Santander is offering customers a valuable cashback perk on household bills, which has been hailed as a "winner" by Martin Lewis and his team at Money Saving Expert (MSE). The bank's Santander Edge account provides 1% cashback on bills paid by Direct Debit, up to £10 per month, for a monthly fee of £3.
Key Benefits of the Santander Edge Account
The account's main perks include 1% cashback on Council Tax, energy, water, mobile and home phone, broadband, and paid TV bills when paid by Direct Debit. Additionally, it offers a linked easy-access savings account paying 6% variable interest for one year on balances up to £4,000. MSE also notes that the debit card is excellent for overseas spending, with near-perfect exchange rates.
Requirements for Cashback
To qualify for cashback, customers must pay at least £500 into the account each month. Payments between Santander personal accounts or interest payments do not count toward this total. Account holders must also have two active Direct Debits set up. Cashback is capped at £10 per month and is paid monthly.
Exclusions and Considerations
Cashback is not available on TV licences, LPG or Calor gas, maintenance contracts (such as boiler repair cover), or for commercial use. Santander advises customers to check if they already hold other Santander accounts that offer cashback on bills, as holding multiple cashback accounts could result in paying more in fees than earned in cashback and interest.
The offer is particularly attractive for joint accounts, according to MSE, as typical household bills can cover the monthly fee and more. Santander has branches in Birmingham, making it accessible for local customers.
