Santander bank’s latest current account offering provides customers with a host of benefits, including the potential to earn up to £20 cashback each month. This could accumulate to a tidy sum of £240 annually.
The rewards include 1 per cent cashback up to £10 monthly on qualifying debit card transactions and an additional £10 each month on qualifying household bills paid via direct debit.
The account also offers a package of perks such as round-the-clock access to a UK-based remote GP, worldwide family travel and mobile phone insurance, as well as UK and European breakdown cover. The bank has also reduced overseas fees on this account, meaning Brits will not be charged for using their card abroad.
However, these benefits come at a cost of a £17 monthly fee. This fee is deducted the month after the account is opened and then every subsequent month until the account is closed.
To qualify for this account, customers must be aged between 18 and 73 and must permanently reside in the UK. For joint accounts, both account holders must live at the same address.
Santander customers are limited to one Edge Explorer account at a time, and once they reach the age of 75, they will no longer be eligible for the travel insurance benefit on the account. Account holders will also have access to Santander’s Edge Saver account, which offers a whopping 6.00 per cent AER interest on balances reaching £4,000, according to the Daily Record.
This rate includes an introductory bonus during the first 12 months after the account is opened. 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 ».
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, suggested that for some people, it might be more cost-effective to open an account with a bundle of incentives like this. She added: « It is essential customers take time to pick which benefits would be most valuable to them. »
She encouraged people to also check levels of protection when deciding if products are suitable for their needs.
She 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.
The building society also offers add-ons and is currently offering a £175 incentive to those who switch. « Switching current accounts is quick and easy to do and the Current Account Switch Service (Cass) transfers both any balance and redirects both standing orders and direct debits to a new account, » they said.
Nationwide’s FlexPlus account provides benefits including worldwide travel insurance, mobile phone insurance, vehicle breakdown cover in the UK and Europe, and access to other Nationwide products, for an £18 per month fee.
Kate Steere, a money expert at personal finance site Finder, commented on other free cash switching offers: « If you’re looking at the biggest cash payment, Lloyds is currently offering a market-leading £200 when you switch to one of its Club Lloyds or Lloyds Premier accounts.
« However, the best deal on the market right now is actually Nationwide’s £175 offer because it will get you the most over the course of the year. If you opt for the FlexDirect account, you get 5 per cent AER on balances up to £1,500 for 12 months.
“If you keep that in your account for the full year, you could earn up to £75 in interest. You also get up to £60 cashback on debit card purchases for 12 months and access to the Flex Regular Saver at 6.50 per cent AER.
“If you save the maximum of £200 every month, you’ll earn £84.50 in interest in a year. That’s a chunky £394.50 in your first year, including switching bonus, maximum savings interest and cashback. »
