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This comparison simply includes all savings accounts.

Leeds Building Society
Limited Issue Online Access Account Leeds Building Society
Min deposit £1000
Term Instant Access
Interest AER 4.85%

Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older

Wombat Invest
GB Bank Base Rate Tracker Savings Account brought to you by Wombat Invest
Min deposit £500
Term Easy Access
Interest AER 4.91%

Why we like it: Easy access savings account that tracks the Bank of England base rate. Wave goodbye to the constant cycle of account hopping and forget waiting for banks to pass on higher interest rates. Interest rate moves with the Bank of England base rate, guaranteeing a fixed margin of up to 0.5% below, and adjusts the very next day. Easy access to your money with once a month withdrawals, without notice and without fees. Earn daily interest on your money, and experience the power of compounding to make your savings work harder. Maximum deposit £250,000. Wombat has partnered with GB Bank to bring you the Base Rate Tracker. GB Bank is an award-winning, fully authorised and regulated UK bank. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older

Chip
Instant Access Account Chip
Min deposit £1
Term Instant Access
Interest AER 4.84%

Why we like it: A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.

Yorkshire Building Society
Easy Access Saver Yorkshire Building Society
Min deposit £1
Term Instant Access
Interest AER 4.80%

Why we like it: Save from £1. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older

Post Office
Online Saver Account Post Office
Min deposit £1
Term Instant Access
Interest AER 4.75%

Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 4.75%

Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)

Investec Savings
Online Flexi Saver Investec Savings
Min deposit £5000
Term Instant Access
Interest AER 4.70%

Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

RCI Bank
E-Volve 14 Day Notice Account RCI Bank
Min deposit £1000
Term 14 Day Notice
Interest AER 4.80%

Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

Investec Savings
90 Day Notice Account Investec Savings
Min deposit £5000
Term 90 Day Notice
Interest AER 5.25%

Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 9 Months
Interest AER 5.05%

Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 1 Year
Interest AER 5.11%

Why we like it: 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 18 Months
Interest AER 4.65%

Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected

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Your bank current account is not only fully functional but also a necessity: it’s essential for money management, although it usually does not offer any practical benefits.

But that’s changing as of late because the Government and regulators have increased their efforts to try and get UK bank consumers to switch accounts. Subsequently, banks have responded by offering innovative rewards and features that encourage signups and brand loyalty.

Want to know what the best reward bank accounts are? Keep reading.




What are the best bank reward accounts?

Before we discuss the best rewards bank accounts, we should briefly explain what it is:

Rewards from UK current accounts can vary between banks as they change regularly. However, when it comes to the best reward bank account, it typically offers:

  • Foreign cash withdrawals without any fee
  • Quick cashback when you use your debit card at designated retailers
  • Fast and easy cashback on specific direct debits paid through your current account – e.g. energy, water, telephone, etc.
  • Fixed monthly reward payments, access to selective savings account rates or interest on in-credit account balances
  • Account switching incentives are usually in the form of cash or a gift voucher to coax you to move your account to the new bank

Which banks offer the best reward accounts?

Without further ado, let’s unveil the best reward bank accounts:

RBS

Royal Bank of Scotland offers one of the best rewards bank accounts where you get up to £4 in rewards each month and a minimum of 1% back on select retailers. The account fee is just £2 per month, and minimum funding of £1,250 per month is required.

Natwest

When looking for the best reward current account, it’s hard not to mention Natwest. This best rewards bank account also offers up to £4 back in monthly rewards with at least 1% back through select retailers. You can open an account for £2, while a minimum balance of £1,250 must be maintained monthly.

Santander

Santander’s everyday current account is easily one of the best reward bank accounts you can open, where you can earn as much as 15% cashback through select retail offers. As a bonus, no account fee or minimum balance is required!

Open a Lite Current Account, and you can have up to 3% cash back on select household bills and 15% cashback through particular retailer offers.

Are there any best bank account switch rewards?

Some banks are also offering the best bank account switch reward:

HSBC UK

When you open a free HSBC advance bank account, you get £170 for switching. To qualify, you must maintain a balance of £1,750 per month or £10,500 over 6 months.

first direct

First direct offers a completely free 1st account, offering £150 for switching or £20 without switching. No monthly minimum balance is required.

If you want, you can even keep your old current account active through a ‘partial switch’.

The above are just some of the best reward bank accounts you can open today.




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Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

We've been comparing savings and current accounts for many years so you can trust you're in good hands.