This comparison simply includes all savings accounts.
Reward Current Accounts
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Everyday current accout. No monthly account fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best British Bank and Best Current Account in 2020 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: *2.00% interest for 12 months on balances up to £1,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Must be aged 18 or older. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: UK & Europe Breakdown Cover, Worldwide family travel and mobile phone insurance, and commission-free cash withdrawals and card payments abroad. Free mobile banking app, text alerts and secure online banking. Access to Flexclusives - Select Credit Card and low personal loan rate. £13 monthly account fee. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Can be opened by or on behalf of any child up to the age of 18. Debit or cash card available for those aged between 13 and 18. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Compare Current Account Rewards
Current accounts that reward you when you spend
There are a lot of current accounts around at the moment that are offering ongoing rewards for making minimum payments in to your account or simply switching to them. Below are a selection of some of the best deals around at the moment.
1) Cashback Rewards
NatWest Reward Account
NatWest offer a cashback reward account. There are no minimum monthly payments making it a great option for those who are unable to meet the high minimum payment requests of some other accounts. There is a £3 charge per month but this can soon be made up by the cashback rewards.
The rewards you can earn on this account are similar to the Santander 123 account in that you can earn cashback on your household bills. As this account is a cheaper option than the Santander account, it’s a great choice for those who pay a lot of household bills out of one account and would like to see some return on that.
The scheme is quite simple, you can automatically earn 3% cashback on seven kinds of household bills, including council tax. As soon as you reach £5 in rewards you can convert it to money and transfer in to your current account or even use it towards your NatWest credit card balance.
NatWest state that:
‘There's no limit to the rewards you can earn. On average, currently our customers earn £120 per year in rewards, based on average monthly Direct Debits of £333 (£4,000 per year) and excluding the monthly fee.’
Also providing rewards in the form of cashback on your household bills, this account charges £5 a month which is automatically taken out.
The cashback you can receive on your household bills includes:
- 1% cashback on water and council tax bills and on your Santander monthly mortgage payments (up to a maximum of £1,000).
- 2% cashback on gas bills and electricity bills.
- 3% cashback on mobile, home phone, broadband and paid-for TV packages.
You will also earn interest up to £20,000 on this account.
Santander 123 Lite
If you’re not looking for high interest rates but are interested in the cashback rewards then the Lite account may suit you, as the £5 account fee of the original 123 account is reduced to £1.
You will receive the same cashback on monthly bills and still have access to the 123 World offers and special deals which Santander offer as standard.
To qualify for the cashback on both of these accounts you must:
- Pay at least £500 into your account each month
- Have at least two active Direct Debits - you'll receive cashback on any qualifying household bills you pay by Direct Debit
Useful to Know
- Household bills don’t include TV licence, maintenance contracts (e.g. boiler repair cover), other insurance contracts, commercial use or commercial mortgages.
TSB Classic Plus Current Account
TSB are also currently offering a cashback reward by giving 5% interest on the first £100 of contactless payments that 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 , so it is well-suited to 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 sign up for paperless correspondence.
2) Cash Rewards
Currently the Co-operative banks and Halifax are both offering monthly cash rewards for switching to them.
The Co-operative’s Everyday Rewards programme allows you to earn up to £5.50 per month for switching and depositing £800 a month in the account with four active Direct Debits The Co-op are also currently offering a joining reward of a free £150.
Alternatively the Halifax Reward current account will pay £5 into your account each month, totalling £60 in a year. To earn this reward you must pay £750 a month and pay two different Direct Debits from the account to trigger the bonus. They're also offering £100 in cash for switching to their account.
First Direct are currently offering £100 cash for switching to them, which is more than the monthly reward totals of both Halifax and Co-operative.
First Direct 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.
If you’re 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'll get £150
- Stay for a year, you'll get a further £50 bonus
- You’ll 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 at £1,750 a month so consider whether you'll be able to meet this before opting for it.