Fancy earning a bit of extra cash every time you spend money or pay your bills? A current account with cashback could be the answer — and you might be able to take advantage of a switching deal too.
Here’s more about the pros and cons of cashback accounts. Plus, we’re here to help you compare accounts so you can choose the right one for you.
| Bank/E-money account provider | Account name | Cashback offering | Account fee |
|---|---|---|---|
| Chase | Current account | Get 1% cashback on everyday debit card spending (capped at £15 per month) for the first 12 months as a new customer. | £0 |
| Lloyds Bank | Club Lloyds | Up to 15% cashback when using your debit card at selected retailers, including Costa Coffee, Sainsbury’s, Sky and Booking.com. | £3.00 |
| Santander | Santander Edge Up | 1% cashback (up to £15 a month) on selected household bills when you pay by direct debit and 1% cashback (up to £15 a month) at supermarkets and on travel costs when you use your debit card. | £5 per month |
| Natwest | Reward account | Earn up to £5 a month with NatWest Rewards. | £2 per month |
| RBS | Reward account | Earn up to £5 a month with RBS Rewards. | £2 per month |
| Monzo | Monzo Perks | Earn 2 to 15% from various retailers including Disney+, Lego, LNER and more. Plus a weekly Greggs treat, an annual Railcard every year and access to an exclusive savings account | £7.00 per month |
| Monzo | Current account | Earn 2 to 10% from various retailers including Disney+, Lego, LNER and more. | £0 |
| Santander | Santander Edge | 1% cashback (up to £10 a month) on selected household bills and 1% cashback (up to £10 a month) at supermarkets and on travel costs when you use your debit card. | £3 per month |
| Virgin Money | Club M account | Cashback from selected retailers on purchases made with your debit card including LNER, Virgin Voyages, Sunglass Hut and more. This can be traded up for eGift cards. | £12.50 per month |
| Revolut | Standard account | Earn RevPoints from selected retailers including Amazon, Sports Direct, BT Broadband and accomodation through RevStays. RevPoints are earned through everyday spending, turning card purchases into perks. | £0 |
| TSB | Spend & Save | £5 cashback every month for the first six calendar months if you make at least 20 debit card payments in that month. | £0 |
| TSB | Spend & Save Plus | £5 cashback every month if you make at least 20 debit card payments in that month plus other benefits. | £3 per month |
| Halifax | Reward account | Choose from £5 into your account, 1 Vue cinema ticket or 3 digital magazines. | £3.00 per month |
| Starling | Current Account | Use the Tail app to get cashack offers from various retailers. | £0 |
| Danske Bank | Dankse Reward | A £5 reward every month paid directly into your account. | £2 per month |
Chase Current Account
6.9 StandardThe cashback reward: 1% cashback on everyday debit card spending (capped at £15 per month) for the first 12 months as a new customer
Other benefits
The potential cashback value: A maximum of £15 per month if spending £1,500 on eligible purchases
Any requirements: 18+, UK residents
Santander Edge Current Account
The cashback reward: 1% cashback on selected household bills when you pay by direct debit and 1% cashback at supermarkets and on travel costs when you use your debit card
Other benefits
The potential cashback value: Up to £20 a month (up to £10 a month cashback on household bills and up to £10 a month on essential spend)
Any requirements: You must pay at least £500 into your account each month and have 2 active direct debits on the account.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.94% EAR variable. Account fee of £3 per month.
Santander Edge Up Current
The cashback reward: 1% cashback on selected household bills when you pay by direct debit and 1% cashback at supermarkets and on travel costs when you use your debit card
Other benefits
The potential cashback value: Up to £30 a month (up to £15 a month cashback on household bills and up to £15 a month on essential spend)
Any requirements: You must pay at least £1,500 into your account each month and have 2 active direct debits on the account.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.94% EAR variable. Account fee of £5 per month.
TSB Spend & Save Account
8.9 GreatThe cashback reward: £5 a month for the first 6 months
Other benefits
The potential cashback value: £30 over 6 months
Any requirements: You’ll need to make 20 debit card payments each month to earn cashback
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.
TSB Spend & Save Plus Account
The cashback reward: £5 a month
Other benefits
The potential cashback value: £60 a year (£5 a month)
Any requirements: You’ll need to make 20 debit card payments each month to earn cashback
Monzo Free Account
9.8 ExcellentThe cashback reward: Earn 2 to 10% from various retailers including Disney+, Lego, LNER and more.
Other benefits
The potential cashback value: Depends on where you shop
Any requirements: If you have the free plan, fee-free cash withdrawals require you to pay in at least £500 a month and have a direct debit on the account. Alternatively, you’ll qualify if you’ve received a Department for Work and Pensions or Department for Communities payment in the account or a student loan payment.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable.
Monzo Perks Account
| Minimum opening balance | £0 |
|---|---|
| Account fees | £7.00 per month |
| Interest (AER) | 0% AER |
The cashback reward: Earn 2 to 10% from various retailers including Disney+, Lego, LNER and more.
Other benefits
The potential cashback value: Depends on where you shop, if you are a fan of Greggs and travel frequently by train.
Any requirements: If you have the free plan, fee-free cash withdrawals require you to pay in at least £500 a month and have a direct debit on the account. Alternatively, you’ll qualify if you’ve received a Department for Work and Pensions or Department for Communities payment in the account or a student loan payment.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable. Account fee of £7 per month.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £7.00 per month |
| Interest (AER) | 0% AER |
Revolut Standard Account
8.4 GreatRevPoints rewards: Earn RevPoints at selected retailers as well as on accommodation when you book through Revolut Stays. RevPoints are earned through everyday spending, turning card purchases into perks.
Other benefits
The potential RevPoints value: Depends on where you shop
Any requirements: None
Danske Cash Reward Account - Funded
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £2 per month |
| Interest (AER) | 0% AER |
The cashback reward: £5 a month
Other benefits: None
The potential cashback value: £60 a year - but you'll spent £24 per year on the £2 monthly account fee
Any requirements: Pay in at least £1,000 a month, opt for paperless statements and complete at least 8 debit card transactions per month
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable. Account fee of £2 per month.
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £2 per month |
| Interest (AER) | 0% AER |
Virgin Money Club M Account - Age 18 and over
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £12.50 per month |
| Interest (AER) | 1% AER |
The cashback reward: Earn cashback when you make purchases with your card at selected retailers including LNER, Virgin Voyages, Sunglass Hut and more. This can be traded up for eGift cards
Other benefits
The potential cashback value: Depends on where you shop
Any requirements: Download the app to start earning cashback
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 19.9% EAR variable. Account fee of £12.5 per month.
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £12.50 per month |
| Interest (AER) | 1% AER |
Starling Current Account - Age 18 and over
10 ExcellentThe cashback reward: Use the Tail app to earn cashback on your purchases at selected retailers.
Other benefits
The potential cashback value: Depends on where you shop
Any requirements: You’ll need to use the Tail app to earn cashback.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 15% EAR variable.
NatWest Reward Account
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £2 per month |
| Interest (AER) | 0% AER |
The cashback reward: Up to £5 a month which can be redeemed as cashback, or traded up for eGift cards or donated to charity
Other benefits: Earn from 1% in Rewards when you spend on your debit card at partner retailers
The potential cashback value: £5 a month plus additional retailer cashback
Any requirements: Have at least 2 direct debits on the account to earn £4 a month, plus log into the mobile app to earn £1 a month.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £2 per month |
| Interest (AER) | 0% AER |
Royal Bank of Scotland Reward Account
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £2 per month |
| Interest (AER) | 0% AER |
The cashback reward: Up to £5 a month which can be redeemed as cashback, or traded up for eGift cards or donated to charity
Other benefits: Earn from 1% in Rewards when you spend on your debit card at partner retailers
The potential cashback value: £5 a month plus additional retailer cashback
Any requirements: Have at least 2 direct debits on the account to earn £4 a month, plus log into the mobile app to earn £1 a month.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £2 per month |
| Interest (AER) | 0% AER |
Lloyds Club Lloyds Account
| Minimum opening balance | £1 |
|---|---|
| Account fees | £3.00 |
| Interest (AER) | 1.5% AER |
The cashback reward: Up to 15% on debit and credit card purchases or when you pay by direct debit at selected retailers.
Other benefits
The potential cashback value: Depends on where you shop
Any requirements: Pay out 2 different direct debits each month to earn interest
| Minimum opening balance | £1 |
|---|---|
| Account fees | £3.00 |
| Interest (AER) | 1.5% AER |
Reward Current Account - Funded
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £3.00 per month |
| Interest (AER) | 0% AER |
The cashback reward: £5 a month
Other benefits
The potential cashback value: £60 a year, plus retailer offers
Any requirements
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable. Account fee of £3 per month (Account fee waived if account credit with at least £1500 per month)..
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £3.00 per month |
| Interest (AER) | 0% AER |
On 30 June 2024, Algbra ended their rewards scheme, which means you cannot currently get cashback on your Algbra spending. Here’s what they previously offered.
The cashback reward: 1.5% cashback whenever you paid using Apple Pay or Google Pay
Other benefits
The potential cashback value: Earn a maximum of £22.50 a month
Any requirements: You needed to set up mobile payments to qualify
Some banks offer current accounts that will credit a cash reward back into your account when you make certain purchases using your debit card. These rewards tend to be based on a percentage of your spending.
A lot of these accounts will only pay cashback with certain retailers or on a certain category of spending, such as groceries or travel. Some might give you cashback on bills like council tax or broadband. Most will cap the maximum amount of cashback you can earn per month.
In some cases, you have to “activate” a cashback deal using your bank’s online banking rewards portal before making a purchase. However, some banks’ rewards systems are sophisticated enough to automatically credit cashback whenever you make an eligible purchase.
A lot of current accounts offer cashback instead of paying interest on in-credit balances, although some do both.
Opening a current account with cashback is no different to opening any other type of current account. As with most bank accounts, you can apply to open a current account online, by phone or in-branch.
Before you sign up, make sure you fully understand how the cashback offer works and whether you need to activate it to claim the rewards.
The majority of banks are signed up to the Current Account Switch Guarantee, which guarantees a seamless switch from your existing current account to your new account within seven working days. From time to time the banks offer switching bonuses, which you can get on top of cashback. Visit our switching deals guide to find a list of current offers.
1. Check if you’re eligible. It’s important to bear in mind that pretty much every cashback or reward scheme offered to current account customers comes with conditions you have to meet, sometimes on a monthly basis.
These typically include a requirement to deposit a minimum amount into the account each month. This shouldn’t be a problem if you have a regular monthly income or salary which you can get paid into that account.
2. Do you spend enough? This may sound like an odd question, but many cashback accounts also require you to spend a certain amount of money each month. For example, you’ll only get the £5 monthly cashback reward with Halifax’s Reward Current Account if you spend at least £500 per month on your debit card and have a daily balance of £5,000 or more.
3. Look out for fees. Annoyingly, a large number of reward or cashback current accounts actually charge a monthly account maintenance fee which can eat into your cashback. So, if you’re attracted by a bank’s promise to give you, say, £5 a month in cashback, make sure you factor in any monthly fees. If the monthly fee is £3, then all you really stand to gain is an extra £2 a month.
But some cashback accounts that charge a monthly fee will waive it if you pay in a certain amount each month.
Above all, make sure that fees don’t result in you actually losing money from a cashback account!
4. Look for convenience. If you already pay some of your regular bills from your bank account with a direct debit, then getting a cashback account that needs you to do that in order to get a regular reward could be an attractive prospect.
"I chose this account because of its 1% cash back and have earned around £300 since getting the card. It’s a great account and their customer service is amazing. Called 3 times for small issues, including an online shopping scam and was reimbursed and helped within 15 minutes. No phone waiting time, straight to operator. Very friendly staff.
If there’s one thing you’d tell a friend who’s thinking of getting this, what would it be?
Do it!"
The best way to compare these current accounts is to try and calculate exactly how much you’re likely to earn. This isn’t always easy, because what you’ll earn will be credited as a percentage of your overall spending.
Let’s say one account offers 0.5% cashback on all spending up to £100 per month, while another pays 2% cashback on all grocery shopping up to £250 per month. In this case, the amount of cashback you’ll earn is based on what spending you’re going to do in the future.
Cashback is unlikely to be the only factor you’ll want to consider either. Make sure you also look at features such as interest paid on in-credit balances, overdraft options, customer service and branch access as well.
Perhaps, after all this, you’ll decide that the other factors are more important than the potential cashback that you could earn anyway. For this reason, make sure you compare all features of a current account to figure out which is best for your needs.
Many people use these terms interchangeably. Some accounts are purely cashback-based, meaning you get money in return for meeting the account’s requirements. A reward account usually gets you some extras like cinema tickets or discounted movie streaming services.
Some cashback accounts don’t offer a fixed cash amount, but rather give you cashback as a percentage of your spending on some household bills or with selected retailers.
Depending on the account, you can get a percentage cashback on your household bills, a few pence per debit card transaction, and even a percentage of your spending with selected retailers.
While the best cashback current account can put a bit of extra money in your pocket, you might find that other types of bank account can offer you better value.
If you have a less steady income stream, a cashback account that requires you to get a certain fixed amount deposited each month might not be that beneficial.
But, a high-interest current account might work better for you.
Elsewhere, packaged current accounts can offer you benefits ranging from mobile phone and travel insurance, streaming subscriptions and discounted retail offers, in exchange for a monthly fee.
Comparing cashback offers can be confusing, but try to be realistic and work out what you’re likely to earn each month after the fees have been deducted.”
In order to unlock the best value from a cashback current account you need to be confident that you can regularly meet its requirements. That means keeping a close eye on your day-to-day personal finances, including how much your regular bills are costing you, the methods you use to pay them, and where you usually spend your money.
Used properly, these types of accounts can offer you a handy bonus each year to help you meet your financial goals. But always weigh up the costs and eligibility criteria of cashback current accounts to work out if they are truly worth it for you.
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