From discounts on your utility bills and home insurance through to air miles and cash back offers, reward current accounts are packed full of fantastic features for you to take advantage of.
Find the perfect package to suit your spending by comparing reward accounts with Square Compare, and give your balance a boost with the great bonuses and cash back deals on offer!
What Is A Reward Current Account?
A reward current account gives holders the chance to earn a fantastic range of rewards by fulfilling certain banking criteria each month. Each reward account is different so it’s important to use our comparison chart to find one that best fits your monthly spending.
For example, one bank may ask you to keep your account above a certain balance in exchange for better interest rates, whereas another might offer discounts on household bills paid by direct debit.
Even if you miss out on a reward, you’ll still receive the great benefits of a standard current account including the ability to apply for an overdraft, pay for goods nationwide with a debit card, and access your banking online.
Can I Get A Joint Reward Current Account?
Yes! By combining your finances into one reward account, you and your partner can both benefit from the great rewards on offer.
As with a standard joint current account, you’ll both be able to deposit and withdraw money as well as having access to online banking and transfers. A mandate will need to be signed when opening the account to waive the need for a countersignature when making withdrawals.
Things to consider before getting a reward current account
As important as they are, the current account rewards on offer should only form part of your overall decision when choosing the perfect bank account.
Eligibility | No two accounts are the same and you will need to make sure that you can meet the eligibility criteria of each account to get the maximum possible rewards from your spending and savings management.
Interest Rates | As will all current accounts, the interest rates on offer vary considerably depending on the type of account that you apply for. You may find that you can qualify for enhanced interest rates as part of the rewards on offer from your account. Check out our comparison chart to easily view the latest interest rates available.
Overdrafts | Overdrafts are available on almost all reward current accounts and managing them responsibly may help you to apply for an increased limit in the future.
Rewards | The big focus of these accounts will always be the rewards that they carry. Whether you’re a regular flyer who wants to clock up air miles or a saver looking for better rates of interest, Square Compare lists all of the rewards offered by these accounts.
How Do I Get A Reward Current Account?
Almost all banks offer some form of reward account to their customers and Square Compare can help you to find the most suitable one from the UK market. Compare hundreds of accounts in a single click using our online comparison table, choose an account which suits your spending habits, and apply online.
If you’re accepted then you can start transferring your direct debits, savings and other funds over to your new account immediately and start racking up rewards straight away!