Cashback offers on bank accounts
Everyone loves free money. Here are a bunch of bank accounts that offer some form of cashback or rewards.
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How we picked these
Finder Score for bank accounts
We assess multiple product features for transaction accounts from over 100 providers and assign each product a score out of 10.
Key takeaways
- Bank accounts offer one-off welcome bonuses or ongoing cashback on everyday spending or bills, so compare the offers below as amounts and terms vary.
- Always review terms and conditions to ensure you meet eligibility criteria and understand cashback limits.
- Beyond cashback, compare features like monthly fees and international transaction fees to find the best fit.
What is a cashback incentive?
Cashback incentives are a way for banks, lenders and other financial providers to attract new customers. You can receive a cashback incentive for credit cards, transaction and savings accounts, home loans and financial package deals.
A cashback incentive is basically what it sounds like - you receive cash back into your account after you apply for a financial product and your application is accepted. Sometimes providers also waive fees or charges with these offers, making them even more attractive to new customers.
With some cards or transaction accounts you can earn an ongoing cashback based on your spending.
Types of bank account cashback offers
The two main types of cashback offers on bank accounts are:
A welcome cashback offer: This is some money back into your account when you open the account as a new customer. It's a one-off cashback offer as an incentive to pick the account. You often need to have the account open for a couple of months to get it.
An ongoing cashback offer: This is a cashback offer that you can get ongoing, for example as part of your everyday spending. This will help you earn smaller amounts however because it's available ongoing you could end up earning more money in cashback.
I get cashback with ING
"I use the ING Orange Everyday bank account which offers 1% cashback on my utility bills. That 1% might not seem like much, but it does add up over the course of a few years - especially with electricity bills being so high lately. And it's free money which is always better than nothing! "
Credit cards with cash back incentives
Credit cards often have cashback incentives. They are sometimes offered in conjunction with low purchase rates, balance transfer rates or other discounted rates or fees. These offers are usually for a limited time only and require you to apply for the card by a certain date.
When considering these credit cards remember to check the fees and rates before you sign up. A good idea is to calculate the fees and interest you will be paying and decide whether the cash back offer is worth it. Remember to compare your options online before you settle on a card.
Home loans with cash back incentives
Home loan cashbacks can be some of the most generous cashback offers available. Lenders typically offer up to several thousand dollars to encourage customers to switch home loans.
There are usually eligibility criteria you have to meet, such as having a certain size of loan or a certain loan type. Home loan cashbacks are paid when the loan settles. You'll need a bank account with the same lender to receive the cash.
Are there any downsides or fine print I should worry about with a cashback?
Cashbacks or rewards can be a nice perk for any financial product. But you should always read the offer details in full to make sure that:
- You can actually qualify for the cashback.
- This product is suitable for you and a good deal even without the cashback.
- You understand the caps and limits to the cashback (for example, is there a maximum amount you can earn each month?)
Don't let the cashback fool you: compare the product properly and make sure it's right for you. In other words, would you still consider this a good product without the cashback?
Frequently Asked Questions
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