Reward & Cashback current accounts

Compare reward & cashback current accounts

A number of bank and building societies offer generous cashback or rewards if you transfer your current account to them. So why not see if you can get something for nothing by switching your account now?

HSBC Advance - £200 cashback offer

£150 WHEN YOU USE THE CURRENT ACCOUNT SWITCH SERVICE AND £50 IF YOU STAY FOR 12 MONTHS

YOU CAN’T GET THIS OFFER ON OTHER COMPARISON SITES

Eligibility conditions apply 

HSBC

HSBC Cashback Advance current account 

  • Get £150 cashback when you use the Current Account Switch Service to switch your current account to HSBC advance through MoneySuperMarket (this will close your old account) T&Cs apply
  • To get the £150 you must have at least two active direct debits from the account to start within 30 days of the your account being opened
  • To get the £50 payment you must stay for 12 months and register for online or mobile banking within 60 days of account opening
  • To be eligible for the Advance account you must pay in at least £1,750 or £10,500 over six months
  • New HSBC customers only
  • Customers must be 18 or over
HSBC

Terms and conditions apply 

Get your deal

Switching Cashback Current Accounts - Ordered by the total amount of cashback/reward after fees.
 

HSBC HSBC

HSBC Advance Bank Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (42%) Ok (43%) Poor (15%)

Customer service ratings provided by users of

  • Mobile App
  • Online Banking
  • Online Fraud
  • Overdraft Facility
Great for:
  • Get £150 when you start a full switch, with 2 direct debits or standing orders, to the HSBC Advance Bank Account
  • Receive a further payment of £50 after 12 months when you register for Mobile or Online Banking within 60 days of account opening.
  • Minimum overdraft offer of £1,000 at account opening.
But be aware that:
  • HSBC Advance Bank Account requires minimum monthly funding of £1,750
  • You must continue to meet account eligibility criteria in order to receive the further payment.
  • £1,000 overdraft offer subject to status and meeting HSBCs proof of UK address requirements.
Exclusive

ONLY AVAILABLE VIA MONEYSUPERMARKET AND HSBC. NEW HSBC CUSTOMERS GET £200 WHEN THEY SWITCH AND STAY. T&Cs APPLY. PLEASE SEE PROVIDER SITE FOR FULL DETAILS.

M&S M&S

Current Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (62%) Ok (29%) Poor (9%)

Customer service ratings provided by users of

  • Overdraft Facility
  • Direct Debits
  • Switching Service
  • Online Banking
Great for:
  • Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
  • You can also open an M&S Monthly Saver account and earn 5% AER
  • Get a £100 interest-free overdraft, with a £50 buffer if you go over your agreed limit, subject to status
But be aware that:
  • You must be at least 18 years old to open this account
  • To get the £125 gift card, you must use the current account switch service and you must have at least four active direct debits from the account
  • To get the £5 monthly top up, you must pay in at least £1,250 every month, and you must have at least four active direct debits from the account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (42%) Ok (39%) Poor (19%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • Earn £125 for switching your current account held elsewhere to NatWest by the 3 December 2018
  • Switcher Offer is open to both new and existing customers
  • 2% Rewards on eligible household bills if paid by direct debit. Customers earn on average £83 per year on monthly bills of £345.
But be aware that:
  • You must be 18+ and a UK resident to apply. £2 monthly fee applies and to earn Rewards you need to access online or mobile banking once every 3 months and pay in £1,500 into your eligible account monthly
  • You must complete a full switch of a non-NatWest account to your eligible account using the Current Account Switch Service, deposit £1,500 into the account and log into online or mobile banking by 7 January 2019
  • If you have previously taken part in any offer to switch to NatWest for a cash payment (including from Royal Bank between October 2017 and May 2018), you won’t be eligible for this offer. Offer can be withdrawn at any time.

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (91%) Ok (7%) Poor (2%)

Customer service ratings provided by users of

  • Mobile App
  • Online Banking
  • Overdraft Facility
  • Standing Orders
Great for:
  • Choose from a range of rewards worth up to £150 when you switch - including £150 Expedia voucher, Amazon Echo Spot, Polaroid OneStep 2 i-Type camera. T&Cs apply.
  • You can also open a regular savings account and earn 5% AER
  • Get a £250 interest-free overdraft, subject to status
But be aware that:
  • You must be at least 18 years old to open this account
  • You must pay in at least £1,000 within the first 3 months of opening the account to qualify for the advertised reward

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (28%) Ok (43%) Poor (29%)

Customer service ratings provided by users of

  • Cashback
  • Online Banking
  • Mobile App
  • Switching Service
Great for:
  • Get £125 for switching your current account to Royal Bank of Scotland by the 3 December, 2018. Open to new and existing customers. T&Cs apply
  • Earn 2% in rewards on selected household bills with unlimited rewards if paid by Direct Debit. Customers earn on average £83 per year based on monthly bills of £345
  • Account benefits including European travel insurance, tastecard, mobile phone insurance and up to 40% off cinema tickets. T&Cs apply
But be aware that:
  • You must be 18 or over and a UK resident to apply. £10 monthly fee applies. To earn rewards you will need to access digital banking once every three months
  • If you have previously taken part in any offer to switch to Royal Bank of Scotland for a cash payment (including from NatWest between October 2017 and May 2018), you won’t be eligible for this offer. Offer can be withdrawn at any time
  • You must complete a full switch of a non-Royal Bank of Scotland account to your eligible account using the Current Account Switch Service, deposit £1,500 into the account and log into digital banking or the mobile app by 7 January, 2019

 

See more current accounts

Ongoing Rewards – Ordered by lowest fees
 

M&S M&S

Current Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (62%) Ok (29%) Poor (9%)

Customer service ratings provided by users of

  • Overdraft Facility
  • Direct Debits
  • Switching Service
  • Online Banking
Great for:
  • Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
  • You can also open an M&S Monthly Saver account and earn 5% AER
  • Get a £100 interest-free overdraft, with a £50 buffer if you go over your agreed limit, subject to status
But be aware that:
  • You must be at least 18 years old to open this account
  • To get the £125 gift card, you must use the current account switch service and you must have at least four active direct debits from the account
  • To get the £5 monthly top up, you must pay in at least £1,250 every month, and you must have at least four active direct debits from the account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (42%) Ok (39%) Poor (19%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • Earn £125 for switching your current account held elsewhere to NatWest by the 3 December 2018
  • Switcher Offer is open to both new and existing customers
  • 2% Rewards on eligible household bills if paid by direct debit. Customers earn on average £83 per year on monthly bills of £345.
But be aware that:
  • You must be 18+ and a UK resident to apply. £2 monthly fee applies and to earn Rewards you need to access online or mobile banking once every 3 months and pay in £1,500 into your eligible account monthly
  • You must complete a full switch of a non-NatWest account to your eligible account using the Current Account Switch Service, deposit £1,500 into the account and log into online or mobile banking by 7 January 2019
  • If you have previously taken part in any offer to switch to NatWest for a cash payment (including from Royal Bank between October 2017 and May 2018), you won’t be eligible for this offer. Offer can be withdrawn at any time.

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (28%) Ok (43%) Poor (29%)

Customer service ratings provided by users of

  • Cashback
  • Overdraft Facility
  • Switching Service
  • Mobile App
Great for:
  • Earn £125 for switching your current account held elsewhere to Royal Bank by the 3 December 2018
  • Switcher Offer is open to both new and existing customers
  • 2% Rewards on eligible household bills if paid by direct debit. Customers earn on average £83 per year on monthly bills of £345.
But be aware that:
  • You must be 18+ and a UK resident to apply. £2 monthly fee applies and to earn Rewards you need to access digital banking once every 3 months and pay in £1,500 into your eligible account monthly
  • You must complete a full switch of a non-Royal Bank account to your eligible account using the Current Account Switch Service, deposit £1,500 into the account and log into digital banking or the mobile app by 7 January 2019
  • If you have previously taken part in any offer to switch to Royal Bank for a cash payment (including from NatWest between October 2017 and May 2018), you won’t be eligible for this offer. Offer can be withdrawn at any time
Barclays Barclays

Bank Account Blue Rewards

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (42%) Ok (41%) Poor (17%)

Customer service ratings provided by users of

  • Overdraft Facility
  • Online Banking
  • Switching Service
  • Mobile App
Great for:
  • Earn double cash rewards for a year and enjoy Barclays Blue Rewards when you switch. You must complete your switch using the Current Account Switch Service by 14 November, 2018. T&Cs and eligibility apply
  • Get an additional 1% cashback on top of the standard rate with selected retailers
But be aware that:
  • You must be at least 18 to open this account
  • A £3 monthly fee applies
  • You'll need to pay in at least £800 a month, such as your salary or pension (as opposed to interest or one-off payments from other Barclays Accounts) to be eligible for rewards
Barclays Barclays

Premier Current Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (42%) Ok (41%) Poor (17%)

Customer service ratings provided by users of

  • Mobile App
  • Online Banking
  • Overdraft Facility
  • Online Fraud
Great for:
  • Get treble cash rewards for 12 months when you switch to Barclays Premier banking and join Barclays Blue Rewards. Eligibility, terms and monthly fee apply. Offer valid only with full switches using the Current Account Switch Service by 14 Nov 2018.
  • A range of exclusive Barclays Premier rewards and benefits such as a free coffee each day, English Heritage membership and more
  • Access to exclusive products, including preferential savings accounts
But be aware that:
  • You must meet the eligibility criteria and either have an annual gross income of £75,000 or more paid into a Barclays current account or £100,000 or more saved or invested with Barclays
  • Overdrafts (including fee-free amounts) are subject to application and status
  • To qualify for the treble rewards switcher offer, customers must switch using the Current Account Switch Service and meet both the Barclays Blue Rewards and Premier Account eligibility criteria
NatWest NatWest

Reward Silver Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (42%) Ok (39%) Poor (19%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • Get £125 for switching your current account to NatWest by the 3 December, 2018. Open to new and existing customers. T&Cs apply
  • Earn 2% in rewards on selected household bills with unlimited rewards if paid by Direct Debit. Customers earn on average £83 per year based on monthly bills of £345
  • Account benefits including European travel insurance, tastecard, mobile phone insurance and up to 40% off cinema tickets. T&Cs apply
But be aware that:
  • You must be 18 or over and a UK resident to apply. £10 monthly fee applies. To earn rewards you will need to access digital banking once every three months
  • If you have previously taken part in any offer to switch to NatWest for a cash payment (including from Royal Bank between October 2017 and May 2018), you won’t be eligible for this offer. Offer can be withdrawn at any time
  • You must complete a full switch of a non-NatWest bank account to your eligible account using the Current Account Switch Service, deposit £1,500 into the account and log into online or mobile banking by 7 January, 2019

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (28%) Ok (43%) Poor (29%)

Customer service ratings provided by users of

  • Cashback
  • Online Banking
  • Mobile App
  • Switching Service
Great for:
  • Get £125 for switching your current account to Royal Bank of Scotland by the 3 December, 2018. Open to new and existing customers. T&Cs apply
  • Earn 2% in rewards on selected household bills with unlimited rewards if paid by Direct Debit. Customers earn on average £83 per year based on monthly bills of £345
  • Account benefits including European travel insurance, tastecard, mobile phone insurance and up to 40% off cinema tickets. T&Cs apply
But be aware that:
  • You must be 18 or over and a UK resident to apply. £10 monthly fee applies. To earn rewards you will need to access digital banking once every three months
  • If you have previously taken part in any offer to switch to Royal Bank of Scotland for a cash payment (including from NatWest between October 2017 and May 2018), you won’t be eligible for this offer. Offer can be withdrawn at any time
  • You must complete a full switch of a non-Royal Bank of Scotland account to your eligible account using the Current Account Switch Service, deposit £1,500 into the account and log into digital banking or the mobile app by 7 January, 2019
NatWest NatWest

Reward Platinum Account

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (42%) Ok (39%) Poor (19%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • Get £125 for switching your current account to NatWest by the 3 December, 2018. Open to new and existing customers. T&Cs apply
  • Earn 2% in rewards on selected household bills with unlimited rewards if paid by Direct Debit. Customers earn on average £83 per year based on monthly bills of £345
  • Account benefits including worldwide travel insurance, tastecard, mobile phone insurance and up to 40% off cinema tickets. T&Cs apply
But be aware that:
  • You must be 18 or over and a UK resident to apply. £20 monthly fee applies.To earn rewards you need to access online and mobile banking once every three months
  • If you have previously taken part in any offer to switch to NatWest for a cash payment (including from Royal Bank between October 2017 and May 2018), you won’t be eligible for this offer. Offer can be withdrawn at any time
  • You must complete a full switch of a non-NatWest bank account to your eligible account using the Current Account Switch Service, deposit £1,500 into the account and log into online or mobile banking by 7 January, 2019

Cashback

Monthly fee

annual fee No monthly fee

Customer service rating

Great (28%) Ok (43%) Poor (29%)

Customer service ratings provided by users of

  • Cashback
  • Overdraft Facility
  • Switching Service
  • Mobile App
Great for:
  • Get £125 for switching your current account to Royal Bank of Scotland by the 3 December, 2018. Open to new and existing customers. T&Cs apply
  • Earn 2% in rewards on selected household bills with unlimited rewards if paid by Direct Debit. Customers earn on average £83 per year based on monthly bills of £345
  • Account benefits including worldwide travel insurance, tastecard, mobile phone insurance and up to 40% off cinema tickets. T&Cs apply
But be aware that:
  • You must be 18 or over and a UK resident to apply. £20 monthly fee applies. To earn rewards you will need to access digital banking once every three months
  • If you have previously taken part in any offer to switch to Royal Bank of Scotland for a cash payment (including from NatWest between October 2017 and May 2018), you won’t be eligible for this offer. Offer can be withdrawn at any time
  • You must complete a full switch of a non-Royal Bank of Scotland account to your eligible account using the Current Account Switch Service, deposit £1,500 into the account and log into digital banking or the mobile app by 7 January, 2019

 

See more current accounts

Guides

  

Current accounts. Trust us to explain them simply

  

Reward and Cashback accounts

What is a cashback account?

A cashback account is an account which gives you a cash bonus or reward when you switch to it. The cash is offered as an incentive by banks and building societies to persuade people to move their money across from another provider. Sometimes however, the reward may take a different form. For example, if the account is a packaged account with a monthly fee, the fees may be waived for a set period of time. Most of the accounts that offer cash incentives or rewards are current accounts.

Who do they suit?

Reward current accounts that pay a cash bonus when you switch often come with strings attached, or may not always necessarily offer the most competitive rates of credit or overdraft interest, which will mean they won’t be suitable for everyone.

You should always check whether the account is appropriate for your needs before moving, otherwise the benefit of the cash bonus or reward could be cancelled out. For example, if you tend to be overdrawn frequently and switch to a reward bank account purely because it is offering cashback, but it has expensive overdraft charges, you might be better off with an account with no cash bonus, but low overdraft fees.

Benefits

The benefits of this type of cash back current account are clear – a cash lump sum or other reward when you switch your account over. Given today’s low interest rate environment and how difficult it can be to earn decent returns, this kind of incentive can be extremely valuable when it comes to giving your savings an extra boost. You usually get paid the cash back within three months of moving your account across to the new provider.

Negatives

It’s easy to be tempted by cash back current accounts while ignoring what else the account is actually offering. Remember that if you go overdrawn regularly, you should check the overdraft charges, or if you tend to keep a large balance in your current account, you must find out how much interest you will earn if you are in credit.

You may be required to pay in a minimum amount each month to qualify for the switching incentive offered by the reward account. Bear in mind too that if you don’t meet this minimum deposit, in some cases you may be changed a monthly fee, which would soon wipe out the benefit of a cash bonus for switching. Some banks require that you pay in your salary each month, so always read the small print carefully first.

Alternatives

If you can’t pay in a certain amount each month and therefore won’t qualify for a cash reward, then choose a current account that doesn’t require regular monthly deposits. There are plenty to pick from, so you should choose one that is appropriate for your needs – think about how you run your current account before moving, so that you know whether an account with high interest when you’re in credit or an account with low overdraft charges will suit you best.

 

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