High street banking giant Santander has issued a significant communication to customers holding less than £4,000 in their accounts, urging them to take action and explore a newly launched financial product. The bank, which maintains a network of branches including locations in Birmingham, has directly written to these customers, highlighting the features of the Santander Edge Explorer current account.
What the Santander Edge Explorer Account Offers
Santander is promoting this account as a comprehensive package, stating that it provides three key types of protection alongside various perks, all for a monthly fee of £17. The bank emphasises that existing Santander customers can transfer to this account seamlessly, retaining their current account number, debit card, and PIN through either the Mobile Banking app or Online Banking.
Core Protection Benefits Included
The account comes bundled with several insurance and service benefits, managed by third-party providers:
- Worldwide travel insurance for the account holder and their family, provided by Chubb. It is crucial to note that pre-existing medical conditions are not automatically covered; customers must declare these to Chubb after opening the account, which may incur additional charges.
- 24/7 remote access to a GP for the customer and their family, facilitated by Teladoc.
- UK and EU breakdown cover, administered by Allianz.
- Family mobile phone insurance, which is administered by Likewize and underwritten by Aviva Insurance Limited.
Santander advises customers to carefully review the insurance benefits to ensure they meet individual needs, as the £17 monthly fee is payable regardless of whether all benefits are utilised. The bank also cautions that customers cannot claim on both this policy and any separate insurance for the same event.
Cashback and Savings Perks
Beyond insurance, the account offers financial incentives designed to provide regular returns:
- 1% cashback on selected household bills (up to £10 per month) when payments are made by Direct Debit.
- 1% cashback at participating supermarkets and on travel costs (also up to £10 monthly) when using the Santander debit card.
- Access to an exclusive Santander Edge saver account, which is designed to work alongside the current account and earns interest on balances up to £4,000, with easy access to funds.
Santander also confirms that there are no fees for using the debit card outside the United Kingdom, adding value for frequent travellers.
Important Considerations for Customers
While promoting the Edge Explorer account, Santander maintains a transparent approach regarding its suitability. The bank explicitly states that eligibility criteria, exclusions, and terms and conditions apply. For customers uncertain if this account is right for them, Santander notes that alternative current accounts are available.
Furthermore, the bank suggests that customers who require travel insurance but not the other benefits might find standalone travel insurance products more appropriate. The communication serves as both a promotional push and a advisory notice, ensuring customers make informed decisions based on their personal financial circumstances and coverage needs.
