- Santander unveils Santander Edge current account and exclusive easy-access linked savings account, Santander Edge saver
- Only current account on the market to offer cashback on both debit card spending and direct debits, with £20 cashback per month available
- Santander Edge saver offers customers 4.00% AER / 3.93% gross (variable) interest on balances up to £4,000, including a 0.50% AER (variable) bonus rate for the first 12 months from opening(1)
- Santander Edge customers to benefit from Santander Boosts, a new digital rewards programme for all current account customers
- Customers also able to access in-app budgeting tools, including a new subscriptions management feature, with more digital functionality to launch in coming months
- 1|2|3 Lite withdrawn from public sale, with no impact to existing customers
Santander has today unveiled ‘Santander Edge’, the new ‘Santander Edge current account’ and an exclusive easy-access linked savings account, ‘Santander Edge saver’. Designed to support customers with their essential bills and spending, and building on the bank’s emphasis on cashback, the Santander Edge current account and saver will enable customers to earn up to £20 in cashback and £13.10 in interest per month(2), for a £3 monthly fee.
The Santander Edge current account offers:
- 1% cashback (capped at £10 a month) on essential grocery shopping and transport-based debit card spending(3);
- 1% cashback (capped at £10 a month) on household bills paid via Direct Debit covering council tax, gas and electricity, mobile, landline, broadband and paid-for TV packages(3);
- Access to the exclusive linked easy-access savings account, Santander Edge saver, which offers 4.00% AER / 3.93% gross (variable) interest on balances up to £4,000, including a 0.50% AER (variable) bonus rate for the first 12 months from opening;
- Fee-free international and UK CHAPs transfers;
- Free use of Santander ATMs overseas and;
- In-app money management insights through My Money Manager, which amongst other things, supports customers with managing their regular subscriptions.
Based on extensive customer research, the account has been specifically developed to support customers with today’s economic and social context in mind.
Customers can work out how much they would earn from the Santander Edge current account using our online calculator.
Enrique Alvarez, Chief Customer Officer, Santander UK commented: “We’re excited to be able to unveil Santander Edge, designed around what we know our customers want from their bank. We’ve created a new account to help customers make the most of their money today and save for a better tomorrow. Building on our focus on cashback, we will be rewarding them for their essential spending, whether that’s the weekly supermarket shop or travelling to work, and their household bills – particularly relevant given current pressures. The exclusive saver also provides a preferential rate for people looking to earn interest on their easy-access savings. Added to this, we’ve enhanced our app, with more in-app benefits being rolled out over the coming months.
“What’s more, our new rewards programme Santander Boosts, provides customers with tailored perks according to their interest and hobbies. From discounts at their favourite retailer, to access to prize draws and additional cashback, giving them a little boost when they bank with us.”
The bank’s new rewards platform Santander Boosts, which is available to all current account and credit card holders aged 18 and over, offers customers cashback, vouchers, discounts, prize draws, and giveaways all tailored to their individual interests. Current offers include a £2,500 cash giveaway and £500 eGift cards towards groceries, alongside thousands of other prizes, including instant wins for free hot drinks and breakfasts. Customers can sign up for Santander Boosts through online and mobile banking.
The Edge brand and wider Santander accounts will continue to evolve based on customer feedback, with new features due to launch in the coming months including:
- Carbon footprint tracker – tracks customer carbon footprint based on spend and suggests actions to reduce it; and
- Smart Budgets – enables customers to set budgets in categories of their choice, such as groceries, and notifies them when they have reached their budget/ limit.
The 1|2|3 Lite current account has been removed from sale today to coincide with the launch of the Santander Edge Current Account. Existing 1|2|3 Lite customers can continue to use their account as usual. There are no impacts to the 1|2|3 Current Account or any other Santander current account.
The Santander Edge current account and exclusive Edge saver can be opened either in branch or online.
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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
1) Interest paid on balances up to £4,000. No interest paid on balances above £4,000.
2) Based on a Santander Edge saver balance of £4,000, earning 4.00% AER / 3.93% gross (variable) in year one.
3) Spending categories that qualify for cashback are outlined in the table below.
Qualifying spending categories for 1% cashback (capped at £10 a month) on debit card spending at transport and grocery merchants are as follows:
Transport:
- Service stations and UK petrol stations
- Automated fuel dispensers
- Suburban and local commuter passenger transport including ferries
- Passenger rail journeys
- Bus journeys
- Electric vehicle charging points
Groceries:
- Supermarkets and grocery stores
- Convenience stores
- Food markets
- Specialty food stores
- Vending machines
Qualifying spending categories for 1% (capped £10 a month) cashback on household bills paid via Direct Debit are as follows:
- Council Tax bills (including Rates in Northern Ireland)
- Gas and electricity bills
- Water bills
- Mobile and home phone bills, broadband and paid-for TV packages
To be eligible for Santander Edge current account, customers need to have a minimum of £500 credited into their account every month and at least two active direct debits.
More information on Santander Boosts can be found: Santander Boosts | Santander
More information on Santander Edge current account: https://www.santander.co.uk/personal/current-accounts/santander-edge-current-account
More information on Santander Edge saver: https://www.santander.co.uk/personal/savings-and-investments/savings/santander-edge-saver
The table below provides a comparison of Santander Edge (comprising both the Santander Edge current account and Santander Edge saver) with 1|2|3 Lite.
| Santander Edge current account (incl. exclusive Santander Edge saver) | 1|2|3 Lite | |
| Cashback categories | 1% cashback (up to a max £10 a month) on selected Debit card spend: Transport:
Groceries:
| 1% cashback (up to a max of £5 a month) on council tax, mobile and home phone bills, broadband and paid-for TV packages and Santander monthly mortgage payments 2% cashback (up to a max of £5 a month) on gas and electricity bills, Santander Home Insurance premiums (policies administered and underwritten by Aviva Insurance Limited) and Santander life protection premiums (policies administered and underwritten by Aviva Life and Pensions UK Limited) 3% cashback (up to a max of £5 a month) on water bills |
| Maximum cashback a month | £20 (£10 cap on debit card cashback+ £10 cap on direct debit cashback) | £15 (1%/2%/3% categories are each capped at £5) |
| Interest rate | Santander Edge saver: Providing a maximum of £13.10 in interest per month in the first year. | No interest is paid on this account. |
| International payments | Fee free international payment and CHAPs | International payment – £25 CHAPS payment - £25 |
| Monthly fee to maintain the account | £3 | £3 |
| Arranged overdraft interest rate | Representative 39.94% APR/ EAR (variable) | Representative 39.94% APR/ EAR (variable) |