Santander launches new bank account – is it any good?

Santander’s new accounts gives you up to £20 cashback a month and 4% interest rate on savings.

Santander bank branch
(Image credit: © Bloomberg via Getty Images)

If you’re looking to switch your current account, then Sanatander’s new bank account may just tempt you. While there is no current account switching bonus like the ones available from many other high street banks, its cashback and linked savings are worth a look.

The new Santander Edge current account and its exclusive easy-access linked savings account, Santander Edge saver, will allow customers to earn up to £20 in cashback and £13.10 in interest per month.

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AccountMax cashback per yearYearly interest on £1,000Fees per yearAnnual return after fees
Santander Edge£240£40 (via linked savings account with 4% interest)£36 £244
Santander 123 £180£17.5 (via monthly interest of 1.75%) £48£149.50
Chase Current Account1% on all purchases for the first year £21 (via linked savings account with 2.1%) £0 £21 + cashback
Halifax Rewards £60 Browse and activate offers on the Cashback Extras section of the app£36 (free if you pay in £1,500 each month)£60
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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.