As we enter adulthood and later stages in life, we face more responsibilities that come with having to make some difficult decisions. One of these decisions is deciding which banking firms and their associated account perks are most suitable for your needs. A particular bank is offering £20 in cashback to its customers. If this incentive sounds tempting to you, we recommend that you check the account requirements and see if you will qualify for this bank’s account benefits. Remember, there is no rush!
Deciding which banking perks are worth it
According to the finance expert at Moneyfactscompare.co.uk, Rachel Springall, some people should consider opening accounts that offer a bundle of benefits, as it could be more cost-effective for them. In addition, confirming the accounts’ levels of protection is key to deciding whether they are suitable for your needs.
“It is essential customers take time to pick which benefits would be most valuable to them.”
Sometimes, banks offer financial incentives, exclusive benefits and offers, or even just a promise of exceptional digital services and experiences to convince current and potential customers to consider their services. This UK bank’s latest offer of a £20 cashback to its customers could be a benefit worth considering, but we will leave you to be the judge of that.
This bank is offering a £20 cashback to its customers
With all the bad news about major bank closures around the UK, this UK bank’s news is a welcome breath of fresh air. Santander UK has launched a new current account, which offers a maximum cashback of £20 monthly, as well as interest through a linked savings account. The current account is called the Santander Edge Explorer, and it offers a variety of additional benefits for customers to consider.
Additional benefits of the Santander Edge Explorer current account
- Worldwide family travel
- Mobile phone insurance
- UK and European breakdown cover
- “24/7” remote access to a GP in the UK
- Access to Santander’s Edge Saver account
- No foreign exchange fees on abroad purchases
- No Santander fees on international money transfers
The Edge Saver account pays an annual equivalent rate of 6% interest on balances up to £4,000. The rate includes a starting bonus rate for the first 12 months from account opening. The current account’s monthly cashback comprises:
- 1% cashback up to £10 per month on an eligible debit card
- Up to £10 per month on eligible household bills paid by direct debit
Only these customers will qualify
Remember, you must always read the fine print, as all perks come with certain requirements, as was seen with the confirmed nationwide payout of £175. To maintain the Edge Explorer current account, customers will have to pay a monthly fee of £17. What’s more, to qualify for the Edge Explorer current account, Santander customers must meet the following requirements:
- Must be aged 18 to 73 to apply
- Applicants must be UK residents
- Applicants with joint accounts must reside at the same address for insurance
According to the head of current accounts at Santander UK, Anthony Warrington, the current account’s purpose is to provide:
“customers and their families with cover for some of life’s ‘what ifs’, whether that’s a lost phone or a holiday that doesn’t quite go to plan”.
If you are considering applying for Santander UK’s Edge Explorer current account, keep in mind that you may only open one current account per person. Any decisions regarding financial changes must not be taken lightly. We also recommend that you take your time and do the proper research on different accounts and their benefits before making any major decisions. For more information on these cashbacks, please have a look at the official statement from Santander UK.
Disclaimer: Our coverage of events affecting companies is purely informative and descriptive. Under no circumstances does it seek to promote an opinion or create a trend, nor can it be taken as investment advice or a recommendation of any kind.
