Santander's 123 Lite current account is being replaced with a new Santander Edge account - which offers consumers up to £20 in cashback a month for a £3 fee.
The new account also allows customers to use a linked savings deal, paying 4% interest on up to £4,000. That means up to £13.10 in interest each month if you have the money to max out the deal.
The card has been designed to support customers with their essential bills and spending, as they can earn 1% cashback a month on daily expenses and the same amount on bills.
Both bills and spending are capped at £10 cashback each month, meaning consumers can get their hands on £20 in total.
Essential bills can include gas, electricity, council tax, mobile phone bills, broadband and TV. Spending can include grocery and transport costs such as petrol and bus fares.
The catch with both the linked savings deal and the monthly cashback is the £3 monthly fee, which you should factor in when deciding whether the account is right for you.
As well as this, 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.
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."
Customers will be able to access in-app budgeting tools, including a new subscriptions management feature, with more digital functionality to launch in coming months.
Those who are on the 123 Lite current account will not be impacted by this change, but it will be withdrawn from public sale for new customers.
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