Best current accounts & debit cards with cashback in the UK 2024

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 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.

Latest current accounts with cashback offers

Bank/E-money account providerAccount nameCashback offeringAccount fee
HyperjarHyperjar1% cashback on all physical card spend and 2% on all Google Pay/Apple Pay spending with a maximum of £200 with code: FINDER03. T&Cs apply£0
Lloyds BankClub LloydsUp to 15% cashback when using your debit card at selected retailers, including Costa Coffee, Sainsbury’s, Sky and Booking.com.£3 per month (Account fee waived if account credit with at least £2000 per month).
AlgbraAlgbra1.5% cashback whenever you pay using Apple Pay or Google Pay.£0
ChaseCurrent accountGet 1% cashback on purchases which is capped at £15 per month.£0
SantanderSantander Edge Up1% 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
NatwestReward accountEarn up to £5 a month with NatWest Rewards.£2 per month
RBSReward accountEarn up to £5 a month with RBS Rewards.£2 per month
MonzoCurrent accountEarn 2 to 10% from various retailers including eBay, ASDA, H&M and more.£0
SantanderSantander Edge1% 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 MoneyClub M accountCashback 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
Co-opEveryday ExtraEarn up to £2.20 cashback when you opt in to Everyday Rewards.£15 per month
RevolutStandard accountVarious cashback offers from selected retailers in the rewards section of the app including Amazon, JD Sports, BT Broadband and more plus cashback on hotel accommodation.£0
TSBSpend & Save£5 cashback every month for the first six calendar months if you make at least 20 debit card payments in that month.£0
TSBSpend & Save Plus£5 cashback every month if you make at least 20 debit card payments in that month plus other benefits.£3 per month
HalifaxReward accountChoose from £5 into your account, 1 Vue cinema ticket or 3 digital magazines.£3.00 per month
StarlingCurrent AccountUse the Tail app to get cashack offers from various retailers.£0
Dankse BankDankse RewardA £5 reward every month paid directly into your account.£2 per month

Latest reviews of current accounts with cashback

Chase - Chase Current Account - Current Account

Chase Current Account - Current Account
Finder score
4.2 ★★★★★
Read review

£0

Min. opening balance

£0

Account fees

1% AER

Interest (AER)

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

The cashback reward: 1% on everyday debit card spending (capped at £15 per month)

Other benefits

  • Fee-free debit card spending abroad
  • Fee-free ATM withdrawals abroad
  • Interest on current account balance
  • Interest on round-up spending

The potential cashback value: A maximum of £15 per month if spending £1,500 on eligible purchases

Any requirements: None for new customers. Existing customers need to deposit a minimum of £1,500 into your account each month

  • No monthly account charge
  • No fees from Chase on spending abroad
  • 5% Interest with a round up account
  • 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%

Revolut - Revolut Standard

Revolut Standard
Finder score
4.2 ★★★★★
Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

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

The cashback reward: Earn cashback at selected retailers when you spend on your card and earn 3% cashback when you book accommodation through Revolut Stays.

Other benefits

  • Fee-free ATM withdrawals up to £200 a month
  • Fee-free currency exchange on weekdays up to £1,000 a month

The potential cashback value: Depends on where you shop

Any requirements: None

  • 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)

Danske Bank - Danske Cash Reward - Funded

£0.01

Min. opening balance

£2 per month

Account fees

0% AER

Interest (AER)

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

The cashback reward: £5 a month

Other benefits: None

The potential cashback value: £60 a year

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 39.89% 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%

Santander - Edge Current Account

Edge Current Account
Finder score
4.1 ★★★★★
Go to site Read review

£0.01

Min. opening balance

£3 per month

Account fees

0% AER

Interest (AER)

Earn cashback every month on selected household bills and essential spend.

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

  • Exclusive savings rates
  • Get cashback, vouchers, prize draws and personalised offers through Santander Boosts
  • Fee-free debit card spending abroad
  • Fee-free cash withdrawals abroad

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.
  • Earn 1% cashback on selected household bills and essential spend
  • Optional linked savings account
  • Fee-free ATM withdrawals abroad (at Santander cash machines)
  • Arranged overdraft
  • Dedicated 24-hour customer support
  • £3 account management fee
  • Strict eligibility criteria
  • Interest on overdraft is 39.94% EAR
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £3 per month
Overseas card transactions 0%
Overseas cash withdrawals 0%

Santander - Santander Edge Up Current

Santander Edge Up Current
Finder score
4.1 ★★★★★
Go to site Read review

£0

Min. opening balance

£5 per month

Account fees

3.51% AER

Interest (AER)

Earn cashback every month on selected household bills and essential spend plus interest on your balance.

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

  • Interest on current account balance
  • Get cashback, vouchers, prize draws and personalised offers through Santander Boosts
  • Fee-free debit card spending abroad
  • Fee-free cash withdrawals abroad

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.
  • 1% cashback on selected household bills and essential spend
  • Monthly interest (3.51% AER)
  • Fee free spending abroad
  • Arranged overdraft
  • Santander Boost rewards programme with prize draws, vouchers, etc.
  • Account management fee of £5 per month.
  • Monthly funding requirement
  • Strict eligibility criteria
  • Interest on overdraft is 39.94% 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%

Virgin Money - Club M Account - Age 18 and over

Club M Account - Age 18 and over
Finder score
4.1 ★★★★★
Read review

£0.01

Min. opening balance

£12.5 per month

Account fees

2.02% AER

Interest (AER)

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

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

  • Fee-free debit card spending abroad
  • Fee-free cash withdrawals abroad
  • Worldwide family multi-trip travel insurance
  • Worldwide family mobile and gadget insurance
  • UK breakdown cover

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.
  • 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 £12.50 per month
  • Interest charged on overdraft
  • Interest only paid on balances up to £1,000
  • 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

TSB - Spend & Save

Spend & Save
Finder score
4.3 ★★★★★
Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Earn £5 cashback a month when making 20 or more debit card payments each month.

The cashback reward: £5 a month for the first 6 months

Other benefits

  • Save into Savings Pots and earn interest
  • Round ups feature to help you save cash

The potential cashback value: £30 over 6 months

Any requirements: You’ll need to make 20 debit card payments each month to earn cashback

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%

TSB - Spend & Save Plus

Spend & Save Plus
Finder score
4.3 ★★★★★
Go to site Read review

£0

Min. opening balance

£3 per month

Account fees

0% AER

Interest (AER)

Earn £5 cashback a month when making 20 or more debit card payments each month.

The cashback reward: £5 a month

Other benefits

  • Save into Savings Pots and earn interest
  • £100 interest-free overdraft
  • Fee-free debit card spending abroad
  • Fee-free cash withdrawals abroad

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

  • £100 interest-free overdraft
  • No charges for using your debit card abroad
  • Earn £5 cashback a month
  • Savings Pots and Save the Pennies features to help you save
  • Easy to apply online or via the app
  • A monthly fee
  • Interest paid on Savings Pots is low
  • If you exceed £100 interest-free overdraft limit, you’ll pay 39.90% EAR
  • Need to make at least 20 debit card payments a month to get cashback
Minimum opening balance £0
Minimum operating balance £0
Switch service guarantee Yes
Account fee £3 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 score
4.7 ★★★★★
Read review

£0

Min. opening balance

£0

Account fees

3.24% AER

Interest (AER)

The cashback reward: Use the Tail app to earn cashback on your purchases at selected retailers.

Other benefits

  • Fee-free debit card spending abroad
  • Fee-free ATM withdrawals abroad
  • Interest on current account balance

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 .
  • 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

Monzo - Monzo

Monzo
Finder score
4.6 ★★★★★
Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Monzo Instant Access Savings Pot earns you 4.10% AER interest (variable), paid monthly into the Pot you create.

The cashback reward: Earn 2 to 10% from various retailers including eBay, ASDA, H&M and more.

Other benefits

  • Fee-free debit card spending abroad
  • Fee-free cash withdrawals in the EEA (free up to £200 a month outside the EEA)
  • Access to competitive savings account
  • Earn £5 cashback when you refer a friend to Monzo

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.

Assumed arranged overdraft of £1,200. Annual interest rate 39.00% variable. Representative 39.0% APR.
  • Easy to set up
  • Good for budgeting and categorising spending
  • Automatic saving feature
  • Fee-free spending abroad
  • Slick app with face login
  • Overdrafts and loans available
  • Free ATM withdrawals outside the EEA limited to £200,
  • £1 fee for depositing cash at PayPoints,
  • Maximum cash deposit of £1,000 every 6 months
  • No rewards program
Minimum opening balance £0
Switch service guarantee Yes
Account fee £0
Overseas card transactions 0%
Overseas cash withdrawals 0%

NatWest - Reward

Reward
Finder score
4.3 ★★★★★
Read review

£0.01

Min. opening balance

£2 per month

Account fees

0% AER

Interest (AER)

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

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: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
  • 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%

Royal Bank of Scotland - Reward

Reward
Finder score
4.2 ★★★★★
Read review

£0.01

Min. opening balance

£2 per month

Account fees

0% AER

Interest (AER)

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

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: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
  • 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%

Lloyds Bank - Club Lloyds

Club Lloyds
Finder score
4.3 ★★★★★
Read review

£1

Min. opening balance

Account fees

1.5% AER

Interest (AER)

Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.

The cashback reward: Up to 15% on debit and credit card purchases or when you pay by direct debit at selected retailers.

Other benefits

  • Choose one lifestyle benefit each year - 12 months of Disney+, 6 cinema tickets, an annual digital Coffee Club and Gourmet Society membership or an annual magazine subscription
  • Interest on current account balance
  • Exclusive access to savings accounts

The potential cashback value: Depends on where you shop

Any requirements: Pay out 2 different direct debits each month to earn interest

  • 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%

The Co-operative Bank - Everyday Extra - with Everyday Rewards

Everyday Extra - with Everyday Rewards
Finder score
4 ★★★★★
Read review

£0

Min. opening balance

£15 per month

Account fees

0% AER

Interest (AER)

Free travel accident insurance – covers account holder and family including dependent children up to 22 years old.

The cashback reward: Up to £2.20 each month

Other benefits: Access to mobile phone insurance, travel insurance and UK and European breakdown cover.

The potential cashback value: £2.20 a month, or £125 per referred friend

Any requirements

  • To get the first £1 reward, pay at least £800 into your account, stay in credit or within your arranged overdraft limit, log in to online banking or the app at least once a month, opt in for paperless statements and pay out at least 4 direct debits.
  • You’ll also earn 2p every time you use your debit card for purchases, to earn up to £1.20 a month.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 35.9% EAR variable . Account fee of £15 per month.
  • Includes travel insurance, mobile phone insurance and breakdown cover
  • Option to opt into Everyday Rewards scheme
  • FSCS protection
  • Easy to apply for
  • Overdraft available
  • Ethical bank
  • Monthly fee
  • No interest paid on credit balances
  • You'll need to meet certain eligibility criteria to apply
  • You'll need to meet certain criteria to earn rewards
  • Interest charged on overdrafts (capped at £60 per charging period)
Minimum opening balance £0
Minimum operating balance £0
Switch service guarantee Yes
Account fee £15 per month
Overseas card transactions 2.75%
Overseas cash withdrawals 2.75%

Halifax - Reward Current Account - Funded

Reward Current Account - Funded
Finder score
4.2 ★★★★★
Read review

£0.01

Min. opening balance

£3 per month

Account fees

0% AER

Interest (AER)

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

The cashback reward: £5 a month

Other benefits

  • Instead of the monthly cash reward, you can choose one cinema ticket each month or 3 digital magazines per month
  • Access to exclusive savings offers
  • Up to 15% cashback at selected retailers when you spend on your card

The potential cashback value: £60 a year, plus retailer offers

Any requirements

  • Spend at least £500 on your debit card each month or keep £5,000 or more in your account
  • Pay at least £1,500 into your account each month and stay in credit.
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%

HyperJar - HyperJar prepaid card

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

1% cashback on all physical card spend and 2% on all Google Pay/Apple Pay spending with a maximum of £200 with code: FINDER03. T&Cs apply.
The cashback reward: Earn up to 20% cashback when you buy gift cards at selected retailers.

Other benefits

  • Fee-free card spending abroad
  • Fee-free cash withdrawals abroad
  • Create jars for expenses

The potential cashback value: Depends where you shop

Any requirements: Hyperjar is app-based and you’ll need to buy gift cards to get cashback

  • No overseas fees
  • Earn cashback on spending
  • Separate “Jars” for budgeting
  • Kids' prepaid card option
  • Easy to split bills with friends and family
  • No ATM withdrawals in the UK or abroad
  • Cannot deposit cash or cheques
  • No FSCS protection
Minimum opening balance £0
Account fee £0
Overseas card transactions 0%

Algbra

The cashback reward: 1.5% cashback whenever you pay using Apple Pay or Google Pay

Other benefits

  • Fee-free debit card spending abroad
  • Fee-free cash withdrawals abroad
  • Use the carbon calculator to help you measure, monitor and offset the carbon footprint of your transactions

The potential cashback value: Earn a maximum of £22.50 a month

Any requirements: You’ll need to set up mobile payments to qualify

What is a current account with rewards or cashback?

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.

How to open a current account with cashback and rewards

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.

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, 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.

Case study: Matteo chose Chase because of its cashback

Matteo Pennarts profile pic
Matteo Pennarts

Works in Finder’s PR team

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!

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.

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
  • They can come with monthly fees
  • Some accounts offer cashback instead of interest on in-credit deals
  • Some accounts require you to “activate” cashback deals before you can earn money

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.”

Katherine Denham, award-winning personal finance expert

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 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

Banking scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

To find out more, read our full methodology.

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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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