A reward current account with bank offers you rewards for banking with them.

What kinds of rewards are offered with these accounts?

Different banks or building societies offer different rewards. Some of the rewards offered can include:

  • A guaranteed amount of cashback, e.g. 5 per month added to your account

  • Cashback on bills you pay from your account, e.g. 3% of what you spend on utility bills

  • Cashback on your debit card spending when you use it in some shops

  • An interest free overdraft

  • Free cash withdrawals abroad

Some also offer other financial products at no extra cost other than the account's monthly fee. These can include:

Here are the features of reward and packaged current accounts.

How to find the best reward current account

There are many reward bank accounts the offer different rewards. The best reward current account for you, is one that gives you the rewards you're looking for. You may prefer getting cash back, rather than free travel insurance. It depends on your lifestyle and your needs.

Here's what to look our for when comparing reward bank accounts:

Look for cash rewards for switching

Some banks pay you to switch your existing current account to them.

They pay up to 150 once you have moved your account to them and met their conditions like paying in a certain amount or setting up direct debits.

Check the fees

Reward current accounts come with a fee you have to pay each month, which is usually between 1 and 45. The amount is automatically taken from your balance.

This comparison shows how much each reward account can cost per month.

Check the requirements

Some reward bank accounts only give you their benefits if you:

  • Pay money in each month: Some accounts set a minimum you have to add to the account every month.

  • Set up direct debits: Some accounts reward you if you pay a minimum number from your account, e.g. two direct debits per month.

Compare reward accounts

You can choose an account using this comparison, which includes every current account that offers extra benefits and rewards for a fee.

For each account, it includes details of:

  • The monthly fee

  • The conditions for holding the account

  • If the account offers interest and the rate it pays

  • Its overdraft if it has one

Add up the value of the benefits the accounts offer, including any cashback, interest, included financial products and how much a free overdraft could save you each month.

Subtract the monthly fee from this amount so you know exactly how much you can get from each account to work out which one is best.

Here is how to work out which reward account is suitable for you

Reward bank accounts FAQs


Are reward account fees charged annually or monthly?


Banks usually take their fees from your account on a set day each month.


Can I have more than one current account?


Yes, although many banks only let you hold one current account with them. Too many accounts could also harm your credit record.


Can I earn interest on my account?


Some accounts pay interest on your balance, and this comparison shows what rate each one pays. Some come with a separate savings account too.


How do I switch to a reward current account?


You can use the Current Account Switch service to move to a new bank in just seven days.


Can I reclaim my reward account fees?


Only if your bank mis-sold the account to you, e.g. they did not tell you about the fees. You can reclaim them by complaining to your bank.

About our current accounts comparison


Who do we include in this comparison?


We include every personal current account that comes with a package of other benefits and rewards in the UK, except for student and children's accounts. They are all regulated by the Financial Conduct Authority (FCA). Here is more information about how our website works.


How do we make money from our comparison?


We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.

Last updated: 26 August, 2020