Santander Edge current account review – How does it compare?

5 min Read Published: 22 Nov 2022

In this article, we take a look at the key features of the Santander Edge cashback current account. We explain how it works, how much it costs and how it compares to other cashback current accounts including Chase, Natwest and Halifax. For a full comparison of the best cashback and reward current accounts read our article, 'Best current account switching offers, cashback and incentives'.

What is the Santander Edge current account?

Santander Edge is a new cashback current account that allows you to earn cashback on your monthly household bills and everyday spending. The Santander Edge current account replaces the Santander 123 Lite current account which was withdrawn on 22nd November 2022. Applications for the Santander 123 Lite account are now closed to new customers but existing customers can continue to use the account as normal. We reveal how the Santander Edge current account compares to the Santander 123 Lite account later in the article.

Santander Edge current account features

  • 1% cashback on household bills paid by direct debit (up to a maximum £10 a month)
  • 1% cashback on supermarket spending and travel (up to a maximum £10 a month)
  • Optional Santander Edger Saver account earning up to 4% interest on balances up to £4,000 for the first 12 months
  • £3 monthly account fee
  • Minimum £500 deposited into account each month
  • Need to pay at least 2 direct debits from the account
  • No fees when using Santander ATMs abroad
  • Optional overdraft
  • Access to Santander Boosts which includes giveaways and cash prizes for Santander current account and credit card holders

How does the Santander Edge current account work?

The Santander Edge current account allows you to earn up to a maximum of £20 cashback per month. Customers can earn 1% cashback on selected household bills that are paid for by direct debit as well as 1% cashback on certain debit transactions. In order to benefit from the maximum monthly cashback amount you would need to spend a minimum of £1,000 on both household bills and essential spending items.

How much does the Santander Edge current account cost?

The Santander Edge current account costs £3 per month and is automatically deducted from your account each month.

Does the Santander Edge current account have a minimum deposit requirement?

Yes, there is a minimum deposit requirement of £500 per month. Customers must also have at least 2 active direct debits set up on the account.

How to earn cashback on a Santander Edge current account

You can earn 1% cashback on select household bills, supermarket spending and money spent on travel but this is capped at a monthly limit of £10 for both household bills and essential spending. You can therefore only earn a maximum of £20 per month in cashback, but remember you also have to pay a £3 monthly fee in order to use the account. In the following tables, we share which payments qualify for 1% cashback and which are excluded from the offer. It is also worth noting that not every household bill provider is included in the cashback deal and you can search for eligible suppliers on the Santander website.

Household spending cashback

With a Santander Edge current account you can earn 1% cashback a month (up to a maximum of £10) on qualifying household bills paid by direct debit. We share which household bills qualify in the below table.

Qualifying household bills to earn 1% cashback  Household bills not eligible for 1% cashback 
Council tax TV licences
Mobile and home phone bills LPG or Calor Gas
Broadband and paid-for TV packages Maintenance contracts (e.g boiler repair cover)
Gas and electricity bills
Water bills

Essential spending cashback

You can also earn 1% cashback a month (up to a maximum of £10) on qualifying essential debit card spending. We share which payments qualify for essential spending in the below table.

Essential spending eligible for 1% cashback  Essential spending not eligible for 1% cashback 
Supermarkets and grocery stores Domestic and International flights
Convenience stores TfL travelcards, passes and Oyster card top-ups
Food markets and speciality food stores Train tickets purchased from travel agents or tour operators
Vending machines Eurotunnel Le Shuttle
Fuel Train tickets purchased online for Northern Ireland Railways
Train tickets
Bus tickets
Electric vehicle charging

How to open a Santander Edge current account

In order to open a Santander Edge current account you have to be a permanent resident of the UK and at least 18 years old. You will also need to ensure you can deposit at least £500 a month into the account and are able to set up a minimum of 2 direct debits. If you would like to apply for the Santander Edge current account, you can do so via the Santander website or by visiting a Santander branch.

Alternatives to the Santander Edge current account

In this section, we compare the Santander Edge current account to alternative cashback current accounts. We also reveal how it compares to the Santander 123 Lite current account that it has ultimately replaced. For a full comparison of the best cashback and reward current accounts read our article, 'Best current account switching offers, cashback and incentives'.

Santander Edge vs Santander 123 Lite

If you are an existing Santander 123 Lite account holder you may be wondering how the new Santander Edge current account compares. We compare the key features of both accounts in the following table. If you would like to find out how the Santander current accounts compare to alternate cashback accounts click here.

Santander Edge   Santander 123 Lite 
Cashback  1% on household bills and 1% on essential spending Up to 3% on household bills capped at £5 per month for each tier
Cashback limit Maximum £20 per month (£10 per spending category) Maximum £15 per month
Monthly account fee £3 £2
Minimum monthly amount  £500 and 2 active direct debits £500 and 2 active direct debits
Santander Savings account 4% interest up to £4,000* No interest
Extras No interest paid on balances Log in to online banking every 3 months from account opening

*Includes a 0.50% bonus rate for the first 12 months (maximum £13.10 interest per month for first year) 

Santander cashback current account comparison

Despite the Santander 123 Lite account being withdrawn, you can still benefit from cashback with a Santander 123 account. We compare Santander Edge vs Santander 123 in the following table.

Santander Edge   Santander 123 
Cashback  1% Up to 3% on household bills capped at £5 per month for each tier
Cashback limits Max £10 per month for everyday spending and household bills Maximum £15 per month (£5 per cashback tier)
Monthly account fee £3 £4
Minimum monthly amount  £500 and 2 active direct debits £500 and 2 active direct debits
Extras  Optional savings account with 4% interest on balances up to £4,000* 1.75% monthly interest on current account balances up to £20,000

*Includes a 0.50% bonus rate for the first 12 months (maximum £13.10 interest per month for first year) 

Santander Edge vs alternative cashback current accounts

In the following table, we compare the Santander Edge account to alternative cashback current accounts. For more information and current account switching offers read our article, 'Best bank account switching offers, cashback & incentives'.

Santander Edge   Chase Bank  Halifax NatWest 
Cashback  1% on household bills and 1% on essential spending 1% on purchases for 12 months £5 per month £5 per month
Monthly account fee £3 £0 £3 (not payable if minimum monthly deposit requirement is met) £2
Eligibility requirements Deposit a minimum of £500 per month and have 2 active direct debits No minimum deposit requirements Deposit a minimum of £1,500 per month Deposit a minimum of £1,250 per month and have 2 active direct debits
Extras   Savings account paying 4% interest up to £4,000* 5% interest on round-up spending, 2.1% interest on savings Must also spend either £500 a month or keep over £5,000 in your account to qualify for cashback Log in to its mobile app every month to earn £1 (included in maximum £5 cashback a month)

*Includes a 0.50% bonus rate for the first 12 months (maximum £13.10 interest per month for first year) 

Summary

The Santander Edge cashback current account is a great way to earn cashback on your usual monthly spend, however, in order to maximise the current account benefits you'll likely need to use it as your main current account. If you are not ready to switch accounts, you can still benefit from up to £5 cashback a month if you pay in a minimum of £500 a month and set up 2 direct debits.

If you have savings you can also access the new Santander Edge savings account which pays 4% interest on balances up to £4,000. To see how the savings account compares to the best savings accounts in the market, read our article, 'Best savings accounts in the UK'.