Santander is axing its 1% cashback offer on any grocery or travel costs from its Edge current account.
Customers have been able to claim the offer on any money spent on trains, buses, electric vehicle charging, petrol and diesel, or at supermarkets.
By depositing at least £500 a month into the account and paying a £3 monthly fee, customers can earn up to £10 a month in cashback on bills and £10 on some debit card spending.
What’s changing?
From 9 September, Edge account holders will only be able to enjoy 1% cashback on select household bills when they pay by direct debit.
These include: Broadband, council tax, gas, electricity, water and phone bills.
The same change will also apply to the Santander Edge Up account, which comes with a £5 monthly fee but offers up to £30 cashback every month.
In an email to customers, the bank said the changes were being made due to an increase in the cost of offering cashback.
Is it worth switching?
Money Saving Expert has consistently listed the Edge account as one of the best accounts for cashback.
Following the changes, it has named Chase as the top current account for paying cashback, with customers able to earn as much as £15 a month on groceries, travel and fuel spending without paying an account fee or depositing a minimum amount.
There are several other accounts offering similar deals, so it’s worth shopping around to see if there are any options that better suit your cashback needs.
