Santander eliminates 1% cashback reward on spending for Edge account holders
Beginning September 9, Santander Edge account holders will no longer receive cashback on debit card spending at supermarkets, travel, and fuel costs, including when using the Edge debit card for these purchases. However, cashback on certain household bills paid via Direct Debit will continue for both Edge and Edge Up customers.
Particularly, customers can earn cashback on:
- Broadband and paid-for TV packages
- Council Tax
- Energy bills
- Mobile and home phone bills
- Water bills
The monthly cashback cap for Edge customers is £10, while Edge Up customers can claim up to £15.
Even with this change, fee-free transactions abroad will remain available for both account types.
The reduced cashback offer comes after Chase bank cut its cashback on all debit card spending to 1% on UK groceries, everyday transport, and fuel. This shift may make the Santander Edge account less desirable for those seeking perks with their banking services.
However, Santander Edge customers can enjoy an attractive savings account offering an interest rate of 6% AER variable (with a 2% boost for the first 12 months) on balances up to £4,000. This account is among the market's best savings rates, but savers should weigh the interest earned against the monthly account fee.
Santander will also close its 123 Lite current account, which costs £2 a month, pays up to 3% cashback on bills, but from August 21, customers will be moved to the Everyday current account that does not award cashback.
Until September 9, customers can still take advantage of the cashback offer on everyday expenditure, such as supermarkets, trains, buses, electric vehicle charging, and petrol and diesel. For more details or to check whether a supplier is eligible for cashback, customers are advised to refer to Santander's website.
In the wake of reduced cashback offers on debit card spending, Santander Edge account holders can turn their attention to other financial benefits. They can earn cashback on personal-finance categories like broadband and TV packages, council tax, energy bills, mobile and home phone bills, and water bills. Moreover, the savings industry offers an appealing opportunity for Edge customers with a 6% AER variable savings account, featuring a 2% boost for the first 12 months on balances up to £4,000.
