Santander will be making a huge change to one of its popular bank accounts this month. The high street banking giant has confirmed that it will be cutting the interest rate on its Santander Edge on April 28.
Currently, the Santander Edge Up account package – which costs £5 per month – gets a 3% interest rate on cash held in the account. On top of this, account holders can get 1% cashback on certain household bills, fee-free transactions abroad, and various discounts and freebies through Santander Boost.
Perks offered with Santander Boost include cashback when you shop online at a wide range of retailers, vouchers and coupons for discounts on a variety of products and services, personalised offers and free gifts and prize draws.
However, from the end of this month the 3% interest rate offered to customers will be cut to 2.5% for in-credit balances under £25,000. This means you will earn less on your money. For example, if you consistently have a balance of £1,000, your yearly interest earnings will drop by £5, reducing from £30 to £25.
On the move, a spokesperson for Santander said: “We regularly review rates in light of changing market conditions and offer a range of competitive current and savings accounts. As such from April 28, 2025 we will be reducing the in-credit interest on the Santander Edge Up to 2.5% AER (variable) on balances up to £25,000.”
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To open a Stander Edge Account, you will need to be 18 years old, pay at least £1,500 into the account each month, and have two active direct debits. As mentioned before, you have to pay to have this bank account – this is because it is a package.
Packaged bank accounts are current accounts that charge a monthly fee in exchange for various benefits, which vary depending on your provider. One of the main perks of a Santander Edge Up account is the cashback it offers. Customers can get 1% cashback worth up to £15 a month on certain household bills when paid through direct debit. Bills included are:
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In addition, Santander Edge Up customers get 1% cashback on supermarket spends, fuel, train and bus tickets, and electric vehicle charging purchases. Again this is capped at £15 a month. If you are looking into getting a package account, you should look around and see which one would be best for you.
Currently, Virgin Money offers its Money Club M account, which the Money Saving Expert (MSE) website describes as the “top-pick packaged bank account for families.” The account sets you back £12.50 a month, however you get family mobile phone and gadget cover, world family travel insurance, and UK and European breakdown cover. According to MSE, equivalent policies bought separately would cost up to £500.
Co-Op Bank also offers a packaged account, which is described as a “good option” for older travellers or couples as it provides travel insurance up to the age of 79 as standard and mobile phone insurance. This account would set you back £15 a month but the perks value at £400 a year.
Nationwide, Halifax, and Lloyds all offer package accounts for customers, and HSBC offers a “premium” package account for those who earn over £100,000 a year.
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