Santander Edge Explorer review: is it worth it? 

The Santander packaged account affords insurance coverage, cashback and excessive curiosity on financial savings

Santander Edge Discover is a packaged bank account, which means you get the options of the Edge present account with insurance coverage cowl on prime – for a better month-to-month charge. Right here’s what you get and whether or not it’s value it.

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How a lot is the Santander Edge Explorer account?

You’ll pay £17 a month for all options of the account. That works out as £204 a yr, and is likely one of the cheaper packaged accounts out there.

What do you get with Santander Edge Explorer?

Journey, cell phone and breakdown cowl

It’s a reasonably complete package deal and compares favourably with different related accounts at completely different banks.

The journey insurance coverage is worldwide for your loved ones and consists of winter sports activities. You and your associate are coated till the age of 75. Youngsters are coated till the age of 23 in the event that they’re nonetheless in full time training.

The cell phone insurance coverage additionally covers your complete household, not simply the account holder. You’ll be capable of declare for loss, theft or unintended harm.

Breakdown cowl is for the account holder, whether or not the motive force or the passenger, although in case you get a joint account then you definately’ll each be coated. It’s legitimate in each the UK and in Europe.

After all, all insurance coverage insurance policies are completely different so that you’ll need to check out the complete protection and exclusions to test they fit your private circumstances.

Distant GP entry

One thing Santander affords that isn’t frequent on different packaged accounts is distant entry to a GP for your loved ones.

1% cashback on payments

That is the core characteristic of the Santander Edge account. You’ll be able to earn 1% again on core family payments. Although it’s as much as £10 a month, for most individuals it’ll be much less. Right here’s our full assessment of the Santander Edge account.

1% cashback on debit card spending

This extra perk has been faraway from the Edge and Edge Up accounts, however it’s a part of the Edge Explorer. You’ll get 1% again, capped at £10 a month. Spending is proscribed to groceries and journey spending as follows:

• Supermarkets
• Trains
• Buses
• Electrical car charging
• Petrol and diesel

Keep in mind that is for UK spending solely, and there shall be exclusions.

To get the £10 a month on debit card spending, you’d have to spend £1,000 a month in these classes. Grocery store spending by itself gained’t hit this mark for many households, although filling up a automobile every month will enhance your return.

It’s clearly going to be simpler to max out this class for many who commute – although in case you purchase an annual season ticket you’ll miss out.

I’d say count on a spend of £500 a month, so £5 cashback, and something extra is a bonus.

6% curiosity on financial savings

The excellent news is you get entry to the Edge Saver account too – one thing beforehand solely out there to Edge present account holders, and never these with the Edge Up.

This is likely one of the highest paying financial savings accounts proper now, with 6% for one yr on balances of as much as £4,000. After 12 months you’ll lose a 2.5% bonus, decreasing the speed to three.5% – although because it’s variable that underlying fee might change.

Nevertheless, as we element in our Santander Edge Saver review, you’ll be able to shut it down and open a brand new one annually, benefiting from the bonus for one more yr.

Charge free spending abroad

As is the case with the opposite Santander Edge playing cards and plenty of different packaged accounts from completely different banks you’ll be able to spend and withdraw money in a distinct nation with out getting charged a transaction or conversion charge. Nevertheless we predict there are better cards for spending abroad.

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How Santander Edge Explorer differs from different packaged accounts

✅ It’s not simply the insurances that include the account, the cashback and curiosity are nice extras on prime

✅ You get European breakdown cowl and UK cowl. Most different packaged accounts solely supply UK breakdown cowl — others with this profit embody Nationwide FlexDirect, Co-operative Financial institution On a regular basis Additional and Lloyds Silver
✅ Telephone insurance coverage is for your complete household. Once more, a number of the opposite packaged financial institution accounts don’t have household cowl as commonplace — the Virgin Membership M account consists of telephones and different devices, together with laptops for your complete household, making it a contender on this space
❌ Breakdown cowl solely covers the account holder

Santander Edge buyer critiques

Prospects have rated Santander 3.73/5 over at our sister web site, Sensible Cash Folks.

Is Santander Edge Explorer value it?

Andy’s evaluation

This account is likely one of the least expensive packaged accounts on the market at £17 a month, so it definitely places it close to the highest of the tables. And in case you’re already paying for the Santander Edge account at £3 a month, it’s actually simply £14 further for the insurance coverage protection.

And that insurance coverage is fairly first rate with the journey and cellphone insurance policies additionally protecting your loved ones for the worth – one thing you don’t see on alternate options at completely different banks.

Plus the inclusion of the 1% cashback on some debit card spending might add a little bit extra again on prime – although there are different cashback and reward cards with related charges that don’t have the identical exclusions.

Nevertheless, the Virgin Money Club M account is fairly related simply on the insurance coverage, and that prices £12.50 a month. And cheaper nonetheless is the Lloyds Silver account at £11.50 a month. Although it solely has European journey insurance coverage, there’s no level paying for worldwide in case you don’t want it.

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