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:
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.
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’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:
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 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.