Compare Latest Current Account Switching Deals
Current Account Cash Back
Why we like it: SPECIAL OFFER - Get £175 when you switch to a First Direct 1st Account. You also get access to a 7% AER/gross fixed for 12 months Regular Saver Account if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK. Mobile banking app. UK based contact centre. For the £175 switching cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account. This offer is only available to new First Direct customers, or HSBC customers who haven't opened an account since 1 January 2020
The Best Current Accounts for Cashback
A number of current accounts offer cashback, ongoing rewards, or a mixture of the two as an incentive to get you to switch.
Cashback can be either a cash sum (often in the £100s) or equivalent for switching, or a percentage (up to 5%) of various household bills or other spending (e.g. contactless), paid to you ongoing.
Some of these are packaged and so have a monthly account fee, some do not.
There are also other offers such as fee-free overdrafts.
All the accounts we list adhere to the Current Account Switch Guarantee and offer a 7 Day Switch service. Switching has never been simpler...
Current Account Switch Offers
First Direct are currently offering £100 cash for switching to them. They do not pay any interest on your money held by them, but as a reward they will pay you £100 for joining them.
They will also pay you a £100 if you leave them in the event that you are not satisfied with their customer service. Both are subject to terms. You can also benefit from an interest free overdraft up to £250, which is currently the highest in the market.
TSB Classic Plus Current Account
TSB are also currently offering a cashback reward by giving 5% interest on the first £100 of contactless payments which you make every month for a year.
Apart from this incentive, TSB offers a great deal on its Classic Plus current account. This account has one of the lowest minimum monthly pay-ins at £500 per month, which makes it suitable for anyone who finds it difficult to meet the minimum payments of some other accounts.
They also offer a high rate of interest on balances up to £2,000. Interest is paid monthly and to earn it you simply pay in the minimum per month, register for Internet Banking, request paperless statements and paperless correspondence.
If you are looking for your account to work a bit harder then HSBC’s Advance or Premier accounts could be for you. HSBC are currently offering the following rewards:
- Open and switch to one of these accounts and you will get £150
- Stay for a year, you will get a further £50 bonus
- You will also get a 0% overdraft for six months when you open the account, though the limit you get is credit score dependent
However, the account has a high minimum monthly pay-in of £1,750 a month, so it is important to consider whether you will be able to meet this before opting for it.
£100 extra, paid in to your account before your switch is complete. Most accounts with cash incentives will make you wait up to a few months before paying the money into your account.
If you’re able to pay £750 or more in to your account, pay out at least two different Direct Debits and stay in credit each month, you could earn £5 each month with their Reward Current Account.
If in any month you miss out on the £3 reward, you can still have it in future months too, when you are able to meet the qualifying requirements.
Combine this option with the Switch Reward and you could earn £136 in a year. This is one of the few accounts that pay both a switching bonus and an ongoing reward.
The Co-op are currently offering a joining reward of a free £150 and up to £5.50 per month. As incentives go, this one of the better ones around at the moment.
New customers must:
- Complete a full switch to The Co-operative Bank using the Current Account Switch Service
- Switch at least four active Direct Debits.
To obtain the reward, you have to switch your current account in 7 days with the Current Account Switch Service. Your salary, as well as Direct Debits, standing orders and bill payments will be automatically transferred and payments into and out of your old account will be redirected.
To receive the extra £5.50 per month with the Everyday Rewards scheme you must meet certain criteria every month. However, if you hold the account for a year you can earn up to £216.
To get the monthly rewards of £4, first you must:
- Sign up to Everyday Rewards
- Pay in £800 per month
- Pay four Direct Debits,
- Use online or mobile banking,
- Stay within your overdraft limit and receive paperless statements
If you meet all the criteria above, then you'll also get 5p per debit card transaction as part of Everyday Rewards, up to a maximum of £1.50 per month.
Marks and Spencer
Currently offering some of the best Switch Rewards on the market, the Marks and Spencer current account is an attractive option. Particularly if you usually shop in their stores or online. The two incentives are:
- A £100 Marks and Spencer gift card when you switch to their service.
- A further £10 every month for 12 months as long as you meet their requirements.
- You will have access to a monthly savers account which helps you to save at a 5% high interest rate.
This totals at a potential £220 free. To obtain the reward your switch must include two active Direct Debits; this will successfully earn you the £100. Following that, you should pay a minimum of £1000 in to your new current account and two Direct Debits must remain active.