Major bank launches £20 cashback a month- check how to claim

A major UK bank has launched a £20 cashback offer per month as well as interest through a linked saving account. The offer has been introduced by Santander through its Edge Explorer account which has a number of perks such as worldwide family travel and mobile phone insurance.

Other benefits also include UK and European breakdown cover and 24/7 remote access to a GP across the UK. Santander customers need to pay a monthly fee of £17 to maintain the account. The account offers up to £20 cashback per month and up to £19.47 in interest through the linked Edge Saver savings account. As a part of the benefits, the customers will receive 1 percent cashback up to £10 per month on eligible debit card spending.

An additional cashback of £10 per month will also be offered on eligible household bills paid by direct debit, coming to a total of overall £20 benefit.

Customers will gain access to Santander's Edge Saver account paying 6.00 percent AER (annual equivalent rate) interest on balances up to £4,000. The rate also incorporates an initial bonus rate for the first 12 months from account opening.

Other perks that come with the account include no foreign exchange fees on purchases overseas and no Santander fees on international money transfers.

The account which launched today, has been described by the banking firm as "helping customers" save time and money amid increasingly busy lives.

Santander said: "The new current account will potentially save customers hundreds by providing a range of cover for the whole family all in one place, as well as cashback and access to a preferential savings rate."

Anthony Warrington, head of current accounts at Santander UK, said the account had been designed 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".

Customers must be aged 18 to 73 to apply and be UK residents to have the account. Joint account holders must live at the same address to have the account and insurance, the bank said. They may only open one Edge Explorer current account per person, it added.

Customers can apply for a new Edge Explorer current account or to transfer their existing Santander current account to Edge Explorer through the Santander website or mobile app.

Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said that for some people, it may be more cost-effective to open an account with a bundle of incentives.

However, she also said: "It is essential customers take time to pick which benefits would be most valuable to them."