Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
Permanent UK Resident |
Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
Permanent UK Resident |
Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
Permanent UK Resident |
Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
Permanent UK Resident |
Maximum Age | 69 years |
Maximum Investment | Unlimited |
Minimum Contract Term | 3 months |
Minimum Age | 18 years |
Permanent UK Resident |
A cashback current account is a bank account that can make your money work harder for you each month. It does this by rewarding the account owner with cashback whenever they spend through the bank account. This could be by paying regular bills or using the debit card with high street retailers. A cashback current account may charge the account holder a monthly fee.
The amount of cashback depends on the bank, but it’s usually a percentage of your total purchases. For example, if the current account offers 1% cashback on every £100 spend, you’ll earn £1.
This is an easy way to receive a small amount of money each month just by running your account as normal.
Money earned when the cashback rate is 1% and the monthly fee is £5
Figures include a deducted monthly fee of £5 and assume no limit on how much cashback can be received each year.
Source: Uswitch. Updated: October 3, 2024
Current accounts offer different types of perks depending on the bank, and these range from cashback and monthly cash rewards to discounts and other extras.
Cashback is great if you use your account for household spending, but bear in mind that other bank accounts also offer exclusive deals and offers for account holders that could prove more valuable. There is also the opportunity for other extras, for example, some bank accounts offer free railcards that give you discounted rail travel.
A standard current account comes without any frills and normally allows you to access online banking or an app to help you manage your money. You’ll also get a debit card to use for your spending and normally the option to have a cheque book.
This account acts like a standard account but with a higher rate of interest. This often depends on your balance at the end of the month or the amount you can pay in, so it will suit people who have a large balance in their current account.
Packaged current accounts perform the same basic functions as standard current accounts but come with a monthly fee in exchange for exclusive benefits. This could be cashback, high interest on positive balances or benefits like mobile phone insurance or breakdown cover.
It’s important to do your research if you are interested in a cashback current account. There are a lot of options available so browse the different providers and choose the right cashback to suit your current spending. You can also take a look at our table above to see some of the best deals on the market.
The amount of cashback you could earn depends on how much you are spending each month. If you are a big spender on the items or bills that give you cashback, you will earn more money. However, many current accounts offering cashback will have a maximum amount that they will pay out each month, so bear this in mind too.
If rewards are attached to your current account, some providers will allow you to choose a reward from a selection of options. However, it will depend on the terms and conditions for each account.
Cashback is normally automatically paid into your account, but when you receive it will depend on the provider. Some providers will pay the cashback into your account each month just before your statement is sent and others will pay the cashback on or before the last working day of the month. Check the current account terms and conditions to find out the specific timeframes.
Yes, you may be able to have an overdraft with a cashback current account. But the fees and charges could be higher than on a standard current account. If you use your overdraft frequently then make sure you're happy with any charges that could be due.
Below you can find a list of our pages about different current accounts: