If you still use the same bank you picked years ago, you could be losing out on big savings every month. Reward current accounts have changed a lot, and 2026 brings some strong choices. But the scene has shifted. Halifax, once a top name in reward banking, revamped its offer in mid-2025. Many account holders now ask: is it still worth it? How does it compare to the best options?
Here’s what you need to know.
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A reward current account is like a standard account. You receive your salary, pay bills, and use a debit card. But it also gives you rewards for meeting certain conditions. Those rewards typically fall into three categories:
Most reward accounts charge a small monthly fee, usually £2 to £7. You often need to meet certain conditions. These could include a minimum monthly pay-in or a specific number of direct debits. The key question is whether the rewards are worth the cost.
Halifax’s Reward Current Account saw big changes in June 2025. Customers could pick perks. They included digital movie rentals, magazine subscriptions, or a £5 monthly cash credit. Now, those options are gone.
What you get now:
Conditions to qualify:
The 3% AER interest is a decent return compared to many current accounts, but it trails well behind the best easy-access savings accounts on the market. The removal of the £5 monthly cash credit was a blow to existing customers who had relied on it as a simple, predictable reward.
Halifax Verdict: It’s a good choice if you travel often and want to spend abroad without fees. It’s also decent if you seek a small return on your current account balance. But it’s no longer the standout product it once was.
Club Lloyds has emerged as a top pick for 2026, and for good reason. Each year, account holders can choose one of several benefits:
Those six cinema tickets alone are worth well over £60 at standard prices, making the maths work strongly in your favour. The account also gives access to a competitive linked monthly saver at 6.25% AER.
Chase is the standout option for anyone who wants cashback on everyday debit card spending without paying a monthly fee. New customers earn 1% cashback on groceries, everyday transport and fuel for the first 12 months (capped at £15 per month).
There’s also access to a competitive linked saver account with a boosted rate of 4.5% AER for the first 12 months for new customers.
If your household bills are high, Santander Edge is a serious contender. It pays cashback on essential bills paid by direct debit, making it feel almost passive once set up. You also get access to the Santander Edge Saver at 6% AER.
NatWest’s Reward account is simple and consistent. You earn £4 per month for having two or more direct debits active, plus £1 per month for logging into the mobile banking app — totalling £5 per month before accounting for the fee.
First Direct doesn’t pay an ongoing monthly reward, but it offers a switching bonus of £175 and access to a market-leading Regular Saver at 7% AER (fixed for 12 months, up to £300/month). For savers who want their current account to serve as a gateway to better savings rates, it’s hard to beat.
| Account | Monthly Fee | Key Reward | Pay-In Required |
|---|---|---|---|
| Halifax Reward | £3 (waived at £1,500) | 3% AER + fee-free abroad | £1,500 |
| Club Lloyds | £3 (waived at £2,000) | 6 cinema tickets or Disney+ | £2,000 |
| Chase Bank | £0 | 1% cashback on spending (Year 1) | None |
| Santander Edge | £3 | Cashback on bills + 6% saver | £500 spend |
| NatWest Reward | £2 | Up to £5/month cash | £1,250 |
| First Direct | £0 | 7% Regular Saver + £175 switch bonus | £1,000 |
There’s no single “best” reward current account — the right one depends entirely on your habits and priorities.
One practical tip: many of these accounts are compatible with each other. Holding a Chase account for day-to-day spending, cashback alongside a Club Lloyds account for lifestyle perks, and a Santander Edge for bills is a legitimate and increasingly popular strategy — sometimes called “reward stacking.”
Halifax’s 2025 overhaul means it’s no longer the top-of-the-list recommendation it once was for reward seekers. The removal of the £5 monthly cash credit hurt its standing, and while 3% AER on balances up to £5,000 isn’t negligible, most dedicated savings accounts will beat that rate comfortably.
For 2026, Club Lloyds leads for lifestyle value, Chase for fee-free cashback on spending, and Santander Edge for bill-heavy households. If you’ve been with Halifax out of loyalty, it may be time to compare — switching takes less than seven working days via the free Current Account Switch Service (CASS), and your payments and direct debits move automatically.
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