How to earn rewards & freebies from your bank
There are a number of reasons to change your bank, with switching bonuses and exclusive savings rates often a big draw. However, the easiest ones are often ‘reward’ accounts as they usually require very little effort to make something extra every month – and you don’t even need to switch to get them.
From free cinema tickets or weekly Greggs, to points and cashback paid to your account each month, they’re certainly better than the accounts we’re all used to which give nothing in return.
But they aren’t without some drawbacks, including fees and requirements that you set up direct debits or deposit money each month.
So whether you’re just after one account or are happy to game the system for a handful, here’s how they work and my picks of the ones to go for.
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What is a reward bank account?
What you get with these accounts varies. Some accounts offer cash or points, others offer freebies.
These benefits usually aren’t actually free! Most of the accounts charge a monthly fee. Some you can avoid by paying in a certain amount of money each month. Others you’ll need to take into account when working out how much you’ll make.
Though some will pay the reward into your account, others (NatWest or RBS) put the money in a separate rewards wallet which you have to manually withdraw. It’s a bit pointless really.
And if you’re claiming a non-cash reward then you will have to select it.
Qualifying for reward accounts
Some reward account require you to take an action to qualify. Here are the typical ones. You’re unlikely to be required to do all of them, probably just one or two.
Set up direct debits
Often banks require one or two direct debits, sometimes with a minimum value. Though ‘active’ usually means the money has to have been paid in the last year, the banks that use this only pay you the months a direct debit is paid.
It’s not such a huge issue as if you pay bills you’ve all got direct debits you could use – though they are best suited to a cashback current account.
If you are short of direct debits, new ones can easily be set up for other things too, such as credit card bills, memberships, subscriptions and charity donations. Here’s our guide to where to find additional and cheap direct debits.
Pay money in each month
Reward accounts often require a minimum deposit each month. This is to encourage you to pay your salary there. You can do that easily if you want – just tell your HR department of the new details.
But you usually don’t have to. It’s easy to transfer money in from a different current account via a standing order. You can do this as one lump sum or break it into smaller amounts over the month if that’s better for you.
And it doesn’t have to stay there either. You can transfer it back out straight away.
Spend on your debit card
A couple of accounts require you to spend on the debit card too. You can do this as part of your regular spending but it does mean you’ll miss out on cashback from a different card. Once again there are ways to get around this, as explained in this Halifax Reward hack article.
Use your internet banking or the app
You might also need to log in to your banking app or online account once a month to qualify for the reward. It’s worth setting a reminder in your calendar to do this if it’s not an account you’re using regularly.
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My top reward bank accounts
Here’s my pick on the different reward accounts.
Monzo Perks account
- What you get: an annual railcard, Uber One membership, one free Vue ticket a month, a free Greggs treat each week
- Monthly fee: £7 (£84 a year)
- What it’s really worth each year after the fee: around £115
- Requirements: None
- Maximum number of accounts: one
If you need a railcard (worth £35), go to a Vue each month (let’s say 12 times £6, so £72) and pick up a £2 Greggs treat twice a month (£52 a year) and pay for Uber One (£40 a year), you’d be well in profit versus the £7 monthly fee. Of course, that’s only good if you actually need those things!
You’ll also get access to extra budgeting features that aren’t on the standard Monzo account.
We’ve written up a full review of the Monzo Perks account so you can decide if it’s for you or not.
Club Lloyds account
- What you get: six free cinema tickets (Vue or Odeon), a year of Disney+ with Ads, a magazine subscription OR a dining membership
- Exclusive savings: 6.25% regular saver
- Monthly fee: £3, though refunded if you pay in £2,000 a month
- What it’s really worth each year: between £40 (magazine subscription) to £60 (equivalent value of six £10 cinema tickets)
- Requirements: none
- Maximum number of accounts: one individual and one joint
The Club Lloyd account is one of the easiest one to get. There’s no reason why you can’t just open this up (ideally via a switching bonus), set up a standing order to pay the £2,000 in (and out) each month, and keep claiming your reward.
You can have one personal and one joint account and claim the rewards on both, so that’s potentially three between a couple.
Here’s my full review of the account, where I break down which freebie “Lifestyle Benefit” I feel gives the best value.
Santander Edge
- What you get: 1% cashback on bills
- Exclusive savings: 6% savings account for one year
- Monthly fee: £3
- What it’s really worth each year: Roughly £25-£30 in cashback (based on low/medium bills) and £228 in interest (based on full £4000 balance saved)
- Requirements: £500 monthly deposit and two direct debits
- Maximum number of accounts: one individual and one joint
This isn’t a big earner on the cashback alone, but if you are paying the qualifying bills, it makes sense to sign up, especially as there’s regularly a decent switching deal on top. Here’s our full Satander Edge current account review.
I’m also a fan of the exclusive linked Edge Saver account that pays 6% for a year on up to £4,000 – you won’t get better rates on a small lump sum elsewhere. After a year you’ll want to close the Edge Saver and open a new one to keep getting a top rate.
You’ll also be able to open an 8% paying regular saver, though that’s available to all Santander current account holders.
If you need travel insurance and breakdown cover you might want to upgrade to the £17 a month Edge Explorer.
Featured deal
Customer rating
3.9/5
- Switch bonus£240
- Perks8% regular saver
- Monthly fee0
- Offer endsUnknown
- FSCS Protected? Yes
- Bonus requirements To get the £240 switch offer, you need to complete a full switch with the Current Account Switching Service. Then, within 60 days of your initial switch request, you need to set up two active direct debits, deposit £1,500 into the current account, set up a Santander Regular Saver, and deposit £200 into it.
- Regular saver 8% (variable) regular savings account. Includes 5% (variable) bonus for 12 months
- Existing customers? You can't have held a Santander account on 1 January 2026.
PayPal+
- What you get: 1% or more cashback on spending
- Monthly fee: £0
- What it’s really worth each year: Spend £25,000 a year and you’ll get £300 to £375 back, plus around £300 to £330 via other offers
- Requirements: None
- Maximum number of accounts: one per person
Ok, so PayPal + isn’t a current account. But it is a debit card stacked with rewards, and my top pick for your spending. It provides 1 point for every £1 you spend with the card, and there are occasional offers to earn more (e.g. I got 10 points per £1 with a recent Eurostar spend).
You’ll start on the ‘blue’ tier, lets you swap one point for 1p, so it’s effectively a 1% cashback card. But if you earn 25,000 points (so spend roughly £25,000) in a calendar year you move up to ‘gold’ tier. Then the points are worth 1.2p when spent, or 1.5p if used on groceries, eating out and takeaways.
Then on top of this you can earn 1,000 points (worth £12 to £15) with a £10 spend on the first Friday of each month and £12.50 cashback a month on subscriptions.
All in, that could be £675 to £705 in your pocket over a year.
One quick warning, you’ll need to reach the new levels by 31 December each year – status won’t carry over (though the points won’t disappear).
Really big spenders (£50,000 a year), move on to a ‘black’ tier with even more extras. Here’s our full PayPal Plus review.
Other reward accounts
For completion, here are the other main reward current accounts. It might be worth looking at these if you already bank with them, or if there’s a switching offer on top.
Chase Bank
- What you get: 2% cashback on certain purchases
- Exclusive savings: 4.5% easy access for the first year
- Monthly fee: None
- What it’s really worth: Up to £20 cashback a month / £240 a year
- Requirements: None
- Maximum number of accounts: one
Other debit cards now beat Chase for cashback, despite it’s higher headline rate. That’s because it’s limited to groceries, restaurants, fuel and other everyday transport.
It’s a good easy access savings account for the first year.
Here’s our Chase Bank review.
Zopa Biscuit
- What you get: 2% cashback on Direct Debits, 2% interest on bank balance
- Exclusive savings: 7.1% six-month regular saver
- Monthly fee: None
- What it’s really worth each year after the fee: Up to £30 cashback
- Requirements: None
- Maximum number of accounts: one
The offering sounds good, but in practice it’s not much of a game changer. However it is free, and if you have spare direct debits that’s £30 extra each year you can gain relatively easily.
I’d look elsewhere for regular savers. Here’s our Zopa Biscuit review.
NatWest or RBS Reward account
- What you get: £5 a month reward
- Exclusive savings: 5.25% Digital Regular Saver (available to all current account holders)
- Monthly fee: £2
- What it’s really worth each after the fee: £36 plus interest
- Requirements: two direct debits of at least £2 each and log into your account once a month, deposit £1,250 a month
- Maximum number of accounts: one personal and one joint from NatWest and one personal and one joint from RBS
This account used to be a favourite of mine, but since its revamp a few years ago it’s not really worth it unless you have direct debits to spare or open it up when a switching offer is running.
The Rewards account is one where you have to log in to a separate ‘MyRewards’ account to claim your bonus. You can send it as cash to your account, donate it to charity, or top it up as an e-gift card payment.
Here’s more on how the account works. It’s the same for the Reward account offered by RBS.
Barclays Blue Rewards
- What you get: free Apple TV+
- Exclusive savings: 3.96% Rainy Day Saver on up to £5,000
- Monthly fee: £5 (£60 a year)
- What it’s really worth each year after the fee: £57.88
- Requirements: pay in £800 each month
- Maximum number of accounts: one
This one is no longer worth it in my opinion, though if you are committed to paying for Apple TV+ every month (which costs £8.99) then this will save you close to £58 over the year. However I think most people are better off just paying full price for Apple one or two months a year and binging the content.
If you decide you want to do that, then you’ll also get access to an easily beaten 3.96% paying savings account on balances worth up to £5,000.
Here’s our Barclays Blue Rewards review.
TSB Spend and Save Account
- What you get: £5 cashback for the first six months
- Exclusive savings: 6 Monthly Saver (available to all current account holders)
- Monthly fee: £0
- What you’ll really get each year: £30
- Requirements: make 20 payments a month
- Maximum number of accounts: at least one personal and one joint
TSB Spend and Save Plus Account
- What you get: £5 cashback
- Monthly fee: £3
- What you’ll really get each year after the fee: £24
- Requirements: make 20 payments a month
- Maximum number of accounts: at least one personal and one joint
I’m not a fan of these accounts either as you’ve got to make 20 debit card payments each month to get a fiver. And the reward only lasts for the first six months. Once for completists only. You can however get an extra £30 cashback from Quidco for switching.
Like the free TSB Spend and Save account you’ll earn £5 a month, but you won’t be limited to the first six months. After the £3 monthly fee you’ll make £24 a year. However, you still have to make 3-20 card payments which I think is a stretch when there are better paying cashback cards out there.
Should you get a reward current account?
I’m a big fan of the PayPal+ rewards. Though you’ll need to use it alongside another current account, it’s winner for anyone able to spend £25,000 a year, which is an average of £2,084 a month or £481 a week.
For those that need a railcard, Uber One and regularly go to a Vue and Greggs, the £7 Monzo Perks fee is well worth it.
Then, if you’re comfortable with multiple current accounts then I’d definitely look at getting the Lloyds and Santander ones too.
After this I’d only bother with the NatWest and RBS accounts if I already had one, or get one via a switching bonus.
Even I can’t be bothered with the TSB rewards due to the faff, while the fee for Barclays just doesn’t add up for most.
Having multiple reward accounts
As I’ve said many times, there’s no reason why you only have to have one current account – and that means you can have multiple reward accounts too.
You’ll usually only be allowed one personal reward account with each bank, though it does vary, and most let you can have an extra one as a joint account too. That means you could potentially have three accounts in a household, and three times the rewards.
But the more you have, the more you have to do to be eligible. Some are easy to overcome, others might make it less worthwhile.
Recirculating your inbound payments
Most people should be able to cover the minimum deposit payments for one reward current account. And if you have more than one then it’s easy to repeat for the others by moving the same money between each account.
I actually do this via a standing order where the money automatically goes from bank to bank to hit the eligibility threshold, with it eventually coming full circle back to my original account.
Covering the fees
This is a bit of faff, but manageable. Since some of the accounts charge a fee but don’t pay the reward directly into your account, you’ll have to make sure there’s enough in there each month to cover this charge. You’ll also need to remember to transfer the reward over each month too.
Running out of direct debits
If you have multiple reward accounts then you might quickly run out of direct debits. It used to be you could set up a couple of £1 ones for charities, but the banks have cottoned on to this and made it pretty pointless.
For example, NatWest give you £2 back for each direct debit, but the DD needs to be at least £2. So if you’re setting up a new payment just to get the reward, you won’t actually be any better off.
Of course you could see it as free cash for charity – which is great – but it does require a bit of effort.
