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Unlocking wealth: Your guide to cashback bank accounts

How does being paid by your bank sound? Open the right account and receive money back every time you pay certain bills or just for having your account! Let’s see the best accounts on offer.

The best cashback bank accounts


The best cashback current accounts at a glance


Monthly feeFee waived?Max. monthly cashbackOther freebiesSavings account
Santander Edge£3£20N/A7% (4,000 for
12 months)
£2£5Exchange rewards
for boosted gift cards
N/A
Barclays Blue Rewards£5£14N/A5% (£5,000)
£3£5Free cinema ticket or
digital magazine instead of £5.
4.2% (maximum
of 3 withdrawals
in 12 months)
Club Lloyds£3N/AFree annual lifestyle
benefit worth up to £80
6.25%
(£400 per month)


Cashback bank accounts

Are you looking for ways to make some extra money on the side without too much effort? Then, one of my favourite money makers is cashback from my bank.

If you’re new to this site, you won’t know that I’m keen on bank switching. For 10-minutes of work, I can earn up to £200 by swapping current accounts. But banks know that this doesn’t encourage loyalty.

So, instead, many are now offering cashback current accounts. In exchange for using your bank regularly, you’ll earn money back.

Why these are different to other paid accounts

As I’m sure you know, there are plenty of current accounts out there that provide a range of benefits in exchange for a hefty monthly fee. The current accounts below, although they come with a monthly charge, this cost is often outweighed by the money you earn back. In some cases, you might not have to pay a fee at all.


Santander Edge

Santander Edge summary

Cost per month
Ease to qualify for rewards
Reward incentives
Account extras

Pros and cons:

✅ Potential to make over £10 per month
✅ Can earn cashback with spending on a debit card
✅ Decent saving accounts


❌ Edge Up isn’t worth the fee for most people
❌ Little in the way of extras from these accounts

3.5

From Edge, you will earn 1% (capped at £10 per month) on your Direct Debits for:

  • Council tax bills
  • Mobile and home phone bills 
  • Broadband and paid-for TV packages
  • Gas and electricity bills
  • Water bills

Plus, you’ll earn a further 1% (capped at £10 per month) when you spend using your debit card for:

  • Supermarkets
  • Travel (including fuel, train and bus tickets and electric vehicle charging)

The account comes with a monthly fee of £3 and you must pay at least £500 into your account each month and have two active Direct Debits.

Santander Edge also comes with a savings account that offers an exclusive rate.


Take a look at my full review of the Santander Edge account.


Also worth reading

Some cashback accounts require direct debits coming out of your account each month. If you don’t have any, check out these cheap and easy direct debits you can set up.


NatWest MyRewards Account

NatWest Reward summary

Cost per month
Ease to qualify for rewards
Reward incentives
Account extras

Pros and cons:

✅ Only costs £2 per month
✅ Exchange earnings for higher rewards

❌ Limited amount you can earn each month
❌ Account extras are underwhelming
❌ Partner retailers are generally poor

3.5

NatWest will pay you £4 if you have two direct debits and £1 for logging into your banking app every calendar month.

You can also earn an extra 1% when you shop with one of NatWest’s partners. However, there are very few partners and they include P&O and Europcar. How often would you use them?

The account comes with a fee of £2, which means most of us will earn £3 per month or £36 per year. But that’s if you choose to take the cash option.

NatWest will pay you in gift cards if you prefer, from the likes of B&Q, Currys and Argos. This will give you an extra 5%.


Take a look at my full review of the Natwest Rewards Account.


Barclays Blue Rewards

Barclays Blue Rewards summary

Cost per month
Ease to qualify for rewards
Reward incentives
Account extras

Pros and cons:

✅ Potential to make over £10 per month
✅ Can earn cashback with spending
✅ Decent savings accounts

❌ At £5 per month, one of the more expensive accounts
❌ You need multiple Barclays products to get the full benefits

3.3



This account will pay you £5 per month if you have two direct debits set up and pay in £800. However, this is wiped out by the £5 fee.

But you can also earn cashback if you have a mortgage, home insurance or a loan with Barclays, although this is a maximum of £9 per month.

The account probably isn’t worth it if you don’t have any of these services with Barclays. I say probably, although it does come with a savings account that offers a competitive rate… but this i capped ay £5,000.


Take a look at my full review of the Barclays Blue Rewards Account.


Also worth reading

Did you know that you could earn cashback from these credit cards?


Halifax Reward Current Account

Halifax Reward Account summary

Cost per month
Ease to qualify for rewards
Reward incentives
Account extras

Pros and cons:

✅ The account is free (if you pay in £1,500 every month)
✅ Competitive rates on savings
✅ Can earn up to 1% cashback on spending

❌ Savings accounts have potential penalties
❌ The 1% cashback is only on £500
❌ Other accounts simply do it better

2.6


The Halifax reward account allows you to choose one of the following rewards each month:

  • 3 x Digital Magazines – Choose from popular titles such as Cosmopolitan and Men’s Health
  • 1 x Cinema Ticket – See a film on us at any UK Vue Cinema (each ticket valid for 12 months)
  • £5 in your account – Paid direct into your account

The fee is £3 per month. But if you pay £1,500 into the account each month, the fee is waived. You will also need to keep a minimum balance of £5,000 in your account or spend £500 on your debit card.

You will also be given access to an exclusive savings account.

There is an Ultimate Reward Current account, which costs £17 and you won’t make money from.


Take a look at my full Halifax Reward Current Account review.


Club Lloyds

Club Lloyds summary

Cost per month
Ease to qualify for rewards
Reward incentives
Account extras

Pros and cons:

✅ Choose from a high-value benefit
✅ Most people can avoid the monthly fee
✅ Access to some good saving accounts

❌ Would be nice to claim a benefit in cash
❌ £2,000 monthly transfer is more compared to other accounts
❌ Platinum upgrade is expensive

3.5



This account doesn’t pay you cash but does offer other rewards. Each year, you can choose between one of several lifestyle rewards:

  • Annual Disney Plus membership
  • 6 cinema tickets
  • Gourmet Society membership
  • Annual magazine subscription

On top of this, Club Lloyds also offers up to 15% cashback at selected retailers and pays 3% interest on a credit balance between £4,000 and £5,000 as long as you have two direct debits set up. You will also have access to exclusive savings accounts.

Club Lloyds does come with a monthly fee of £3, but this can be waived if you can afford to pay in £2,000.


Find out more from my full review of the Club Lloyds


That’s a lot of money to pay into accounts

You may be slightly concerned (especially if you want more than one) of how much you have to transfer into these accounts each month. The money doesn’t have to come from your wages and can be transferred from any of your accounts. On payday, I will often transfer my wages through these accounts and then back again, before any of my bills are due to be paid.

How much do I earn?

You probably won’t be surprised I hold all accounts above except Halifax. That’s because I use a cashback credit card for my daily spending and have other accounts to keep £5,000 in.

With all my accounts (bearing in mind I have a mortgage with Barclays) I’m earning just under £15 per month after fees just by moving some money around. And with my free cinema tickets from Lloyds, that’s over £200 per year!

It might not sound like much, but it’s easy and money and very simple to do.

Which is the best cashback current account?

Santander Edge comes with the best benefits on this list. If you’re a big spender or have large bills, you have the potential to make up to £17 per month.

If I were looking for a cashback bank account to use as a secondary account, I would opt for Lloyds. It has a good range of lifestyle benefits and it doesn’t have to cost a penny.


FAQs

Is it worth paying for a bank account?

That really depends if you can make the most out of the benefits. If you can, then there’s a good chance you can make a small profit each month.

What is a paid bank account?

This is an account you must pay a fee for (usually paid monthly). In return, you’ll receive extra benefits that are not included in a standard account.

Which bank has the best benefits?

This depends on what you’re after. The Club Lloyds account offers a good range of perks, available once per year. Alternatively, the Barclays Blue Rewards account will probably earn you the most cash.