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Compare cashback accounts

Cashback current accounts are simply bank accounts that reward you with cash - either for paying in a set amount of money each month or for paying your utility bills with the account.

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Most popular Overdraft Interest rate Monthly account fee

Santander 123 Lite

Santander 123 Lite

  • 1% cashback on water and council tax, 2% cashback on gas and electricity, 3% cashback on mobile and internet, phone and TV
  • To benefit from cashback, you must fund the account with at least £500 each month and set up 2 direct debits
More info
Overdraft
£1
per day
Interest rate
0.0%
AER
Monthly account fee
£1
Representative Example: If you use an arranged overdraft of £1,200 you will be charged up to £1 per day.

NatWest Reward Account

NatWest Reward Account

  • Fee-free debit card purchases when abroad until the 31st August 2018 local time, terms apply
  • 2% Rewards on selected household bills if paid by direct debit
More info
Overdraft
19.8%
EAR
Interest rate
0.0%
AER
Monthly account fee
£2
Representative Example: £10 interest and fee free overdraft, subject to status. If you then use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month.

Santander 123 Current Account

Santander 123 Current Account

  • 1.5% interest on balances up to £20,000
  • 1% cashback on water and council tax, 2% cashback on gas and electricity, 3% cashback on mobile and internet, phone and TV
  • No arranged overdraft fee for the first four months, then £1 per day
More info
Overdraft
£1
per day
Interest rate
1.5%
AER
Monthly account fee
£5
Representative Example: If you use an arranged overdraft of £1,200 you will be charged up to £1 per day.

NatWest Reward Platinum Account

NatWest Reward Platinum Account

  • Fee-free debit card purchases when abroad until the 31st August 2018 local time, terms apply
  • 2% rewards on selected household bills if paid by direct debit
  • Mobile & worldwide travel insurance
More info
Overdraft
19.8%
EAR
Interest rate
0.0%
AER
Monthly account fee
£19
Representative Example: £250 interest and fee free overdraft, subject to status. If you then use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month.

NatWest Rewards Silver Account

NatWest Rewards Silver Account

  • Fee-free debit card purchases when abroad until the 31st August 2018 local time, terms apply
  • Earn 2% Rewards on selected household bills if paid by direct debit
  • European travel insurance and mobile phone insurance
More info
Overdraft
19.8%
EAR
Interest rate
0.0%
AER
Monthly account fee
£12
Representative Example: If you use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month.

What is a cashback current account?

A cashback current account is a bank account that gives you back money as you spend. This will usually be as a percentage of your total purchase. For example, if you have a current account offering 1% cashback, for every £100 you spend you’ll earn £1.

Cashback current accounts can be a good way to make your money work for you if you don’t manage to save enough money each month to take advantage of interest rates.

Is cashback the best benefit to look for?

It all depends on how you use your account. Often you will only be paid cashback on certain purchases, and sometimes even only from certain stores.

This means you will need to make sure you spend in the right way to earn cashback. If you don’t think you’re going to earn the cashback rewards you may want to look for other benefits you can get from a current account.

How much cashback can I get from a current account?

This obviously depends on how much you spend, if you are a big spender (and are spending in the right way) you could earn hundreds of pounds a year. However, you would have to spend many thousands to earn this kind of a return.

Also it’s worth noting that many current accounts offering cashback have a maximum they will pay-out, make sure you find out this limit if you’re planning on high spending, as you may not get as much cashback as you plan.

uSwitch Limited is a credit broker, not a lender, for consumer credit products.

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