Monday, November 28, 2022

Santander is launching a new ‘Edge’ checking account as it retires the popular 123 Lite brand

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Santander gives customers up to £20 a month cashback on their spend

Santander has launched a new ‘Edge’ current account while phasing out its popular 123 Lite account, which offers nearly £400 a year in return.

Edge gives customers cashback on debit card and direct debit spend, including 1% cashback on grocery purchases and transport-based debit card spend, and 1% cashback, both capped at £10 per month, on direct paid household bills Direct Debit.

These include council tax, gas and electricity, mobile, landline, broadband and pay TV packages.

It also offers savers four per cent interest on up to £4,000 in funds, allowing customers to earn up to £13.10 a month for the first 12 months for a monthly fee of £3.

After that, it drops to 3.5 percent.

The Edge account was a year in the making, with changes made multiple times due to the ever-changing market.

At the same time, the bank is discontinuing the 123 Lite current account for new customers. This account offers up to 3% cashback on selected household bills, capped at £5 in each cashback tier each month for a monthly fee of £2.

Existing 123 Lite customers can continue to use their account as usual and there will be no impact on the 123 current account or any other Santander current account.

Santander said it is retiring the Lite account as there is a higher cashback cap and better interest income for Santander Edge, which helps people with living expenses.

Plus, customers can save for the future with the exclusive Santander Edge Saver savings account.

Enrique Alvarez, Chief Customer Officer at Santander UK, said: “Building on our focus on cashback, we will reward customers for their essential expenses, be it their weekly grocery shopping or commuting to work, and their household bills – especially given the current situation relevant pressures.

“The exclusive saver also offers a preferential interest rate for people looking to earn interest on their easily accessible savings. Additionally, we have enhanced our app, with more in-app benefits to be introduced in the coming months.”

The Santander Edge current account and the exclusive Edge saver can be opened both in the branch and online.

Savers with Edge gain access to Santander’s new rewards platform, Santander Boosts, available to all current account and credit card holders, offering customers cashback, coupons, rebates, sweepstakes and freebies, all tailored to their individual interests.

Current offers include a £2,500 cash giveaway and £500 eGift cards for groceries, along with thousands of other prizes including instant wins on free hot drinks and breakfast. Customers can sign up for Santander Boosts through online and mobile banking.

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