 per year based on monthly bills of £345
  • Account benefits including worldwide travel insurance, tastecard, mobile phone insurance and up to 40% off cinema tickets. T&Cs apply
But be aware that:
  • You must be 18 or over and a UK resident to apply. £20 monthly fee applies. To earn rewards you will need to access digital banking once every three months

 

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Guides

  

Current accounts. Trust us to explain them simply

  

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.