Santander UK launches current account offering up to £20 cashback per month

Santander UK has launched a new current account, offering up to £20 cashback per month as well as interest through a linked savings account.

The Santander Edge Explorer current account offers a package of perks such as worldwide family travel and mobile phone insurance, UK and European breakdown cover and “24/7” remote access to a GP in the UK.

However, customers must pay a monthly fee of £17 to maintain the account.

The benefits include 1% cashback up to £10 per month on eligible debit card spending plus up to £10 per month on eligible household bills paid by direct debit.

Customers will also have access to Santander’s Edge Saver account paying 6.00% AER (annual equivalent rate) interest on balances up to £4,000. The rate includes an initial bonus rate for the first 12 months from account opening.

Other perks with the account include no foreign exchange fees on purchases overseas and no Santander fees on international money transfers.

Anthony Warrington, head of current accounts at Santander UK, said the account had been designed to provide “customers and their families with cover for some of life’s ‘what ifs’, whether that’s a lost phone or a holiday that doesn’t quite go to plan”.

Customers must be aged 18 to 73 to apply and be UK residents to have the account. Joint account holders must live at the same address to have the account and insurance, the bank said.

They may only open one Edge Explorer current account per person, it added.

Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said that for some people, it may be more cost-effective to open an account with a bundle of incentives.

But she said: “It is essential customers take time to pick which benefits would be most valuable to them.”

She said that people should also check levels of protection when weighing up whether products are right for their needs.

Ms Springall added: “The account charges a £17 monthly fee, but this can be wiped away from the attractive cashback offer, where customers can earn up £20 from both debit card spending and through eligible household bills.

“On top of this, the account provides access to the Edge Saver account which pays an attractive 6% AER.

“As an alternative, the Nationwide FlexPlus offers a comprehensive package of insurance add-ons and is currently paying switchers £175.

“Switching current accounts is quick and easy to do and the Current Account Switch Service (Cass) moves over both any balance and redirects both standing orders and direct debits to a new account.”

Nationwide’s FlexPlus account offers perks including worldwide travel insurance, mobile phone insurance, vehicle breakdown cover in the UK and the rest of Europe and access to other Nationwide products, for an £18 per month fee.