Money Saving Expert has identified the top four current accounts in the UK that offer cashback and free perks, potentially earning users hundreds of pounds annually. The consumer finance website, founded by Martin Lewis, recommends opening a second account solely for these benefits without disrupting everyday banking. However, it warns that some accounts require minimum monthly pay-ins or charge fees, advising users to proceed only if the perks outweigh the costs.
Santander Edge Account
The Santander Edge account charges a £3 monthly fee but provides 1% cashback on bills paid by Direct Debit, up to £10 per month. It also offers 6% easy-access savings and near-perfect exchange rates for overseas debit spending. The account requires a minimum monthly pay-in of £500 and has an overdraft rate of 39.94% EAR variable.
Zopa Biscuit Account
The Zopa Biscuit account is highlighted as a great bills cashback option with no hard credit check. It offers 2% cashback on all Direct Debits for a year, capped at £30, with no minimum pay-in or overdraft. It is also a top debit card for spending abroad, though ATM withdrawals are fee-free and cashback is capped at £200 per month.
Chase Current Account
The Chase current account is described as a great all-rounder for everyday spending cashback. It provides 2% cashback on spending and a 4.5% easy-access saver for 12 months if opened within 31 days. There are no fees abroad, but no cashback on overseas spending. Users must spend at least 15 times a month on the card and hold £1,000 or more in Chase savings accounts to qualify for cashback.
Club Lloyds Account
The Club Lloyds account offers no cashback but allows holders to choose a yearly reward from Disney+ with ads, six cinema tickets, Coffee Club and Gourmet Society membership, or a magazine subscription. It also features an 8% regular saver with interest on balances if holding two or more Direct Debits. There is no minimum pay-in, but the monthly fee is £5 unless paying in £2,000 or more. The overdraft rate is 39.9% EAR variable.
According to Money Saving Expert, "Done right, [opening a second account] can earn you £100s a year in cashback and rewards." The website advises consumers to carefully consider fees and minimum requirements before signing up.
