Jonathan Halloway

Expertly compared by Jonathan Halloway

Products Updated April 28, 2021

Bank Accounts With Rewards

If you want a bank account that offers a little extra in return then you may be interested in a current account that offers rewards and cash back every time the account is used. We have compare and displayed all the UK leading current accounts that offer benefits to their customers for using the account.

Read our customer and visitor reviews for this product:

Rating: 4 / 5 with 1 votes

Good search facility

by Jay Dillon

Has a good accounts search facility which means you can compare current accounts side by side. Will probably use again if I'm looking for another account in the future.

Are current accounts with rewards and cash back really worth it?

Apply for a current account that offers rewards

Apply for a current account that offers rewards

Are you really satisfied with the current account you have at the moment? If you decide that you want more from your bank account, but don’t want to take on a premier product where you have to pay in a large amount every month, then you might prefer a cash back current account. With these accounts, you should be able to obtain rewards for everything that you spend, and you should also be able to get a fully working current account which works accurately. Although it is possible to get a current account with cash back or rewards, the fact that many account holders are not taking this offer may make you want to find out more about the rewards you can get.


What rewards can I get with current accounts?

If you are looking for money back on your accounts, then you need to understand what you can expect to get from a claim like this. One of the accounts that you could open is the Halifax Ultimate Reward Current Account, which offers you £100 to switch to their account, and offers cash back with the account, including 15% cash back on some shopping with retaillers such as Argos and Morrisons. You may also want to talk to Santander, who offer cash back on standard household bills, such as gas, electricity and TV or broadband connections. They charge £2 a month, and ask that you fund your account with £500 a month, but you can get other rewards including money back if you have a mortgage on the same account. You could earn a great deal of cash back simply by paying your bills with this account, but it tends to have the best results for those who have between £3000 and over in the account at all times.

Secure Trust bank offer a current account which offers up to 4% cash back every time you shop or spend money, and no credit check is required to hold the account. However, you are charged £12.50 per month, and another 50p for any cash withdrawals anywhere in the UK.

The main benefits of the cash back current account can be achieved through shopping, either online or through selected retaillers. You can also get money back on essentials from Santander, but this is the exception rather than the rule.


Rewards with current accounts

There are also current accounts which can provide rewards, as opposed to cash back. This includes the NatWest Select Silver accounts, which offers the Taste Card allowing you to get 2 meals for 1, or half-price of the total bill at many food restaurants. You can also get a quarter of the cost of any theatre, opera and concert tickets back in the form of cash credited to your card. This rewards are more practical, but it does depend on whether you actually want any of the deals that the account can offer.


Disadvantages of the cash back current account

What are the disadvantages?

What are the disadvantages?

There are a number of advantages to the current account which offers rewards and other types of cash rewards for using the account, but there are also some serious disadvantages. Probably the biggest is those accounts which demand that you have to put in a large amount of money each month in order to ‘earn’ your rewards. If you fail to keep up your side of the bargain, then you can expect to have no rewards that month, and your account may be downgraded. If you don’t have the money to keep these accounts going, then you are unlikely to experience the promised rewards, and this can mean that the account does not work for you.

A second problem with these accounts is that many of them only provide rewards for a small number of retaillers, often selected by themselves as ‘partners’ in the account deal. The rewards for using these shops may also not be significant enough to make it worth your while.

The third disadvantage is that many of these types of current account charge monthly fees for using them. You can pay anything from £5 to more than £12. This means that you are essentially paying for the privilege of receiving the rewards package from your bank. If you are considering one of these accounts, you will need to sit down with a calculator, and work out whether you will be paying in more than you are receiving in terms of rewards. If you are paying a high amount, but not getting enough rewards, then you may need to look in another direction in order to benefit from a credit account.

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