Santander Launches New Current Account with 6% Savings Rate, but at a Cost of £17/month

Santander has launched a new current account, Edge Explorer, with a £17 monthly fee but offering perks such as a 6% savings rate, up to £20 in cashback, and worldwide family insurance. The savings rate includes a 2.5% bonus rate for the first 12 months and is higher than any other easy-access account on the market. However, the monthly fee would wipe out most of the cashback earned, leaving only £3.

Santander has introduced the Edge Explorer current account, which comes with a £17 monthly fee but offers a range of attractive perks. The account features a 6% savings rate, up to £20 in cashback, and worldwide family insurance Santander Edge Explorer® current account^[1].

The savings rate includes a 2.5% bonus rate for the first 12 months, making it one of the highest easy-access savings rates on the market. However, the monthly fee of £17 may significantly reduce the cashback earned, leaving only £3 after the fee is deducted.

The account also provides 1% cashback on selected household bills and essential spend, such as supermarket purchases and travel costs, up to £10 per month. Additionally, it offers 24/7 GP remote access and mobile phone insurance for you and your family.

However, it is essential to consider the monthly fee when evaluating the account's benefits. While the savings rate and cashback are attractive, the fee may not be suitable for everyone.

References

Santander Edge Explorer® current account^[1] https://www.santander.co.uk/personal/current-accounts/santander-edge-explorer-current-account