Along with the TSB account, cashback is available on a number of other accounts including those from Santander, Barclays and The Co-operative Bank.
Santander also offers a cashback incentive on its 123 Current Account. This account allows customers to earn up to 15% cashback from selected retailers, as well as up to 3% cashback on selected household bills. This account charges a fee of £5 per month, but does also offer an 0.60% interest rate on balances of up to £20,000. In addition to this, for switched current accounts, the account offers four months’ interest-free overdraft, after which it charges 39.94% EAR.
Barclays Bank’s Bank Account and Premier Current Account offer cashback on debit card purchases on goods, services and travel. In order to be eligible to earn cashback, customers must use online or mobile banking. The Bank Account does not have a monthly fee, but there is a version of this account that has added travel incentives that charge a monthly fee of £12.50. The Premier Current Account requires a yearly income from a minimum of £75,000 that is paid into the account each year, or investable assets or savings from a minimum of £100,000 that is held with Barclays Bank.
Also offering cashback on current accounts is The Co-operative Bank, which has offers on both its Current Account - with Everyday Rewards and Everyday Extra - with Everyday Rewards accounts. Both accounts allow customers to earn 5p every time the debit card is used, up to a maximum of £3 per month, which can be paid into a nominated account each month or can be donated to selected charities. To be eligible for the cashback offer, £2.50 gross or £2 net must be paid for each month where the minimum funding requirement of £800 is met. As well as this, four different direct debits must be held, the account must be in credit or within the agreed overdraft limit at the end of each day and customers must have logged into online/mobile banking once per month and opted for paperless statements.
