Santander’s new savings account offers 4% interest plus £20 cashback

Martin Lewis reveals top easy access savings accounts

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Santander is launching a new account offering up to four percent interest plus help with essential bills and spending. The Santander Edge current account and saver means customers can earn up to £20 in cashback and £13.10 in interest per month for a £3 monthly fee.   

 

 

Santander Bank said its new account has been specifically developed to support customers with today’s economic climate in mind

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.”  

Customers can work out how much they would earn from the Santander Edge current account using the online calculator.  

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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. 

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 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 and the Santander Edge current account and exclusive Edge saver can be opened either in branch or online. 

The news comes after Santander increased interest rates across its Select and Private Current Accounts savings accounts this month.

The accounts will rise from 1.50 percent AER/1.49 percent gross (variable) to 1.75 percent AER/ 1.74 percent. AER/gross (variable). This will be applicable on balances up to £20,000.

When it comes to savings accounts there is no one-size-fits-all solution and people may be able to get more interest with another savings account.

FirstSave now offers a top interest rate on a one-year fixed account – paying 4.5 percent interest on savings, however there’s a small catch.

Customers need a minimum of £1,000 in savings and can choose to receive interest each month, although they will need to have at least £5,000 to access this feature.

This account has been highlighted as a “top pick” in MoneySavingExpert’s latest weekly newsletter.

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