Santander launches new packaged bank account with “attractive cashback offer”

But are the added benefits of Santander's Edge Explorer account worth the £17 monthly fee?

Santander launched a new current account today (23 September 2025) which offers a range of features to customers wanting more from their everyday banking.

One of the main attractions of the Santander Edge Explorer, the bank’s first packaged current account, is the 1% cashback scheme on eligible household bills paid by Direct Debit (up to £10 per month), including council tax, phone, broadband, water and energy. It also offers 1% cashback on eligible debit card purchases (up to £10 per month), which can include supermarket spending and a range of travel costs such as fuel, electric vehicle charging and train or bus tickets.

“The Santander Edge Explorer current account provides customers with great benefits,” Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, commented.

Although it charges a £17 monthly fee, “this can be wiped away with the attractive cashback offer, where customers can earn up to £20 from both debit card spending and through eligible household bills,” she added.

What’s included in a packaged bank account?

A packaged bank account is an account that usually charges a monthly fee in exchange for a variety of added benefits, such as insurance policies, cashback schemes and fee-free spending overseas. They can be appealing to customers who will take full advantage of the features provided, but it’s important to consider whether they outweigh the cost of the monthly fee.

Consider whether you can find cheaper (or more suitable) cover by purchasing an insurance policy separately. Moreover, if you already have insurance, check that you’re not paying twice for the same cover if you choose a packaged bank account.

What insurance and perks are included?

As well as cashback, the Edge Explorer account comes with even more perks, such as worldwide family travel insurance, UK and EU breakdown cover and mobile phone insurance. It also offers 24/7 remote GP access which allows accountholders to speak to a doctor and, if necessary, receive prescriptions.

Furthermore, customers can use their debit card to spend overseas without worrying about any foreign exchange fees.

Santander Edge account customers, including those with an Edge Explorer account, have the opportunity to earn even more rewards on their spending with Santander Boosts. This rewards scheme offers a range of cashback deals, vouchers and discounts at selected retailers, as well as prize draws and giveaways.

Customers also have access to the Santander Edge Saver which pays one of the most competitive interest rates available at 6.00% AER (including a 2.50% AER bonus for the first 12 months). This rate applies to balances up to £4,000 and, assuming the maximum sum is deposited in the account for one year, customers could earn approximately £240 in interest.

Have a larger sum in savings?

While this savings account pays a competitive interest rate on balances up to £4,000, it doesn’t pay any interest above this sum. Those with more money to deposit can find more accounts and compare the latest rates on our savings charts.

Finding the best-value current account

When choosing a current account, especially one with a monthly fee, it’s important to consider whether it’s suitable for your banking requirements and whether it offers value for money.

“It might seem daunting to find a current account that ticks all the boxes, but it’s essential customers take time to pick which benefits would be most valuable to them,” Springall explained.

There are other packaged current accounts that have similar features to the Edge Explorer, such as the FlexPlus from Nationwide BS that comes with travel and mobile phone insurance and breakdown cover for a slightly higher £18 monthly fee. It doesn’t have an equivalent cashback scheme, but it does offer a £175 switching bonus to those who transfer their existing account using the Current Account Switch Service (CASS).

Alternatively, for a lower monthly fee of £11.50, the Club Lloyds Silver account from Lloyds Bank offers European travel insurance, breakdown cover and mobile phone insurance, as well as interest on account balances (subject to terms) among other perks. Moreover, this account currently has a £200 switching incentive which may appeal to customers wanting to get an upfront cash bonus for moving accounts.

Compare current accounts

There are many packaged bank accounts on the market, each offering a range of insurance policies and other benefits alongside standard banking services.

Our charts review the features and terms of all the different options available, to help you find the best packaged bank account for you. Alternatively, you can consider a standard bank account if this is more suitable for your requirements. Visit our current account charts.