5 Best Cashback Bank Accounts in the UK

The popularity of cashback accounts is increasing. There are not many banks in UK. However, these banks have various current and saving accounts according to the choice of the account holder. Some accounts give customers back a small portion of the total spend as cashback. Although the presence of older banks is decreasing from the market. Because established banks are facing fierce competition online.

Still, using some bank accounts can benefit customers. Here are five such top cashback bank account benefits for Sagarpar readers.

Santander Bank 123 Lite Account
According to a survey of UK bank customers, this cashback account is at the top. Earlier the cashback scope in this account was huge. But due to various reasons, the previous offer is no longer available. However, considering the cashback accounts, Santander 123 Lite is still in good shape. 1-2-3 these are the proportional rate of cashback payment in this account. 1% cashback is available if your mortgage is paid from this bank account. You will also get 1% back on council tax and mobile and broadband bills.

2% cashback is given on electricity and gas bills and insurance policies (home and life insurance). 3% cashback is available on water bills. The condition for cashback is that all bills must be paid through direct debit. Also this account has some good cashback offers from time to time. For example: 5 to 15% in supermarkets, £50 on Sky Broadband, 5% on trains etc. They must be activated before use.

This account has some terms and conditions. For example: At least 500 pounds must be deposited every month. Login to online bank account once every 3 months. Must have at least 2 direct debits.

Anyone aged 18 or over who is permanently resident in the UK must apply for this account. However, your credit score must be at an acceptable level. Read this article to know about credit score rules.

NatWest Bank Rewards Current Account:
This account offers easy cashback of up to £5 per month. However, the account fee is £2 per month. A minimum of £1250 must be deposited in the account to get the cashback. 2 direct debits of at least £2 each are required. Mobile app login once per month. By doing this, there will be a profit of 3 pounds per month. £5 cashback can be cashed into your account or as a shopping voucher. 1% cashback available at select stores or online. Another bank in the group, Royal Bank of Scotland, is offering similar facilities.

Barclays Bank Current Account: One scheme of Barclays Bank Current Account is Blue Rewards Scheme. The bank will pay £7 for deposits of at least £800 and two direct debits per month. However, this account charges a monthly fee of £4.

Cooperative Bank:
Up to £5 cashback can be availed on Cooperative Bank Cashbank account. It is, however, somewhat complicated by their conditions. Firstly: Must have at least £800 per month, Second: Must have 4 or more direct debits, paperless bank statement and online account login.

If these are correct, you can get cashback of 5p for each transaction with this bank's debit card up to a maximum of three pounds. There is no fee. So if you try, you can gain 5 pounds from here.

Halifax Rewards Account:
This account has the option to choose the desired cashback. £5 cash, 2 online movie rentals or 3 digital magazines or 1 movie ticket to choose from. However, certain conditions must be followed. The first condition is to deposit 1500 pounds per month. If not, the bank will charge £3. The main two remaining conditions are to spend £500 a month on a debit card or to keep a £5,000 deposit that pays no interest. Compliance with either of these two conditions will fulfill the conditions. But you can't change the condition you're bound to before one year.

What is the benefit of cashback account?
If you follow the conditions of the cashback account, it is possible to get some extra profit from them. But the conditions have to be fulfilled carefully. If the conditions are slightly changed, the customer will not get any profit. However, most of our day-to-day transactions already meet these conditions. That's why these cashback accounts should be managed carefully.