Edge Up is a relatively new current account from Santander that offers a number of benefits including generous cashback on spending and bills as well as monthly interest of 3.50% AER / 3.45% gross on balances up to £25,000. The account does, however, come with some limitations plus a monthly fee.
In this article, we explain how the account works and how it compares to the standard Santander Edge account. We also compare the Santander Edge Up account to other popular cashback accounts from Chase, Natwest and Halifax. To see a full rundown of the best cashback and reward current accounts, read our article, 'Best current account switching offers, cashback and incentives'.
How does the Santander Edge Up current account work?
Santander Edge Up customers can earn 1% cashback on selected household bills that are paid for by direct debit as well as 1% cashback on qualifying supermarket and travel spending. Customers can earn a maximum of £30 cashback per month, however, the account comes with a monthly fee of £5. To benefit from the maximum monthly cashback, customers would need to have qualifying household bills in excess of £1,500 per month and spend at least £1,500 per month on qualifying supermarket and travel purchases. In addition, the Edge Up account pays monthly interest of 3.50% AER / 3.45% gross on current account balances up to £25,000. The interest is calculated daily and paid monthly.
It means that customers willing to maintain a minimum balance of £25,000 in the account could earn up to £875 in interest per year. There are, however, better deals on offer for those willing to search for the best savings rates, check out our article 'Best savings accounts in the UK'.
Santander Edge Up current account features
- 1% cashback on household bills paid by direct debit (up to a maximum of £15 a month)
- 1% cashback on essential supermarket and travel spending (up to a maximum of £15 a month)
- Earn 3.50% (Gross) interest on balances up to £25,000
- £5 monthly account fee
- Must deposit a minimum of £1,500 into the account each month
- Must set up at least 2 direct debits
- No fees when using Santander abroad
- Optional overdraft
- Access to 'Santander Boosts' which include regular vouchers, prize draws and giveaways
How to earn cashback on a Santander Edge Up current account
Edge Up customers can earn 1% cashback on both select household bills and supermarket and travel spending, however, there is a monthly cap of £15 for both. This means customers can earn up to £30 cashback each month, however, the account does come with a £5 monthly fee. In the tables below, we provide examples of payments that qualify for 1% cashback as well as those that are excluded. It is worth noting that not every household bill provider will qualify for 1% cashback so you may wish to search for eligible suppliers on the Santander website.
Cashback on household bills paid by direct debit
The Santander Edge Up current account allows account holders to earn 1% cashback per month (up to a maximum of £15) on qualifying household bills paid by direct debit. We explain which household bills qualify for cashback in our table below.
|Qualifying household bills to earn 1% cashback with Santander Edge Up|
|Mobile and home phone bills|
|Broadband and paid-for TV packages|
|Gas and electricity bills|
Essential spending cashback
You can also earn 1% cashback a month (up to a maximum of £15) on qualifying essential debit card spending. We share which payments qualify for essential spending in the below table.
|Essential spending eligible for 1% cashback with Santander Edge Up||Essential spending not eligible for 1% cashback with Santander Edge Up|
|Supermarkets and grocery stores||Domestic and International flights|
|Fuel||TfL travelcards, passes and Oyster card top-ups|
|Train tickets||Train tickets purchased from travel agents or tour operators|
|Bus tickets||Eurotunnel Le Shuttle|
|Electric vehicle charging||Train tickets purchased online for Northern Ireland Railways|
How much cashback can you earn with a Santander Edge Up account?
In the table below, we have provided an example of how the benefits could add up each month. Bear in mind that the account comes with a fee of £5 per month so you should factor this into your decision-making.
Example of Santander Edge Up cashback/rewards
|Monthly cost||Monthly Reward|
|Dual fuel energy bill||£200||£2.00|
|Broadband and TV||£80||£0.80|
|Average balance on current account||£2,500||£7.30|
|Total Monthly Reward||£23.00|
How to open a Santander Edge Up current account
Customers wishing to open a Santander Edge Up current account will need to be a permanent UK resident and at least 18 years old. There is a monthly minimum deposit requirement of £1,500 and a minimum of 2 direct debits must be maintained on the account. Those wishing to apply for the Santander Edge Up current account can do so by visiting Santander's website or alternatively, by visiting a local Santander branch.
Alternatives to the Santander Edge Up current account
Below we compare Santander Edge Up to the other Santander cashback current account Santander Edge as well as other alternative cashback current accounts from Chase, Halifax and Natwest. 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 Up vs Santander Edge
If you are an existing Santander customer you may be wondering how the new Santander Edge Up current account compares to the existing Santander Edge current account. Find out more in the below table.
|Santander Edge Up||Santander Edge|
|Cashback||1% on household bills and 1% on essential spending||1% on household bills and 1% on essential spending|
|Cashback limit||Maximum £30 per month (£15 per spending category)||Maximum £20 per month (£10 per spending category)|
|Monthly account fee||£5||£3|
|Minimum monthly amount||£1,500 and 2 active direct debits||£500 and 2 active direct debits|
|Interest paid on current account balance||Yes||No - Money must be moved to the savings account to earn interest|
|Interest payable||3.50% (Gross) ongoing||7.00% for 12 months then drops to 4.50%|
|Santander Savings Limit||Earn interest on up to £25,000||Earn interest on up to £4,000|
Santander Edge Up vs alternative cashback current accounts
In the following table, we compare Santander Edge Up to alternative cashback current accounts.
|Santander Edge Up||Chase Bank||Halifax||NatWest|
|Cashback||1% on household bills and 1% on essential spending||1% on purchases for 12 months (capped at £15 a month)||£5 per month||£5 per month|
|Monthly account fee||£5||£0||£3 (not payable if minimum monthly deposit requirement is met)||£2|
|Eligibility requirements||Deposit a minimum of £1,500 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||3.50% (Gross) interest on current account balances up to £25,000||1.00% (Gross) interest on current account balances||Access to a reward bonus saver account that pays up to 4.20% (Gross) interest||Log in to its mobile app every month to earn £1 (included in maximum £5 cashback a month)|
Is Santander Edge Up worth it?
The Santander Edge Up cashback current account could be a good way to earn cashback on your monthly bills as well as your essential food and travel spending. The account also pays 3.50% (Gross) interest on your current account balance allowing you to earn interest without having to move your money to a separate savings account. In order to maximise the benefits on offer and meet the minimum deposit requirements, customers will likely need to use the Edge Up account as their main current account. Those not ready to make that kind of commitment may be better off considering Chase Bank as it does not have any minimum deposit requirements for new customers and pays 1% cashback on a wider range of spending.
While the account pays 3.50% (Gross) monthly interest on current account balances, there are better savings rates available. You can check out the best savings accounts in the market by reading our article, 'Best savings accounts in the UK'.