Santander launches Edge Explorer current account with 6% savings rate and up to £20 a month in cashback

Santander has unveiled Edge Explorer, a new current account that pairs a 6% linked Edge Saver easy-access rate with a £17 monthly fee. The package is designed to combine savings potential with a bundle of perks, including cashback and insurance cover, in a single package. The arrangement is pitched as appealing to customers who can maximize the benefits while managing the monthly charge.

The central feature is the Edge Saver, which carries a 6% rate that includes a 2.5% bonus for the first 12 months after opening. Market observers note that the top easy-access rate on the market sits around 4.3%, making Santander’s headline rate notably high for an instant-access savings product. However, the Edge Saver has a cap of £4,000, which limits how much balance can earn the boosted rate. For example, holding about £3,400 in the Edge Saver would generate roughly £17 in interest per month at the 6% rate. The higher rate applies only to the linked saver, and the overall value of the package depends on how much customers keep in savings and how much they spend with the debit card.

In addition to the savings offer, Edge Explorer provides 1% cashback up to £10 per month on eligible debit-card spending and up to £10 per month on eligible household bills paid by direct debit, meaning customers can earn up to £20 a month in cashback if they meet the spending thresholds. The account also includes worldwide family insurance through Chubb European Group, with winter sports coverage. The policy covers the cardholder and their partner up to age 75, plus dependent children or grandchildren under 18 who live at the same home, with dependents covered up to age 23 if they are still in full-time education. As part of the package, Andrew Hagger, founder of MoneyComms, notes that the value hinges on making the most of the linked savings and cashback opportunities.

Further cashback is available at 1% on several current-account bills, up to £10 per month, including council tax, mobile and home-phone bills, broadband and paid-for TV packages, gas and electricity, and Water bills. An accompanying caveat from independent analyst Andrew Hagger points out that to receive the full £10 monthly rebate, eligible bills would need to total at least £1,000 per month, which may be challenging for many households. He adds that cashback depends on the monthly spend, so a £600 total would yield £6 rather than the £10 maximum.

The Edge Explorer package also extends 1% cashback on eligible shopping categories such as supermarkets, travel, fuel, train and bus tickets, and electric-vehicle charging, with the total cashback capped at £10 per month for these categories as well. In terms of services, Edge Explorer includes 24/7 online GP access via Teledoc, provided through Chubb European Group, enabling consultations and prescriptions while in the UK. The account also offers multi-issuer protections, including worldwide breakdown cover via Allianz and mobile-phone cover through Aviva. In addition, customers can access the account’s benefits with no foreign transaction fees when spending abroad, a feature that some rivals do not offer.

Industry observers note the package stacks several insurance and assistance services that are commonly sold separately. Hagger says the offer can be attractive for customers who can maintain the required savings balance for 12 months and who actively use the cashback on eligible spending and bills. He compares the Edge Explorer package with the Nationwide FlexPlus account, which also bundles protections and services but does not include the same savings-rate feature; FlexPlus costs around £18 per month, potentially making Edge Explorer a more compelling bundle for eligible savers.

Santander emphasized that terms apply and that the value of Edge Explorer depends on a customer’s ability to use the savings rate, cashback, and insurance benefits in combination with the monthly fee. As with any bundled current account, prospective customers are advised to model their own spending and saving patterns to determine the likely net benefit before enrolling.