Santander UK has unveiled a new current account, the Edge Explorer, which promises customers up to £20 in monthly cashback alongside an attractive interest rate through a linked savings account.
However, these benefits come with a monthly fee of £17.
The account offers 1 per cent cashback, capped at £10 per month, on eligible debit card spending.
An additional £10 cashback is available monthly for eligible household bills paid via direct debit, potentially totalling £20 back into customers' pockets.
Beyond financial incentives, the Edge Explorer provides a suite of lifestyle perks. These include comprehensive worldwide family travel and mobile phone insurance, UK and European breakdown cover, and round-the-clock remote access to a GP service within the UK.
Customers will also gain access to Santander’s Edge Saver account, which offers a competitive 6.00 per cent AER interest on balances up to £4,000.
This rate incorporates an initial bonus for the first 12months following the account's opening.
Other perks with the account include no foreign exchange fees on purchases overseas and no Santander fees on international money transfers.
Anthony Warrington, head of current accounts at Santander UK, said the account had been 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”.
Customers must be aged 18 to 73 to apply and be UK residents to have the account. Joint account holders must live at the same address to have the account and insurance, the bank said.
They may only open one Edge Explorer current account per person, it added.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said that for some people, it may be more cost-effective to open an account with a bundle of incentives.
But she said: “It is essential customers take time to pick which benefits would be most valuable to them.”
She said that people should also check levels of protection when weighing up whether products are right for their needs.
Ms Springall added: “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 per cent AER.
“As an alternative, the Nationwide FlexPlus offers a comprehensive package of insurance add-ons and is currently paying switchers £175.
“Switching current accounts is quick and easy to do and the Current Account Switch Service (Cass) moves over both any balance and redirects both standing orders and direct debits to a new account.”
Nationwide’s FlexPlus account offers perks including worldwide travel insurance, mobile phone insurance, vehicle breakdown cover in the UK and the rest of Europe and access to other Nationwide products, for an £18 per month fee.
