- New Santander Edge Up current account offers up to £30 a month in cashback on selected monthly bills (up to £15 a month) and essential spending (up to £15 a month)
- Customers will also earn 3.5% AER interest on balances up to £25,000
- Customers can benefit from fee-free debit card purchases and cash withdrawals abroad and fee-free international bank transfers
- Our 1I2I3, Select and existing Private current accounts are no longer on sale to new customers
Santander has today launched Edge Up which offers customers the ability to earn over £100 a month with up to £301 in cashback and up to £71.772 in interest. Edge Up has been designed to support customers by bringing together a range of benefits from cashback on essential bills and spending, to interest on their current account balance for a £5 monthly fee. It follows the launch of the Santander Edge current account last autumn.
The new Santander Edge Up current account offers customers:
- 1% cashback (up to £15 a month) on essential debit card spending at supermarkets and on travel
- 1% cashback (up to £15 a month) on selected monthly bills paid by Direct Debit including council tax, water, gas, electricity, phone, mobile, and paid TV subscriptions3
- 3.50% AER /3.45% Gross interest on current account balances of up to £25,000
- Fee-free debit card spending aboard including no Santander charge at overseas ATMs4
- Fee-free international and UK CHAPs payments to any other bank
- In-app money management insights through My Money Manager, helping customers with features such as subscription management and alerting customers when their usual monthly bills are higher than normal
- Edge Up customers will also have access to Santander Boosts, which offers customers cashback, vouchers, discounts, prize draws, and giveaways all tailored to their individual interests
Customers can sign up for the account online, over phone, or in branch. To benefit from the cashback and interest features on the account customers must pay in a minimum of £1,500 a month and set up two direct debits from the account.
Santander has also launched a new online calculator to help customers compare which Santander current account is best for them. The calculator also compares Santander Edge current accounts to 1|2|3 accounts.
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.”
Holders of the Santander Edge Current Account, which launched last November, will also benefit from no fees on debit card use aboard from today. Full details of the Santander Edge Current Account are available on Santander’s website.
The bank is also launching a new Private Current Account offering customers the benefit of all the Edge Up features alongside the continued support of a personal private banking contact. More information on the new Private Current Account is available online.
With the introduction of Edge Up and new Private current accounts, Santander has also announced that the existing 1|2|3, Select, and Private current accounts are being removed from sale today. Anyone who already has a 1|2|3, Select, or Private Current Account can choose if they’d like to retain their existing account or transfer to an Edge Up account. Anybody choosing to transfer will keep all their existing details including their account number and sort code. The 1|2|3 Student and 1|2|3 Mini accounts will remain on sale.
- Ends -
The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to Editors
- To get £30 monthly cashback a customer would need to spend at least £1,500 a month on eligible essential debit card spend and at least £1,500 a month on eligible monthly bills paid by Direct Debit.
- To earn an average of £71.77 a month in interest a customer would need to have at least £25,000 in their Edge Up current account every day of the year.
- Paid TV subscription includes providers such as Sky, BT, and Virgin Media. Streaming services such as Netflix are not eligible for cashback.
- Customers can withdraw money at any ATM worldwide without paying a fee to Santander. However, if any local ATM provider has a fee for using their ATM, customers will still have to pay the provider that fee, but that fee is not charged by Santander.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2022, the bank had around 19,000 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2023, Banco Santander had €1.2 trillion in total funds, 161 million customers, 9,000 branches and 210,000 employees.