The best bank accounts for cashback

We regularly write about the benefits of using cashback credit cards wisely. But not everyone likes using a credit card to pay for their spending, and they have very valid reasons.

Indeed, recent figures from the UK Cards Association revealed that people were more likely to use a debit card than a credit card.

If you prefer to manage your money with a debit card, you can still earn some extra cash from moving to the right bank account.

Here are some top bank accounts that pay you for using them. Of course, pair them with a cashback credit card and you can earn even more!

First Direct 1st Account

First Direct offers new customers a £100 joining bonus if they open a 1st Account.

To qualify for the account fee-free you'll need to pay in £1,000 a month. Alternatively, you'll need to have another First Direct product – such as a savings account or insurance.

Fail to keep up the minimum monthly deposit and you'll be hit with a £10 monthly fee – so make sure you pay in the minimum £1,000 each month, or the £10 charges will soon wipe out the opening bonus.

The good news is the 1st Account has won several awards for customer service, and in the unlikely event that you don't like the bank and decide to leave after a year it will pay you another £100.

Co-operative Bank

The Co-operative Bank is offering new customers that switch to one of its current accounts £100 cashback as well as £25 to donate to a charity.

To qualify, new customers need to open either the Standard Current Account, Current Account Plus or smile Current Account and credit £800 within 31 days.

The Current Account Plus is a good one to go for as you get a £200 overdraft and preferential offers on loans and Cash ISAs as well as access to an exclusive low-rate credit card.

Compare top bank accounts

NatWest and RBS

NatWest and Royal Bank of Scotland have launched Cashback Plus, a scheme that lets you earn cashback when you shop with your debit card at certain retailers.

You earn a minimum of 1% back, which can be turned into cash or converted into vouchers worth even more.

Cashback Plus is available across almost the full suite of accounts from both banks, bar under-18, corporate and business accounts.

So if you're after a free account, then the Select Account is your best bet, while if you're happy to pay £10 or more a month for extras like Taste Card membership and European multi-trip travel insurance, then you might like to take a look at the Select Silver or Select Platinum accounts.

Santander 123 Current Account

The Santander 123 Current Account offers money back in two ways.

Firstly, you can get cashback on your household bills: 1% on water, Council Tax and Santander mortgage repayments (up to a maximum of £1,000 a month); 2% on gas and electricity bills; and 3% on mobile, home phone, broadband and paid TV contracts.

You can also earn up to 3% on your in-credit balance. The account pays 1% on balances from £1,000 to £1,999, 2% on balances from £2,000 to £2,999, and 3% on balances from £3,000 to £20,000.

To qualify, you must fund the account with at least £500 a month and set up at least two Direct Debits (although you'll want to set up all your eligible bills if you want to earn cashback on them). You'll also be charged a monthly fee of £2, so make sure you'll earn enough cashback to more than cover this.

Compare top bank accounts

Halifax Reward Current Account

Halifax is offering £100 to switch to its Reward Current Account.

What's more, you'll earn £5 a month, providing you credit the account with £750 each month, pay out at least two Direct Debits per month and managed to stay in credit the previous month.

You'll also be able to benefit from a new scheme available to all current account holders called Cashback Extras, which allows you to earn money when you shop online at certain retailers.

If you want to earn interest

If you do have a bit of money left aside each month, you might want to take a look at two accounts which are paying market leading levels of in-credit interest.

The Nationwide's FlexDirect pays 5% interest before tax on credit balances of up to £2,500 for the first year you have the account. You need to pay in £1,000 a month to qualify.

The TSB Classic Plus Account also pays a gross rate of 5%, but on balances up to £2,000. The good thing about this account is that the rate is ongoing and you only need to deposit £500 a month to qualify for the interest.

These rates are miles better than the top easy access savings accounts right now.

And don't forget the Tesco Clubcard Current Account, which pays 3% interest on balances up to £3,000, and allows you to earn Clubcard points on your debit card spending.

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