Reward Current Accounts
What is a reward current account?
A reward current account is effectively the same as a standard current account, the key differences are that you get rewarded for using the account and the account often isn’t free.
What type of reward can I get with a reward current account?
This will depend on which bank or building society you open an account with. Typically, a reward current account will come with one or more of the following:
Some reward accounts will also offer other insurance and financial products included in the monthly fee, such as:
Who offers the best reward current account?
This depends entirely on what benefits you want from the account, for example, you might be more interested in getting insurance products rather than cashback. There are many reward current accounts to choose from and there are a number of things you can compare to find the best reward account for your personal needs, including:
Account fees - you have to pay a monthly maintenance fee for most reward current accounts and it tends to vary between £1 and £45 per month. The fee is automatically deducted from your balance each month.
Interest rate - some bank providers offer competitive interest rates on their reward current accounts.
Reward requirements - many bank providers have one or more requirements that you must meet each month in order to benefit from the rewards. You probably won’t have to meet all of the requirements, but at least one or two. Requirements could include:
Should I open a reward current account?
You should only open a reward current account if:
You’ll also need to check if you’re eligible to open an account. You might not be able to open a reward current account if you:
Always check if you’re eligible for an account before applying because your application might get rejected and it could have a negative impact on your credit score.