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 £200 in the first year when you switch to TSB through MoneySuperMarket (offer ends 4th December)
  • Get £130 cashback when you use the full Current Account Switch Service to switch to the TSB Classic Plus account. Conditions apply - see T&Cs
  • Additional £5 cashback a month when you run 2 direct debits per month*
  • Plus £5 cashback a month for using your debit card at least 20 times a month*
  • 3% AER (variable) on balances up to £1,500 when you pay in at least £500 per month and register for internet/paperless banking
  • Apply by 4th December and complete your switch by 22nd December 2017, with a minimum of 2 active direct debits and pay in £500 within 28 days of switching. You are not eligible for this offer if you have previously received an incentive or benefit for switching to TSB Bank plc using the Current Account Switch Service
  • *For accounts opened after 1 March 2017 only. Cashback is paid on debit card transactions and direct debits up to and including 30 June 2018. You must be registered for internet banking.
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
  • 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
  • Offer available until 11 December 2017. 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

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

TSB 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:
  • £130 cashback for switching to a TSB Classic Plus Account using the Current Account Switch Service by 22nd December 2017. Must apply by the 4th December 2017
  • Plus £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 the £130 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
  • To earn 3% AER (variable) on balances up to £1,500, credit your account with a min of £500 each month and 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
Limited offer

Get up to £200 cashback in the first year when you switch to TSB through MoneySuperMarket (offer ends 4th December)

M&S 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 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 (90%) Ok (7%) Poor (3%)

Customer service ratings provided by users of

  • Cashback
  • Online Banking
  • Mobile App
  • Standing Orders
Great for:
  • Get £125 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
Exclusive

Receive £125 cashback when you switch your current account to first direct. You can't get this offer anywhere else. T&Cs apply. Limited offer, ends 11th December 2017

 

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 (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 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
  • 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 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.
  • 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
TSB 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:
  • £130 cashback for switching to a TSB Classic Plus Account using the Current Account Switch Service by 22nd December 2017. Must apply by the 4th December 2017
  • Plus £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 the £130 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
  • To earn 3% AER (variable) on balances up to £1,500, credit your account with a min of £500 each month and 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
Limited offer

Get up to £200 cashback in the first year when you switch to TSB through MoneySuperMarket (offer ends 4th December)

Barclays 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 retailers and Expedia when you shop online and in-store through Barclays
  • Earn up to £15 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

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 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
2016 SUPERS

Winner of the Best 'Loyalty’ Current Account Provider

 

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.