Is that this present account from Santander any good?
The Santander Edge present account provides cashback on payments and curiosity on financial savings, although there’s a month-to-month charge. Right here’s the way it works, and the way it compares to different accounts such because the Santander 123 account it changed.
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What’s the Santander Edge account?
This present account from Santander is open to new and present clients.
You may earn 1% again on direct debits in your payments. Nevertheless, that is restricted to sure classes. There’s additionally a £10 restrict per 30 days, so £120 a 12 months.
As of 20 Could 2025 new buyer can now not additionally earn 1% cashback on some debit card spending, whereas present clients will see this profit finish on 9 September 2025.
The financial savings fee on the linked financial savings account pays 6%. Nevertheless, that’s only for a 12 months. After 12 months it drops to 4%. It’s additionally solely paid on balances as much as £4,000.
This account isn’t free — it prices £3 a month, or £36 a 12 months. That is £1 greater than the Santander 123 Lite was, however £2 lower than the Santander Edge Up account.
Santander Edge present account fundamentals:
| Advantages | 1% cashback on some payments |
| 6% curiosity on balances as much as £4,000 (together with 2% bonus for one 12 months) | |
| Charge | £3 a month |
| Necessities | Pay £500 into the account every month |
| Have a minimum of two direct debits | |
| Paper free | |
| Over 18 and reside within the UK | |
| A number of accounts? | Sure, one private and one joint |
Santander Edge charge
You’ll pay £3 a month to entry the Santander Edge account. In contrast to with reward accounts at different banks, there’s no solution to keep away from the charge if you wish to get cashback in your payments, so you should take it into consideration when understanding how a lot you’ll make from the cashback and financial savings curiosity.
Nevertheless if you happen to simply need to entry the financial savings account, there may be an unofficial hack that would aid you keep away from the charge. You’ll solely be capable to do that if you happen to by no means arrange any direct debits on the account.
Since you’ll be able to have each a joint and private Edge account (and extra Edge Savers in consequence), this may very well be a helpful solution to have the additional account fee-free. Simply be certain all of your payments are paid from solely certainly one of these to maximise the cashback.
Be careful too for any Santander bank switch offer as it will normally require you to have lively direct debits on the account, and due to this fact triggering the month-to-month charge.
Santander Edge and cashback on payments
You’ll earn 1% on chosen family payments. These are the identical broad classes coated by the Santander 123 accounts, although they’re decrease charges on fuel, electrical energy and water. There’s no bonus cashback on Santander merchandise like mortgages, which is barely accessible to holders of the now closed Santander 123 account.
- Council Tax payments (together with Charges in Northern Eire)
- Gasoline and electrical energy payments
- Water payments
- Cell and residential cellphone payments
- Broadband payments
- Paid-for TV packages
It’s price checking to see in case your broadband and cellular provider is included as there could also be some that aren’t.
How a lot cashback will you make?
With the payments, you’ll have to spend £1,000 a month with the intention to hit the £10 cap, and I believe that’s extremely unlikely. Even with current hikes to water, power payments and Council Tax, the common home in will probably be spending round £350 a month. That’ll lead to £3.50 cashback a month. After all, many pays greater than the common family, so you might anticipate that to extend if that’s the case. For instance, if I had this account (somewhat than my older 123 Lite account), I’d earn £5.20 a month.
After these payments, the overwhelming majority of households would wish an enormous pay TV invoice and costly cell phone contract to get even near a grand of cashback every month.
It’s definitely potential persons are paying greater than £100 on the likes of Sky TV or £30 to £40 on cellular offers. However if you happen to’re savvy with these payments (by axing pay TV and going SIM-only on your phone), they’d quantity to lower than a tenner mixed.
Put broadband at £30 (you can get it for less) and a mean invoice payer is perhaps nudging £400 to £500 mixed. So I’d anticipate common households who’ve shopped round to get £4 at most, or £48 a 12 months.
Although in fact, you need to issue within the month-to-month charge towards the entire quantity you make from this account. Do that and it means your revenue may very well be as little as £50p a month, or £6 a 12 months, or maybe as excessive as £5 a month and £60 a 12 months,
For those who’re on the decrease finish it doesn’t sound too engaging does it? However don’t neglect you additionally get to earn curiosity – extra on this in a second.
How does it evaluate to different methods to get cashback on payments?
If you have already got a Santander 123 Lite account, and even the usual 123 (each are closed to new clients) then I’d 100% follow that. You’ll get increased charges on water (3%), fuel (2%) and electrical energy (2%) payments.
For those who don’t have that one, then your different primary choice is the Edge Up account, that has a barely increased cap on cashback of £15 a month – although you’ll pay £5 a month.
For that further £2 a month you’d have to have extremely excessive payments to achieve the additional cashback every month. Until that’s potential, the Edge has the sting.
You possibly can take a look at using a cashback card instead, the American Categorical’s Nectar card provides 1% again (however as Nectar factors). Nevertheless, you may discover Council Tax excluded (it relies upon the place you reside), when you’d lose out on a direct debit low cost from power payments.
Santander Edge and curiosity on financial savings
When you’ve got the Edge present account you’ll be capable to open up a Santander Edge saver. This 6% fee incorporates a 2% bonus for 12 months, so it’ll drop to 4% after a 12 months (although as the speed is variable it may go up or down on this time).
The curiosity can also be solely on balances of as much as £4,000. Something within the account above it will earn nothing in any respect.
As this desk exhibits, those that don’t cowl the month-to-month charge by way of cashback elsewhere within the account will need to have a minimum of £600 saved to keep away from making a loss.
| Quantity saved | Annual Curiosity | Curiosity after £36 charge | Efficient rate of interest if paying charge |
| £600.00 | £36.00 | -£6.00 | 0.0% |
| £1,000.00 | £60.00 | £24.00 | 2.40% |
| £1,500.00 | £90.00 | £54.00 | 3.60% |
| £2,000.00 | £120.00 | £86.00 | 4.3% |
| £2,500.00 | £150.00 | £114.00 | 4.56% |
| £3,000.00 | £180.00 | £144.00 | 4.80% |
| £3,500.00 | £210.00 | £174.00 | 5% |
| £4,000.00 | £240.00 | £204.00 | 5.10% |
Although it’s just one Saver per individual per present account, you may get two with a joint Edge present account, which might imply it can save you as much as £8,000 at this fee.
You possibly can actually have a joint account and a private account every, supplying you with 4 Edge savers in complete. I’ve written extra about this hack in my separate review of the Edge Saver.
General it’s a superb fee, and positively one thing that makes it price contemplating a number of, not to mention one, Edge present accounts.
Santander Edge Up and spending overseas
One characteristic for the Edge is that spending and money withdrawals are fee-free overseas. After all this isn’t the one card that does this, and there are plenty of free options. Nevertheless, this can be a good choice for nations with a Santander ATM as you’ll additionally keep away from machine fees if utilizing one.
Santander Edge and debit card cashback
Present clients can earn 1% from utilizing your debit card – however solely solely till 9 September 2025. The cash is barely paid on transport and grocery spending. Listed below are the qualifying subcategories:
Transport
- Service stations and UK petrol stations
- Automated gasoline dispensers
- Suburban and native commuter passenger transport together with ferries
- Passenger rail journeys
- Bus journeys
- Electrical car charging factors
Groceries
- Supermarkets and grocery shops
- Comfort shops
- Meals markets
- Specialty meals shops
- Merchandising machines
How a lot cashback will you make?
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 received’t hit this mark for many households, although filling up a automotive every month will enhance your return.
It’s clearly going to be simpler to max out this class for individuals who commute – although if you happen to purchase an annual season ticket you’ll miss out.
I’d say anticipate a spend of £500 a month, so £5 cashback, and something extra is a bonus.
How does it evaluate to different cashback playing cards?
Relating to supermarkets and most journey expenditures it’s not a nasty choice if you have already got the account. Changes to the Chase cashback providing imply there’s not likely a lot to decide on between the 2 choices.
However for all the pieces else (or as an alternative) you should utilize the very best paying Amex Nectar – so long as you’re completely satisfied to obtain the cash again as Nectar factors. There’s a £30 annual charge with this card from 12 months two onwards, however different Amex provides ought to greater than cowl this.
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Santander Edge vs Santander 123 Lite account?
With the launch of the Edge account, you’re now not capable of open a 123 Lite account. This can be a actual disgrace as that provided increased cashback charges on payments. Nevertheless present 123 Lite clients can preserve their account, and I’d recommend they do somewhat than change to the Edge account.
Santander 123 Lite abstract (now closed to new purposes)
| Advantages | As much as 3% cashback on payments |
| Restricted cashback with retailers by way of debit card | |
| Charge | £2 a month |
| Necessities | Two lively Direct Debits |
| Pay in £500 a month | |
| Go for paperless statements | |
| Log into on-line or cellular banking a minimum of as soon as each three months | |
| A number of accounts? | Sure, however you’ll be able to solely get the cashback on every invoice from the account |
Santander Edge vs Santander Edge Up
The Edge Up is a souped up model of the Edge. It prices £2 extra every month, and in return you’ll be able to earn as much as £15 cashback a month and earn curiosity on balances of as much as £25,000, albeit at a decrease fee.
I’d ignore the financial savings on the Edge Up account as that fee can simply be crushed in numerous locations, so due to the elevated financial savings on the Edge, it’s actually not price selecting the Edge Up over the Edge
Santander Edge Up present account fundamentals:
| Advantages | 1% cashback on some payments (as much as £15 a month) |
| 3.5% curiosity on balances as much as £25,000 | |
| Charge | £5 a month |
| Necessities | Pay £1,500 into the account every month |
| Have a minimum of two direct debits | |
| Paper free | |
| Over 18 and reside within the UK | |
| A number of accounts? | One private and one joint |
Is the Santander Edge any good?
Andy’s Evaluation
This account is nicely price a search for the cashback on payments – however provided that you missed out on the 123 Lite or 123 accounts. It’s not going to make a fortune nevertheless it’s higher to be incomes one thing in your payments than nothing.
However the place it’s a critically think about is the financial savings fee of 6%. Even if you happen to issue within the charge (which is able to hopefully be worn out by cashback on payments), it’s nonetheless the very best paying quick access account proper now for balances of £4,000. Although keep in mind that’ll solely be for 12 months.
It may very well be particularly profitable for {couples} opening a joint account for his or her payments and every opening a Edge Saver, which means they’ll get that 6% on balances as much as £8,000, probably £16,000 if you happen to every have your individual accounts on prime.
Santander Edge Up provides
Quidco and TopCashback: as much as £20 whenever you open an Edge account
For those who apply for the Santander Edge account by way of cashback websites Quidco or TopCashback there’s typically an additional you’ll be able to earn on prime, usually between £10 and £20 (the quantity varies).
For those who’re not already a buyer of both web site then be sure to sign up for a welcome offer first, price as much as £20 – although this may’t be used at the side of the Santander provide so that you’ll have to make a purchase order elsewhere first.
