Santander UK has unveiled a new current account, promising up to £20 cashback per month and interest via a linked savings account. The Santander Edge Explorer current account provides a host of benefits 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, there is a monthly fee of £17 to keep the account active. The perks include 1% cashback up to £10 per month on eligible debit card spending and up to £10 per month on eligible household bills paid by direct debit.
Customers will also have access to Santander’s Edge Saver account which offers 6.00% AER (annual equivalent rate) interest on balances up to £4,000. This rate includes an initial bonus rate for the first 12 months from account opening.
Other benefits with the account include no foreign exchange fees on purchases abroad and no Santander fees on international money transfers. Anthony Warrington, head of current accounts at Santander UK, said the account was 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”.
To apply, customers must be aged between 18 and 73 and be UK residents. Joint account holders must live at the same address to have the account and insurance, the bank stated.
It added that each person can only open one Edge Explorer current account.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, suggested that for some individuals, it might be more cost-effective to open an account with a bundle of incentives.
However, she emphasised: “It is essential customers take time to pick which benefits would be most valuable to them.”
She also advised people to check levels of protection when deciding if products are suitable for their needs.
Ms Springall further explained: “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, for an £18 per month fee, 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.