There are many benefits to using cashback credit cards wisely but not everyone likes using a credit card to pay for their spending.
If you prefer to manage your money with a debit card, you can still earn some extra cash by moving to the right current account.
We'll reveal the top cashback current accounts available next but, it’s upfront cash you’re after, it might be worth checking out our guide to the best switching bonuses instead.
Santander Edge Up - up to £25 a month
The Santander Edge Up current account pays 1% cashback on specific household bills (up to £15 per month). Eligible bills include mobile phones, landlines, TV subscriptions, council tax, broadband, gas and electricity.
You'll also earn 1% cashback at supermarkets and on travel costs (again capped at £15 per month).
Be aware, there is a £5 monthly fee so the most you can earn in cashback is actually £25 per month.
It's also worth noting that the account may be best suited to high spenders. During the course of a month, you would need to put £1,500 in both essential spending and household bills (a total of £3,000) on the card to qualify for the full cashback amount.
If you're a frequent traveller, you may be pleased to learn that the account comes with fee-free debit card spending and ATM withdrawals abroad.
By signing up for the Santander Boosts service, you'll also receive personalised rewards including vouchers, cashback and entry into prize draws.
If you want to open an account, you must pay in at least £1,500 a month and set up at least two Direct Debits to qualify for the cashback and interest.
The account pays 3.5% AER on savings of up to £25,000 held in the account, which might appeal to some.
Santander Edge - up to £17 a month
Like Santander's Edge Up account, this account pays 1% cashback on certain household bills when you pay by Direct Debit, as well as supermarket and travel costs. With the Edge account, the maximum you can earn in both these categories is capped at £10 per month.
This means if you max out both offers you can bag up to £20 a month. However, the account comes with a £3 monthly fee so, once this is factored in, you're really looking at £17 back every month.
As with the Edge Up account, you can sign up to the Santander Boosts service, which offers personalised rewards including vouchers, cashback and entry into prize draws.
You can also apply for a linked savings account that offers 7% AER on balances of up to £4,000, which includes a 2.5% variable bonus for the first 12 months of account opening. Note, you can't sign up for this savings account if you open an Edge Up current account.
If you do want to open a Santander Edge account, you’ll have to pay in at least £500 every month and have two active Direct Debits.
You can check out loveMONEY's review of the Santander Edge account here.
Chase - up to £15 a month
JP Morgan offers a bank account via its digital bank, Chase.
Account holders can get 1% cashback on all spending on their debit card, capped at £15 a month.
You'll earn cashback when you spend in-store, online and on spending in both the UK and internationally.
You’ll also get access to a linked savings account, which pays a rate of 4.1% AER, plus you’ll be able to earn 1% on balances in your Chase current account.
With the Chase account, you can round your purchases up to the nearest £1 and deposit the change into a round-up pot with a 5% rate plus there are no fees when you use your card abroad.
You can check out loveMONEY’s full Chase review here.
Halifax - £5 a month + cashback at certain retailers
If you open a Halifax Reward Current Account, you can choose from the following perks every month:
- £5 cashback;
- three digital magazines;
- one Vue cinema ticket.
To qualify, you’ll need to pay in at least £1,500 a month, stay in credit and either maintain a balance of above £5,000 or make payments worth £500 a month with your debit card.
That first requirement to pay in £1,500 is the most important one, as failure to do so will not only cost you a reward but you’ll also be hit with a £3 monthly fee.
It’s worth stressing that once you choose a monthly reward, this will be set for 12 months. So, you can’t alternate between cashback and free movies, for example.
You can get the same cashback rate (as well as additional rewards) with the Halifax Ultimate Reward account but this costs £17 a month. You can find out more about what's included in this account here.
Halifax also offers access to a scheme called Cashback Extras (available with other accounts), allowing you to earn up to 15% cashback when you shop at certain retailers using your debit or credit card, in-store or online.
TSB - up to £5 a month
With TSB's free Spend & Save account you can earn £5 cashback a month provided you make at least 20 payments with the card each month.
Sadly, the cashback offer expires after six months, so that's a maximum of £30 you can pocket.
Alternatively, the bank's Spend and Save Plus current account has no end date for the cashback offer, but it comes with a £3 monthly charge. That means you can effectively only earn a maximum of £2 a month, or £24 a year.
There are no charges for using your debit card abroad if you have the Spend and Save Plus account.
NatWest/RBS Reward - up to £3 a month
NatWest and RBS operate several accounts which hand customers back some money and offer access to the Digital Regular Saver, which pays 6.17% interest on balances of up to £5,000 and 1.75% interest for balances over this amount.
With the Reward account, you’ll get £4 a month back if you have two or more Direct Debits, with a further £1 back so long as you log into the mobile app at least once a month.
This account costs £2 a month, so the maximum you can earn back on the Reward account is £3 a month.
To be eligible for a NatWest/RBS Reward account, you’ll need to pay £1,250 into your account every month.
Once you’ve earned £5 in rewards, you can redeem it as cashback or trade for gift cards or e-codes with a retail partner, or even donate it to charity. You can also earn a further 1% back when you spend with certain partner retailers.
After that, there’s the Reward Silver account (available to existing current account customers only), which costs £10 a month.
You can earn the same £5 a month in cashback, but there are other benefits included with the account like mobile phone insurance, European travel insurance, cinema discounts and fee-free purchases overseas.
And there’s also the Reward Platinum account (available to existing current account customers only), which includes all of the above plus worldwide family travel insurance and UK breakdown cover. It will cost you £20 a month.
The Co-operative Bank - up to £2.20 a month
The Co-operative Bank operates a free Everyday Rewards scheme across many accounts, which allows you to earn a maximum of £2.20 each month or £26.40 a year.
You can choose to donate your cashback to charity if you wish.
Here's a breakdown of what you'll earn:
- £1 for every month you qualify for Everyday Rewards;
- 2p per transaction up to a maximum of £1.20 or 60 transactions.
The Rewards scheme is available on Co-op Bank’s current account, Everyday Extra account, Current Account Plus, Privilege account and Privilege Premier account.
If you want to qualify, you'll need to pay in a minimum of £800 a month, set up at least four Direct Debits, stay in credit (or within your arranged overdraft limit), log in to the app or online banking at least once a month and opt-in for paperless statements.
At present, the bank is also offering £125 if you refer a friend who opens a regular or packaged current account. Your friend will also get £125.
Lloyds Bank - up to 15% cashback at certain retailers
Lloyds Bank offers customers with a Club Lloyds, Club Lloyds Platinum, Silver, Club Lloyds Silver, Platinum, Classic, Student or Basic account access to the Everyday Offers cashback scheme.
Some of the above accounts come with extra benefits and a monthly fee, so it's worth choosing the account that is right for your needs.
It allows users to earn up to 15% cashback when they shop at certain retailers using a debit or credit card, in-store or online.
Club Lloyds offers 1.5% interest on balances of up to £3,999.99 and 3% interest on balances between £4,000 and £5,000.
The account also offers the choice of either 12 months of Disney+, six cinema tickets, an annual magazine subscription or an annual Gourmet Society or Coffee Club membership, as well as access to Everyday Offers.
You’ll have to pay £3 a month if you pay in less than £2,000 a month into your account.
Monzo - up to 10% at certain retailers
Challenger bank Monzo will pay between 2% and 10% cashback on purchases from certain big-name retailers.
At the time of writing, eligible retailers include Deliveroo, Boots, Asda, Disney+, Currys and Virgin Media. However, you will receive new offers every month so it's worth keeping an eye out for any updates.
In order to receive your cashback, you'll need to use your Monzo card in-store or online when you make a purchase.
Once you begin earning cashback, you can view your balance in real time through the Monzo app. You'll then be able to access your cash within three to four days.
Although Monzo doesn't place a limit on the amount of cashback, individual retailers may place a cap on how much you can.
Virgin Money - cashback at certain retailers
Virgin Money's cashback scheme allows account holders to earn cashback when they spend with their debit card at specific retailers.
Cashback is paid directly into your Virgin Money current account or can be swapped for an e-gift card to use at participating stores.
The free M Plus account and Club M account (a monthly fee applies) offer a variable rate of 2.02% AER on balances of up to £1,000.
You’ll also get access to a savings account that offers 3.55% interest on balances of up to £25,000 and 2.52% on balances above this amount.
Revolut - cashback at certain retailers
Mobile challenger bank Revolut offers discounts and cashback to current account customers when they shop with certain retailers.
The bank will then offer additional rewards that it thinks account holders will like based on their previous purchases.
The rewards scheme is completely free.
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