Best current accounts with cashback and rewards in the UK 2023

Fancy earning a bit of extra cash every time you spend money? A current account with cashback is the answer. Here’s more about the pros and cons of these accounts and how to compare them to choose the one that’s best for you.

Latest current accounts with cashback offers

Latest reviews of current accounts with cashback

Chase - Chase Current Account - Current Account

Finder rating

★★★★★

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£0

Min. opening balance

£0

Account fees

1% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Receive 1% cashback on everyday purchases capped at £15.

This bank account from Chase comes with a whole host of rewards. Every time you spend on your debit card, whether that's your daily coffee, food shopping or next holiday, you'll earn 1% cashback (capped at £15 per month) for the first year. You can watch your cashback balance grow and then transfer the money whenever you like. On top of that, you can round up your spending to the nearest £1 and the difference will automatically be saved for you - plus your round-up balance will earn 5% interest. You'll also earn 1% AER on your current account balance. You can monitor all of your spending via the app and there are no fees for using your debit card abroad.

• No monthly account charge
• No fees for spending abroad
• 5% interest on savings generated by “round ups”
• 24/7 in-app customer support

• No branches if you prefer face-to-face banking
• Can’t deposit cash or cheques into the account
• Overdrafts not available yet

Minimum opening balance	£0
Minimum operating balance	£0
Switch service guarantee	Yes
Account fee	£0
Overseas card transactions	0%
Overseas cash withdrawals	0%

Santander - Santander Edge Up Current

Finder rating

★★★★★

Customer rating

★★★★★

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£0

Min. opening balance

£5 per month

Account fees

3.51% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Cashback of 1% on communication, council tax, water bills, gas & electric bills paid via direct debit, capped at £15 per month.

Santander Edge Up is an everyday current account which allows you to earn cashback on selected household bills and essential spending. Similar to the Edge account, you can earn cashback on selected household bills when you pay by direct debit and cashback at supermarkets and on travel costs when you use your debit card. The main difference is that the amount of cashback you can potentially earn each month is higher. You’ll also earn monthly interest on your current account balance and can take advantage of fee free spending abroad. In return, you’ll need to pay a monthly fee to maintain the account and meet certain eligibility criteria.

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.

• 1% cashback on selected household bills and essential spend
• Monthly interest ({{ MONEYFACTS.INCREDIT1_RATE1_AER }} AER)
• Fee free spending abroad
• Arranged overdraft
• Santander Boost rewards programme with prize draws, vouchers, etc.

• Account management fee of {{ MONEYFACTS.ELIGIBILITY_ACCOUNTFEES }}
• Monthly funding requirement
• Strict eligibility criteria
• Interest on overdraft is {{ MONEYFACTS.OD_ARRANGED_RATE }} EAR
• Cashback is capped at £15 a month

Minimum opening balance	£0
Minimum operating balance	£0
Switch service guarantee	Yes
Account fee	£5 per month
Overseas card transactions	0%
Overseas cash withdrawals	0%

TSB - Spend & Save

Finder rating

★★★★★

Customer rating

★★★★★

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£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Get up to £210 to Switch and Stay. £150 to switch by 31st October 2023, plus earn up to £60 in double cashback! (£10 a month for 6 months). Log into TSB App, make one debit card payment and set up 2 Direct Debits. Earn cashback by making 20 debit card payments per month. T&Cs apply.

This account from TSB allows users to earn up to £5 cashback for the first six months when they make 30 or more payments on their debit card each month. Alternatively, if you’re happy to pay a monthly fee, you could consider the Spend and Save Plus account instead, which offers cashback with no end date. The Spend and Save account also enables you to set up different Spending Pots and earn interest as you do so, plus set yourself goals and track how your money is growing. With the Save the Pennies feature, every debit card payment will be rounded up to the nearest pound and the pennies can be transferred to your Savings Pot or other eligible TSB savings account. In addition, you’ll have access to a competitive Monthly Saver account with a rate that’s fixed for a year, helping your savings to grow further. You can also apply for an arranged overdraft.

If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable/APR representative.

• Earn cashback as you spend
• Competitive Monthly Saver
• Save the Pennies feature
• Overdraft available

• Cashback on Save and Spend account expires after six months
• Interest charged on overdrafts

Minimum opening balance	£0
Minimum operating balance	£0
Switch service guarantee	Yes
Account fee	£0
Overseas card transactions	2.99%
Overseas cash withdrawals	2.99%

Starling Bank - Current Account - Age 18 and over

Finder rating

★★★★★

Customer rating

★★★★★

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£0

Min. opening balance

£0

Account fees

3.25% AER

Interest (AER)

• Account info
• Pros/cons
• Details

No fees overseas plus refer a friend and earn a free National Trust day pass – redeemable at hundreds of the places it looks after.

Starling's in-app marketplace enables you to register with third-party financial services including mortgage and insurance providers and loyalty apps. One of these partners is Tail, which gives you access to cahsback offers at retailers like FatFace, Ocado and Homebase. You'll need to activate Tail within your Starling app. Once you've activated the service, your Tail and Starling accounts will be linked. Simply pay using your linked Starling Bank card and cashback will be paid directly into your bank account.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 15% EAR variable .

• No monthly-fees
• 100% digital sign-up
• 24/7 UK customer support
• 'Settle up' feature to split joint bills
• Pays interest on current account balance
• Overdrafts available (only on personal accounts)

• Lower ATM withdrawal limit than some other digital challengers
• No group savings feature
• Doesn't have a specific monthly budgeting tool
• No rewards program

Minimum opening balance	£0
Minimum operating balance	£0.01
Switch service guarantee	Yes
Account fee	£0
Overseas card transactions	£0
Overseas cash withdrawals	£0

The Co-operative Bank - Current Account

Customer rating

★★★★★

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£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Refer A Friend and get £125 for you, £125 for your friend if they switch.

Aged 16 or over, or 18 or over when requesting the optional overdraft. Subject to status and eligibility.

Offer is subject to eligibility criteria, which includes completing a full account switch, registering for online banking, making a minimum of five debit card payments, depositing at least £800 and having two active Direct Debits within 60 days of account opening. T&Cs apply.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 35.9% EAR variable. T&Cs apply.

• Monthly rewards
• Available as a joint account
• Easy to open and manage

• Interest charged on overdrafts
• Foreign transaction charges
• No interest paid on in-credit balances

Minimum opening balance	£0
Minimum operating balance	£0
Switch service guarantee	Yes
Account fee	£0
Overseas card transactions	2.75%
Overseas cash withdrawals	2.75%

Revolut - Revolut Standard

Finder rating

★★★★★

Customer rating

★★★★★

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£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).

This app-based account offers a range of features and benefits with no monthly fee. The account enables users to earn up to 30% cashback when they eat out at London pubs and restaurants. Plus, the Revolut Shopper feature automatically finds account holders great discounts and they'll benefit from cashback at selected brands when they use their Revolut card. The account also makes it easy to split bills and send money to friends, and pays interest on credit balances. Meanwhile, the app enables users to manage subscriptions with ease, keep track of their finances and set limits to help them budget. Plus, if you spend on your card abroad, there are no foreign transaction fees to worry about. ATM withdrawals are also free up to £200 a month or up to five withdrawals per month, whichever comes first. There is no overdraft available.

• Low overseas fees
• Quick application
• Earn cashback on spending
• Set budgets for financial goals,
• Virtual cards for online purchases,
• Easy to transfer money internationally,
• Linked 'Junior' account available for one child

• 1% currency conversion charge on weekend spending abroad,
• Free cash withdrawals in the UK and abroad both limited to £200 per month,
• Cannot deposit cash or cheques into the account,
• Charged a fee to receive your bank card

Minimum opening balance	£0
Account fee	£0
Overseas card transactions	0% Mon-Fri (max. £1,000 per month)
Overseas cash withdrawals	0% Mon-Fri (max. £1,000 per month)

NatWest - Reward

Finder rating

★★★★★

Customer rating

★★★★★

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£0.01

Min. opening balance

£2 per month

Account fees

0% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Earn 4 Rewards per month by making at a minimum of 2 direct debit payments of at least £2 each.

With this account from NatWest, you will be able to earn £4 back in Rewards each month if you have two or more direct debits on the account. Plus, you'll get an extra £1 a month with one mobile app log in, giving you a total of up to £5 in Rewards each month. On top of this, you can earn from 1% in Rewards when you spend with NatWest retail partners such as Caffe Nero, EuropCar, Barrhead Travel, Boux Travel, P&O Ferries and ATG Tickets. Once you have reached £5 in Rewards, you can redeem this as cashback, trade it up for gift cards and e-codes with NatWest's retail partners or donate to one of four charities. To be eligible for the account, you will need to pay in £1,250 each month, be aged 18 or over and be a UK resident. There is also a monthly fee.

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.

• Perks such as European travel insurance and mobile phone insurance
• Monthly Rewards
• Cinema tickets discount and Tastecard
• Fee-free card purchases abroad
• Easy to open via the app or online
• Interest-free overdraft of up to £500
• Option to earn Avios points
• Set your own ATM withdrawal limit up to £2,000 via the app

• Travel insurance restricted to Europe only
• Interest charged on overdrafts over £500
• Available to existing customers only
• You’ll need a high income or savings pot to qualify
• To apply for Avios Rewards you must pay £12 a month

Minimum opening balance	£0.01
Minimum operating balance	£0.01
Switch service guarantee	Yes
Account fee	£2 per month
Overseas card transactions	2.75%
Overseas cash withdrawals	2.75%

Lloyds Bank - Club Lloyds

Finder rating

★★★★★

Customer rating

★★★★★

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£1

Min. opening balance

Account fees

1.5% AER

Interest (AER)

• Account info
• Pros/cons
• Details

£175 for accounts switched using the Current Account Switch Service until 14.11.23.

This bank account from Lloyds lets users select a monthly reward which is then fixed for 12 months. Choose from 12 months of Disney+, cinema tickets, an annual magazine subscription, or a digital Gourmet Society membership and movie rentals. On top of this, you can earn up to 15% cashback at selected retailers when you spend on your debit card, and earn interest on balances up to £5,000. There's no fee for the account if you pay in £2,000 a month - if not, you'll pay £3 a month. There's also a Save the Change feature to round up your card payments to the nearest pound and save as you spend.

• Interest paid on balances up to £5,000
• Selected rewards and cashback offers
• Preferential exchange rates
• Exclusive banking offers available
• Choose 1 "lifestyle benefit" each year, such as a TV, coffee or magazine subscription

• You’ll need to pay in at least £2,000 each month or pay £3 a month
• You must pay out 2 direct debits each month to qualify for interest
• Highest interest rate only paid on balances between £4,000 and £5,000
• Overdraft rates are 27.5% EAR (£50 buffer)

Minimum opening balance	£1
Minimum operating balance	£1
Switch service guarantee	Yes
Account fee	£3 per month (Account fee waived if account credit with at least £2000 per month).
Overseas card transactions	2.99%
Overseas cash withdrawals	2.99%

Virgin Money - Club M Account - Age 18 and over

Finder rating

★★★★★

Customer rating

★★★★★

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£0.01

Min. opening balance

£12.5 per month

Account fees

2.02% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Covers account holder, partner and up to 4 dependent children aged under 18.

This account from Virgin Money offers a range of rewards and benefits including fee-free travel spending and insurance. As well as paying interest on balances up to £1,000, if you sign up in the app, you can also earn cashback when you spend with participating retailers or set up a direct debit with them. The cashback can be transferred into your account, or traded up for e-gift cards to be used at selected retailers, either online or in store. There are also no fees for making purchases or withdrawing cash on your card abroad, and an arranged overdraft is available. There is monthly fee attached to the account.

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.

• Range of insurance policies included with the account
• Interest paid on balances
• Linked savings account
• Earn cashback at selected retailers
• No fees for using your card abroad
• FSCS protection
• Arranged overdraft available

• Account fee of {{ MONEYFACTS.ELIGIBILITY_ACCOUNTFEES|replace({'.5 ': '.50 ', 'month.': 'month'}) }}
• Interest charged on overdraft
• Interest only paid on balances up to {{ MONEYFACTS.INCREDIT1_RATE1_UPPER }}
• Breakdown cover only applies in the UK

Minimum opening balance	£0.01
Minimum operating balance	£0.01
Switch service guarantee	Yes
Account fee	£12.5 per month
Overseas card transactions	£0
Overseas cash withdrawals	£0

Danske Bank - Danske Cash Reward - Funded

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£0.01

Min. opening balance

£2 per month

Account fees

0% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Earn £5 gross per month if £1K paid in, receive account statements digitally and make at least 8 debit card transactions per month.

With the Reward account from Danske Bank you’ll earn a £5 reward each month, provided you’ve paid in at least £1,000, completed at least 8 debit card transactions and received digital statements for your account. The account can be managed with eBanking and the mobile banking app and you’ll be able to apply for an overdraft if you need it. To qualify you must be either a new customer living in Northern Ireland or an existing customer living in the UK. You must also be at least 18 years old. A monthly account fee applies.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 45.21% EAR variable . Account fee of £2 per month.

• £5 reward each month you qualify
• Multiple ways to bank
• Overdraft available

• Monthly fee applies
• You’ll need to meet certain eligibility criteria
• Interest charged on overdraft

Minimum opening balance	£0.01
Minimum operating balance	£0.01
Switch service guarantee	Yes
Account fee	£2 per month
Overseas card transactions	2.75%
Overseas cash withdrawals	2.75%

Royal Bank of Scotland - Reward

Finder rating

★★★★★

Customer rating

★★★★★

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£0.01

Min. opening balance

£2 per month

Account fees

0% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Earn £9 back in Rewards per month by making at a minimum of 2 direct debit payments of at least £4.50 each.

Opening the RBS Reward account also enables you to earn £4 a month in Rewards if you have 2 or more direct debits on the account, plus an extra £1 a month in Rewards when you log in to the mobile app. On top of this, you can earn from 1% in Rewards when you spend with RBS retail partners. Once you've reached £5 in Rewards, you can redeem this as cashback, gift cards or e-codes with RBS retail partners. Note that the account has a monthly fee.

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.

• Easy to earn rewards
• Rewards can be exchanged for cashback, gift cards, e-codes or charity donations
• Overdraft available
• FSCS protection

• Monthly fee
• Interest charged on overdrafts
• Must pay in £1,250 a month to qualify

Minimum opening balance	£0.01
Minimum operating balance	£0.01
Switch service guarantee	Yes
Account fee	£2 per month
Overseas card transactions	2.75%
Overseas cash withdrawals	2.75%

Halifax - Reward Current Account - Funded

Finder rating

★★★★★

Customer rating

★★★★★

Read review

£0.01

Min. opening balance

£3 per month

Account fees

0% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Cashback Extras - Earn up to 15% cashback from selected retailers when shopping with a Halifax credit or debit card.

This account from Halifax allows users to select a monthly reward, which is then fixed for 12 months. Account holders can choose from £5 cashback, two digital movie rentals with Rakuten TV, three digital magazines or one Vue cinema ticket. In return, you’ll need to spend £500 on your debit card each month or keep £5,000 or more in your account each day of the month. You’ll also need to pay at least £1,500 into your account each month and stay in credit, otherwise you must pay a monthly fee. Further benefits of the account include cashback at certain retailers, a Save the Change feature, where your card payments are rounded up to the nearest pound, and the option to apply for an arranged overdraft. The account can be opened individually or jointly and comes with a contactless Visa debit card.

Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.

• Choose rewards to suit you
• New customers switching get a 6-month 0% overdraft
• Earn cashback at certain retailers
• Single or joint account options
• Easy to open and manage account online

• Need to meet eligibility criteria to qualify for rewards
• £3 monthly fee if you don’t pay in £1,500 a month
• Overdraft charges are high once interest-free period ends
• No interest paid on in-credit balances

Minimum opening balance	£0.01
Minimum operating balance	£0.01
Switch service guarantee	Yes
Account fee	£3 per month (Account fee waived if account credit with at least £1500 per month).
Overseas card transactions	2.99%
Overseas cash withdrawals	2.99%

What is a current account with rewards or cashback?

Some banks offer current accounts, which will credit a cash reward back into your account when you make debit card purchases. 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 (groceries, travel, etc). 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.

How to open a current account with cashback and rewads

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.

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. Banks also from time to time offer switching bonuses. Visit our switching deals guide to find a list of current offers.

How to choose the best current accounts with cashback and rewards

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 come 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.

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 for switching to it, 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.

How to compare current accounts with cashback

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.

What’s the difference between a cashback and reward account?

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.

What kinds of items can you get cashback on?

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.

Other types of current accounts

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. While most easy access savings rates at the moment are pretty dire, some banks offer current accounts that pay in-credit interest of up to 2% gross AER on balances of up to £1,000.

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.

Pros and cons of current accounts with cashback

Bottom line

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 of around £60 or more 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.

Frequently asked questions

• How long does it take for the cashback to be paid into my account?

  This varies, but if your current account offers cashback on certain types of spending, you will usually receive the payment into your account within one or two months of making the eligible purchases.

• How can I check if my bank account offers cashback?

  Your account’s terms and conditions will usually explain whether you’re eligible to receive cashback. For those who don’t want to wade through lines of small print, your banking app or local branch will usually be a good source of information on this. Certain accounts that make time-limited cashback offers available with certain retailers will list these in your online banking menu or banking app once you’ve logged in.

• How do I apply for a rewards current account?

  You’d apply the same way you’d apply for a regular current account. You’ll have to provide your personal details and have your identity verified; you can usually do it online but you may need to bring your ID to a bank branch in some cases. Depending on the eligibility criteria, you may also be asked about your employment status, annual salary and how much you’re planning to pay into the account.

• Can I switch to a rewards current account?

  Yes. All the main banks offering rewards accounts adhere to CASS, so switching will be a relatively painless experience.

• Do rewards current accounts offer an overdraft?

  They normally do, although you may have to apply for it and pass a credit check first. You can check your credit score here.

• Can I have more than one rewards accounts?

  Yes, you can. There are no limits to the number of current accounts you can hold. However, you may have to open them with different financial institutions. Many banks won’t give you two accounts with the same benefits and, for example, you can’t get a switching incentive if you already hold another account with the same bank. Finally, since rewards accounts often require you to pay £1,000 or more into the account every month, you may be unable to meet the criteria for more than one account at a time.