Best current accounts with rewards in the UK 2022

What if you could choose the benefits you prefer for your current account? We're not quite there yet, but there are a few options out there. Let's have a look.

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Choose the right current account and you can not only easily manage your money and spending, but also get some benefits and rewards, from cashback on your bills to travel insurance or breakdown cover. Here's our guide to current accounts with rewards, how they work and how to choose the right one for you.

Compare current accounts with rewards

Table: sorted by switching bonus
1 - 14 of 14
Name Product Ratings Account fees Funding requirement Interest (AER) Arranged overdraft Incentive Representative example Link
OFFER
Select Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
39.49% EAR variable
£175 cash offer when you switch using the Current Account Switching Service.
Current account switch service guarantee badge
Use the Current Account Switch Service to close your account held elsewhere and switch to NatWest by 5pm on 3rd November 2022. Pay in at least £1,250 and log into mobile banking before 16th December 2022. Offer T&C's apply. Account eligibility and app criteria apply. Apply online only.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable.
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OFFER
Everyday Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
39.94% EAR variable
Eligible for Retailer Offers, customers must use online or mobile banking to qualify.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
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OFFER
Select Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
39.49% EAR variable
£175 cash offer when you switch using the Current Account Switching Service.
Current account switch service guarantee badge
Use the Current Account Switch Service to close your account held elsewhere and switch to Royal Bank by 5pm on 20th October 2022. Pay in at least £1.250 and log into mobile banking before 2nd December 2022. Offer T&Cs apply. Account eligibility and app criteria apply. Apply online only.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable.
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Finder Award
EXCLUSIVE
Revolut Standard
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER

Sign up and get a free £10 top-up with Finder and get 1 month of Revolut Premium for free, too.
Account fee of £0.
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OFFER
First Direct Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
An interest-free, arranged overdraft up to £250, then 39.9% EAR (variable)
£175 for accounts switched using Current Account Switching Service or a £20 welcome cash offer to open an account.
Current account switch service guarantee badge
*T&Cs apply. Earn 1.00% AER/gross with the linked Regular Saver Account and access a £250 interest-free overdraft (subject to status)
Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 30.5% (0% EAR variable p.a on first £250, 39.9% thereafter).
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Current Account - Age 18 and over
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0.05% AER
15% EAR variable
No fees overseas.
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
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OFFER
Monese
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
N/A
Get a free £10 bonus when using your card to make a transaction for the first time using the promo code FINDER22 and receive 1.5% money back on everyday card spending from 1 August to 31 December 2022 if you top up with £250 (or the equivalent) on or before 31 July 2022.
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OFFER
123 Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£4 per month
Min. £500 Per Month
1% AER
39.94% EAR variable
Eligible for Retailer Offers, customers must use online or mobile banking to qualify.
Current account switch service guarantee badge
For interest and cashback on household bills, you must pay a minimum of £500 into your account each month; have 2 active Direct Debits and be over 18 years and live in the UK permanently.There is a £4 monthly fee for maintaining the account that will automatically be taken from your account each month.
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.
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Suits Me - Essential Current Account
Not yet rated
£0
No minimum funding requirement
0% AER

Cashback Rewards.
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Cashplus Personal Account
Finder score
★★★★★
★★★★★
£5.95 per month
No minimum funding requirement
0% AER

Guaranteed acceptance plus a credit building feature.
Account fee of £5.95 per month.
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Reward
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£2 per month
Min. £1250 Per Month
0% AER
39.49% EAR variable
£175 for accounts switched using the Current Account Switch Service by 5pm 3.11.22.
Current account switch service guarantee badgeRepresentative 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.
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OFFER
123 Lite Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£2 per month
Min. £500 Per Month
0% AER
39.94% EAR variable
Eligible for Retailer Offers, customers must use online or mobile banking to qualify.
Current account switch service guarantee badge
For cashback on household bills, you must pay a minimum of £500 into your account each month; have 2 active Direct Debits and be over 18 years and live in the UK permanentlyThere is a £2 monthly fee for maintaining the account that will automatically be taken from your account each month. Log onto Online or Mobile Banking at least once every 3 months. You accept that this is a paper-free account, so documents, statements and some letters will be sent to your secure inbox in Online Banking.
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.
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Premier Reward
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£2 per month
Min. £1250 Per Month
0% AER
39.49% EAR variable
£175 for accounts switched using the Current Account Switch Service by 5pm 3.11.22.
Current account switch service guarantee badgeRepresentative 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.
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Premier Select
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
19.49% EAR variable
£175 for accounts switched using the Current Account Switch Service by 5pm 3.11.22.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 19.49% EAR variable.
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Compare up to 4 providers

Latest reviews of current accounts with rewards

Santander - Everyday Current Account

Everyday Current Account
Finder rating
★★★★★
Customer rating
★★★★★
Go to siteRead review

£0.01

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

A simple and straightforward current account, with no monthly fee.
This everyday account from Santander has no monthly fee and no minimum funding requirements to maintain it, making it ideal for those who are looking for a straightforward, fuss-free bank account. The account offers an arranged overdraft facility and enables you to earn up to 15% cashback with the bank’s Retailer Offers scheme. To activate the scheme, simply switch it on in mobile banking or online banking and spend at certain retailers including the Co-op, Morrisons, Just Eat and Costa. The account can be easily opened online or in branch if you prefer, and it can be managed online, in branch, over the phone or via the app. To qualify you will need to be at least 18 years old and a UK resident.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable .
  • No monthly fee
  • Earn cashback at certain retailers
  • Arranged overdraft
  • Easy to apply for
  • No interest paid on in-credit balances
  • High interest charged on overdraft
  • Limited features and extras
Interest rate0% AER
Minimum opening balance£0.01
Minimum operating balance£0.01
Switch service guaranteeYes
Account fee£0
Overseas card transactions2.95%
Overseas cash withdrawals2.95%

first direct - First Direct Current Account

First Direct Current Account
Finder rating
★★★★★
Customer rating
★★★★★
Go to siteRead review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

£175 for accounts switched using Current Account Switching Service or a £20 welcome cash offer to open an account.
This online fee-free current account contains a range of features, including the option to open a linked regular savings account, pay in cash and cheques in branches of HSBC and the Post Office, and manage your account online and via app. You can also set up “sweep” payments, transferring any remaining money in your account on a given day to a First Direct savings account. The bank boasts a strong customer service reputation, especially when it comes to telephone banking services.
First Direct regularly offers incentive payments to encourage people to switch to them.
Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 30.5% (0% EAR variable p.a on first £250, 39.9% thereafter).
  • Interest-free overdraft
  • Award winning customer service
  • No monthly fee
  • Link to savings account
  • Interest-free overdraft is only up to £250
  • No interest paid on in-credit balances
  • Cannot bank in branch
Interest rate0% AER
Minimum opening balance£0
Minimum operating balance£0
Switch service guaranteeYes
Account fee£0
Overseas card transactions2.75%
Overseas cash withdrawals2.75%

Virgin Money - Virgin Money Current Account - Age 18 and over

Virgin Money Current Account - Age 18 and over
Customer rating
★★★★★
Read review

£0.01

Min. opening balance

£0

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 host of benefits without the monthly fee. Account holders can earn a competitive rate of interest on balances up to £1,000, plus take advantage of an exclusive linked savings account if they want to squirrel away any spare cash. On top of this, users will also be able to benefit from fee-free foreign transactions and cash withdrawals if they use their debit card abroad. The account also offers an arranged overdraft and can easily be managed online or via the app. The app can help users track their transactions and get better at budgeting. To qualify for the account you’ll need to be at least 18 years old and have a good credit score.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 19.9% EAR variable .
  • No monthly fee
  • Pays interest on in-credit balances
  • Fee-free foreign transactions
  • Easy to apply for and manage account online or via the ap
  • High interest charged on overdrafts
  • Interest only payable on small balances
  • You’ll need a good credit score to apply
Interest rate2.02% AER
Minimum opening balance£0.01
Minimum operating balance£0.01
Switch service guaranteeYes
Account fee£0
Overseas card transactions£0
Overseas cash withdrawals£0

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.
In return for a monthly account maintenance fee, the Virgin Money Club M account offers a range of benefits. These include interest paid on credit balances and an exclusive linked savings account. Account holders can also enjoy worldwide family multi-trip travel insurance, including their own concierge service and 24-hour medical advice. Plus, the account's contactless debit card does not charge fees for foreign spending or making cash withdrawals in the UK or abroad. A range of gadgets, including mobile phones, laptops and cameras will also be insured worldwide and you’ll have UK breakdown cover for your car. You’ll also be able to arrange an overdraft and you can apply for the account online or over the phone as long as you’re aged 18 or over. In addition, the Virgin Money app can help you set up budgets, top up your savings and sort out your spending.
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 rate2.02% AER
Minimum opening balance£0.01
Minimum operating balance£0.01
Switch service guaranteeYes
Account fee£14.5 per month
Overseas card transactions£0
Overseas cash withdrawals£0

How do rewards current accounts work?

It very much depends on the deal you’re looking at and on the benefits you’re trying to secure. As a rule of thumb, you’ll only get the rewards or benefits if you use the account as your main account, so your bank may ask you to meet certain conditions, such as paying a certain sum into the account every month or having a certain number of direct debits with it.

Moreover, rewards current accounts often feature great introductory offers that are meant to attract new customers but will expire after a year. If that’s the case, don’t forget to set an alarm on your calendar and compare accounts again.

Finally, depending on the perks and benefits you’re interested in, the account may also charge a monthly fee.

Which benefits can I get with my current account?

Depending on what your financial life looks like, some perks may be more rewarding than others, so try to think about how you would use them, not just which is the best in general.

Switching incentives

This technique used by banks to snatch customers from each other isn’t exactly subtle, but it’s good news for us. At times, you can get up to £175 in cash just to use the CASS (current account switch service) to move your main current account from one bank to the other.

Switching through CASS is free and isn’t much of a hassle: once you’ve given all your details to your new bank, it will handle the process within seven working days, including redirecting all your incoming payments, transferring your direct debits and closing your old account. Find specific switching deals here.

Interest rate

Believe it or not, some current accounts do pay an interest on balances. Yay. However, all that glitters is not gold, and banks usually cap the balance up to which the interest is paid.

For this reason, they’re able to offer better rates than they can on easy-access savings accounts; but if you’re a regular saver, you’ll probably reach the limit fairly quickly and will need a savings account anyway.

Cashback

This is a fairly common current account feature, but it doesn’t usually apply to all your debit card spending. You’ll get cashback when you shop at a bank’s partner retailers instead, so it’s worth checking them out in advance and see if there are any you like in the list.

With some current accounts, you can get cashback on your bills, which can be quite rewarding if you’re the person in charge of paying them in your household. It also means that you can predict quite precisely how much you will earn in cashback every month. Discover more current accounts with cashback.

Other perks and benefits

You can easily secure a current account that also offers some kind of insurance package (for example travel insurance, device insurance or breakdown cover), but it will almost certainly come with a monthly fee.

If you’re considering this, you should see how much it would cost to pay for the insurance independently first, think about how often you’d need it (no point in paying for travel insurance for a whole year if you only go on holiday at Christmas) and weigh up the pros and cons.

Am I eligible?

You should always check the eligibility criteria carefully before applying for a rewards current account. Specific criteria will depend on the bank you’re considering, but they’ll usually involve paying a certain sum into the account every month.

Moreover, many banks only offer their best perks and benefits to top-tier customers (those that pay a high annual salary into their accounts or have a certain amount in savings with the same institution) to whom they offer so-called “premium accounts”. They’re packed with enticing features, but unfortunately most of us won’t qualify for them.

Rewards current accounts fees

With rewards current accounts, you should expect two main kinds of fees:

  • Monthly fees. Not all rewards current accounts will charge one, but you should definitely expect it if you’re after the best benefits.
  • Foreign currency transaction fees. Finding a rewards current account that allows fee-free spending abroad is like looking for a needle in a haystack, so you may want to open a separate current account or get yourself a credit card that doesn’t charge foreign transaction fees for when you travel abroad.

If the account you’re considering comes for a monthly fee, you’re in for some maths to try and figure out if the benefits you’re after are worth the price. Will you spend enough in bills to make it worth it? How much would it be to purchase insurance independently?

Pros and cons of getting current accounts with rewards

  • They can make your money go further. Whether its switching incentive payments, preferential interest rates for in-credit balances or discounts with selected retailers, grabbing a current account with rewards can help your money go further.
  • Cashback. The ability to earn cashback on certain transactions is a fairly common perk with these types of current accounts.
  • You can use the Current Account Switching Service. Switching to a current account with rewards often comes with rewards that you can only unlock if you make the new account your main current account. To make the switching process easer, most banks now offer to switch you to their account using CASS, which simplifies the process by moving all your direct debits for you.
  • Some perks are for a limited time only. Rewards are largely designed by banks to tempt in new customers. Some of these eye-catching features, like preferential interest rates on balances are temporary.
  • Rewards accounts can come with regular fees. Many reward current accounts, especially those with the best rewards, charge account holders a monthly fee.

The bottom line

Switching to a current account with rewards can be a great way to give your finances a temporary boost, as many offer switching incentive payments and interest on current balances.

As a rule of thumb, you’ll usually only get the rewards or benefits if you use the account as your main account. So your bank may ask you to meet certain conditions, such as paying a certain sum into the account every month or having a certain number of direct debits with it. If you’re willing and able to meet these conditions, and happy to pay the monthly fees that come with many of these types of accounts, then a reward current account may offer good value for a set period of time.

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.

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