Santander is launching a new current account that offers new perks, including the opportunity to get up to £30 a month cashback as it scraps its previous flagship offering.
The new Edge Up current account will offer 1 per cent cashback up to £15 a month on selected monthly bills paid via direct debit. This can include council tax, water, gas, electricity, phone, and paid TV subscriptions.
An additional 1 per cent cashback up to £15 per month is also being offered on essential debit card spending at supermarkets and on travel. Therefore, customers could get £30 monthly cashback if they spend at least £1,500 a month on eligible essential debit card spending and at least £1,500 a month on eligible direct debit bills.
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Andrea Melville, director for personal current accounts and savings, Santander UK, said: “We know many people are experiencing financial pressures at the moment with the increased cost of the weekly food shop, high energy costs, and other bills going up. Our new Edge Up Current Account is all about making it easier for our customers to make the most of their everyday spending and help them make their finances stretch a little bit further.
“We have a strong history of providing our customers with innovative accounts and we are pleased to be able to continue this with our new Edge Up current account.”
The new Edge Up account comes after the bank said it will remove its flagship 123 current account from Tuesday. Customers who already own a 123, Select, or Private Current Acccount will have the choice of whether they would like to keep their existing account or switch to an Edge Up account.
Customers who transfer will be able to keep all their existing details, including their account number and sort code. Rachel Springall, a spokeswoman for Moneyfactscompare.co.uk, said: “Customers hoping to make their bank account work harder for them may be excited by the latest proposition from Santander.
“For a £5 monthly fee, customers can earn an attractive sum of cashback on selected monthly bills and each time they spend, and they can also earn a competitive rate of interest on their in-credit balance. Customers can also save on fees when they use their debit card outside of the UK as the Edge Up account does not charge for debit card purchases or cash withdrawals abroad.
“Overall, it’s a package that may suit customers who use their primary account for both their regular bills and daily spending, but it’s important they ensure they are earning enough off the account so they can cover the monthly account fee.
“As with any deal, benefits are great to have included so long as they are used, and customers must pay in a minimum of £1,500 a month and set up two direct debits to benefit from the cashback and credit interest offer. As with any deal, its vital bank customers compare this package to the wider market to ensure it meets their individual needs.”
