Best current accounts with cashback in the UK 2022

Learn how current accounts with cashback work, whether they're right for you and how to find the best current account.

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

Bank / Provider nameAccount NameMax Monthly cashback and offers
Santander123 Current Account– £15
– Up to 3% cashback on selected household bills
– Up to 15% on retailer offers
TSBSpend & Save£5 cashback each month for the first six months
HalifaxReward Current Account– £5
– Up to 15% cashback with selected retailers including high street shops and meals out
RevolutStandard accountUp to 50% cashback with selected retailers
Santander123 Lite Current Account– £15
– Up to 3% cashback on selected household bills – Up to 15% on retailer offers
ChaseCurrent Account1% cashback on purchases for 12 months
Lloyds BankClub LloydsUp to 15% cashback with selected retailers including high street shops and meals out
Virgin MoneyClub M AccountEarn cashback with selected retailers
StarlingCurrent AccountEarn cashback offers from 15 to 50% with Flux via Starling’s marketplace
NatWestRewardEarn up to £5 in rewards each month
Co-operative BankCurrent AccountEarn cashback on debit card purchases

Latest reviews of current accounts with cashback

Santander - 123 Current Account

123 Current Account
Finder rating
★★★★★
Customer rating
★★★★★
Go to site Read review

£0.01

Min. opening balance

£4 per month

Account fees

1% AER

Interest (AER)

Earn cashback every month on selected household bills + 1% interest on your balance.
This popular account from Santander pays interest on credit balances and allows users to earn cashback of up to 3% on selected household bills. Cashback rates are tiered and qualifying bills include council tax, water, mobile and home phone, broadband and paid-for TV packages, Santander mortgage payments, Santander home and life insurance, plus gas and electricity. In return, you'll need to meet certain qualifying criteria, including setting up direct debits and paying in a set amount each month, plus you must pay a monthly account fee. Account holders can also benefit from cashback via Santander's Retailer Offers programme and there's the option of applying for an arranged overdraft. The account can be applied for online or in branch, but account holders must be at least 18 years old and a UK resident. You'll also have access to 123 World Offers for preferential rates on savings accounts, insurance and more.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable . Account fee of £4 per month.
  • Interest paid on in-credit balances
  • Earn cashback on selected household bills
  • Earn cashback at selected retailers
  • Easy to apply for
  • Monthly account fee
  • High interest rate charged on overdraft
  • You’ll need to meet certain criteria to earn interest and cashback
Interest rate 1% AER
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £4 per month
Overseas card transactions 2.95%
Overseas cash withdrawals 2.95%

TSB - Spend & Save

Spend & Save
Finder rating
★★★★★
Customer rating
★★★★★
Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Earn £5 cashback a month for six months when making 30 or more debit card payments each month.
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.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable .
  • Earn cashback as you spend
  • Access to a competitive Monthly Saver
  • Save the Pennies feature
  • Overdraft available
  • Cashback on Save and Spend account expires after six months
  • Interest charged on overdrafts
Interest rate 0% AER
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%

Halifax - Reward Current Account - Funded

Reward Current Account - Funded
Finder rating
★★★★★
Customer rating
★★★★★
Read review

£0.01

Min. opening balance

£3 per month

Account fees

0% AER

Interest (AER)

Switch to Halifax and get £150 in 10 working days.
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 from a range of monthly rewards
  • Earn cashback at certain retailers
  • Easy to open and manage account online
  • Interest is charged on overdrafts
  • Need to meet eligibility criteria to qualify for rewards
  • £3 monthly fee if you don’t pay in £1,500 a month
Interest rate 0% AER
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%

The Co-operative Bank - Current Account - with Everyday Rewards Age 18 and over

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Eligible for Everyday Rewards: Earn 2p every time debit card used, up to maximum of £1.20 per month.
The Co-op Everyday Rewards feature is available on many of Co-op’s current accounts, including its standard current account, the Everyday Extra current account, its Privilege account, the Privilege Premier account, and its Current Account Plus. If you opt into the scheme, you can earn up to £2.20 a month, or £26.40 a year. You’ll earn £1 for each month if you qualify, and an extra 2p every time you spend on your debit card, up to £1.20 a month. To qualify, you will need to pay in at least £800 a month, set at least four direct debits on the account, stay in credit or within your arranged overdraft limit, log into online banking or the mobile banking app at least once a month, and stay opted in for paperless statements on your account. You can have your rewards paid into your account each month or choose to for a donation to be made to charity.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 35.9% EAR variable .
  • Earn up to £2.20 a month
  • Option to have rewards paid into your account or donate to charity
  • Not available on all Co-op accounts
  • You’ll need to meet strict qualifying criteria to earn rewards
  • You can only earn rewards on one account at a time
Interest rate 0% AER
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

Revolut Standard
Finder rating
★★★★★
Customer rating
★★★★★
Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Sign up and get a free £10 top-up with Finder and get 1 month of Revolut Premium for free, too. For new customers only, 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 up to 10% 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.
  • Quick application,
  • No credit check or proof of address,
  • Set budgets and save 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
Interest rate 0% AER
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

Reward
Finder rating
★★★★★
Customer rating
★★★★★
Go to site Read review

£0.01

Min. opening balance

£2 per month

Account fees

0% AER

Interest (AER)

£175 for accounts switched using the Current Account Switch Service by 5pm 3.11.22.
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
  • Monthly fee
  • Travel insurance restricted to Europe only
  • Interest charged on overdraft
  • Available to existing customers only
Interest rate 0% AER
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%

Santander - 123 Lite Current Account

123 Lite Current Account
Finder rating
★★★★★
Customer rating
★★★★★
Go to site Read review

£0.01

Min. opening balance

£2 per month

Account fees

0% AER

Interest (AER)

Earn cashback every month on selected household bills.
This account is similar to the standard 123 account from Santander, but charges a lower monthly fee. No interest is paid on the account, but you can still earn tiered rates of cashback on selected household bills. These bills include council tax, water, mobile and landline phone, broadband and paid-for TV packages, Santander mortgage, life and home insurance payments, and gas and electricity. You can also earn cashback at selected retailers through the Retailer Offers scheme and apply for an arranged overdraft. To qualify for these benefits, you'll need to meet strict criteria, including being over the age of 18 and a UK resident, plus agreeing to set up direct debits on your account and pay in a set amount each month. You can apply for the account online in just 10 minutes and it can be managed online, via the app, in branch, and over the phone.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable . Account fee of £2 per month.
  • Earn cashback on household bills and at selected retailers
  • Easy to apply for
  • Multiple ways to bank
  • Arranged overdraft
  • Monthly fee
  • No interest paid on the account
  • Interest is charged on overdrafts
Interest rate 0% AER
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £2 per month
Overseas card transactions 2.95%
Overseas cash withdrawals 2.95%

Chase - Chase Current Account - Current Account

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Receive 1% cashback on everyday purchases for 12 months from account opening.
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 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 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 or making cash withdrawals abroad
  • 1% cashback on a wide range of purchases
  • 5% interest on savings generated by the “round ups” feature
  • 1.5% interest on balances in the linked Chase saver account
  • 24/7 in-app customer support
  • 1% cashback and 5% interest offers only run for 12 months
  • No branches if you prefer face-to-face banking
  • Can’t deposit cash or cheques into the account
  • Overdrafts not available yet
Interest rate 0% AER
Minimum opening balance £0
Minimum operating balance £0
Switch service guarantee No
Account fee £0
Overseas card transactions 0%
Overseas cash withdrawals 0%

Lloyds Bank - Club Lloyds

Club Lloyds
Finder rating
★★★★★
Customer rating
★★★★★
Read review

£1

Min. opening balance

Account fees

0.6% AER

Interest (AER)

Get £150 in 10 working days.
This bank account from Lloyds lets users select a monthly reward which is then fixed for 12 months. Choose from cinema tickets, an annual magazine subscription, 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 £1,500 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
  • Minimum payment or monthly fee applies
  • High overdraft rates
  • Highest interest rate only paid on higher balances
Interest rate 0.6% AER
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 £1500 per month).
Overseas card transactions 2.99%
Overseas cash withdrawals 2.99%

Virgin Money - Club M Account - Age 18 and over

Club M Account - Age 18 and over
Customer rating
★★★★★
Read review

£0.01

Min. opening balance

£14.5 per month

Account fees

2.02% AER

Interest (AER)

Earn 25% cashback for 60 days on supermarket and fuel spend when using a Virgin Money debit card, up to a maximum amount of £160.
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 £14.5 per month.
  • Perks such as worldwide travel insurance, gadget insurance and UK breakdown cover
  • No fees for using your card abroad
  • Interest paid on credit balances
  • Exclusive linked savings account
  • Monthly fee applies
  • Interest charged on overdraft
Interest rate 2.02% AER
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £14.5 per month
Overseas card transactions £0
Overseas cash withdrawals £0

Starling Bank - Current Account - Age 18 and over

Current Account - Age 18 and over
Finder rating
★★★★★
Customer rating
★★★★★
Go to site Read review

£0

Min. opening balance

£0

Account fees

0.05% AER

Interest (AER)

No fees overseas.
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 Flux, an app that aims to get rid of paper receipts. By linking your Starling bank account with Flux, you can receive automated digital receipts and get access to dozens of cashback offers from 15% to 50% off each week. Simply activate an offer from one of Flux's retail partners, such as JustEat, Schuh, H&M and Pure, and redeem it automatically when you pay with your Starling card. The cashback will automatically be transferred into your Starling account.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable .
  • Free UK current account, usually up and running in a matter of minutes. Card delivered within a week.
  • Slick mobile app packed with budgeting and saving features, including spending categorisation and saving goals.
  • Safe and secure, fully licensed by the FCA and PRA.
  • While Starling offers a wide range of services, it’s still a fairly new bank, so does not yet offer more complex services such as mortgages.
  • There aren’t any bank branches, but you can use the Post Office to deposit and withdraw cash.
Interest rate 0.05% AER
Minimum opening balance £0
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £0
Overseas card transactions £0
Overseas cash withdrawals £0

What is a current account with 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

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

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.

It’s also pretty common for some cashback accounts to require you to set up a certain amount of direct debits. For example Santander’s 123 Lite Current account gives you 3% cashback on some household bills each month, but only if you have at least 2 active direct debits.

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. For example, Halifax’s Reward Current Account usually charges a monthly £3 account fee – but you’ll only be charged that fee if less than £1,500 is paid into the account that 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.

Some banks will even top up your cash if you have your mortgage with them or if you keep a lump sum in your account. For example, Santander 123 Lite current account customers who also hold a Santander mortgage can get up to £3 cashback on their monthly mortgage payments, subject to certain conditions.

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

  • Earn cashback on your purchases
  • Unlike interest, cashback is tax-free
  • Some banks allow you to earn cashback automatically
  • Some accounts offer cashback instead of interest on in-credit deals
  • Some accounts require you to “activate” cashback deals before you can earn money

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

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site