Santander Edge Up is its latest proposition in the current account market, offering holders up to £30 a month in cashback and up to £71.77 in interest.

But there are a few hoops to jump through and you need to pay a £5 a month account fee which will eat up some of your earnings.

As part of the move, Santander confirmed it has withdrawn its 1|2|3, Select and existing Private current accounts from sale, but existing customers can continue to use these as normal.

So, if you’re an existing Santander current account customer or you’re looking for a new home for your everyday banking, how does the new Edge Up account stack up?

Santander Edge Up: What does it offer?

The new current account offers 1% cashback – maximum £15 a month – on essential debit card spending at supermarkets as well as travel, including fuel, train and bus tickets and electric vehicle charging. It excludes flights, however.

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You can also get 1% cashback – again up to £15 a month – on selected monthly household bills paid by direct debit, including council tax, water, gas, electricity, phone, mobile, and paid TV subscriptions. However, it excludes streaming services such as Netflix, as well as TV licences, LPG or Calor gas.

It offers 3.50% AER/3.45% Gross interest on current account balances of up to £25,000, allowing you to earn up to £71.77 every month.

Further, there’s fee free debit card spending abroad, and card holders can withdraw money at any ATM worldwide without paying a fee. However, if a local ATM has a fee for using the ATM, then customers will need to pay that – it isn’t levied by Santander.

Finally, customers will have access to Santander Boosts, its personalised retail scheme offering cashback, vouchers and discounts to card holders.

How do I maximise what’s available on Santander Edge Up?

First off, in order to be eligible for the cashback and interest, you need to pay in a minimum of £1,500 a month (around £20,000 annual salary) and set up two direct debits from the account.

Now, in order to get the maximum £15 a month essential debit card spending cashback, you would need to spend £1,500 – remember this category is capped at 1%.

And this is also the case for the maximum £15 a month spend on household bills so to get the full amount, again you would need to spend £1,500 a month.

In total, to get the £30 cashback across the two categories, it would mean spending £3,000 a month.

When it comes to the interest side, to earn the maximum £71.77 a month you would need to keep £25,000 in the account every day of the year.

Don’t forget, these figures are before you factor in the £5 a month fee (£60 annual charge).

How good is this?

In November, Santander launched the Edge account offering holders up to £20 in cashback on certain debit card spends and direct debits, on top of up to £13.10 in interest via a linked easy-access savings account.

All-in-all, it means customers can earn a maximum £240 in cashback and £157.20 in interest over the year. But once you factor in the £3 a month fee, it leaves customers with a potential to earn up to £361.20 in the first year.

As such, the Edge Up account allows you to earn more, but requires £1,500 a month to be paid in, compared to its earlier Edge account which requires just £500.

Meanwhile its off-sale 1|2|3 Lite current account charges £2 a month and requires £500 to be paid in each month. No interest is paid on current account cash but it offers up to £15 a month cashback on certain direct debit spends.

The flagship 1|2|3 current account was hugely popular when first launched in 2012 but in recent years saw its appeal fade after a series of rate cuts and changes to the cashback categories and earnings. Holders can currently earn 2% on up to £20,000 and a maximum of £15 a month in cashback for a £4 a month fee.

See the Santander cashback calculator to help you work out if the new Edge Up account is right for you. While the 1|2|3 accounts are no longer on sale, Santander confirmed anyone choosing to transfer these to the new Edge Up account will keep all their existing details including their account number and sort code.

Away from the Santander current accounts, based on interest rate alone, savers can earn 4% in the best buy easy access account space (£1,000 on £25,000) – a higher amount than offered via Edge Up.

Aside from cashback and interest rates, when comparing current accounts check out the other fees and charges, such as those related to overdraft facilities and how you can open and manage the account. The Santander Edge Up account can be opened online, over phone, or in branch.

Andrea Melville, director for personal current accounts and savings at Santander UK, said: “We know many people are experiencing financial pressures at the moment with the increased cost of the weekly food shop, high energy costs, and other bills going up. Our new Edge Up Current Account is all about making it easier for our customers to make the most of their everyday spending and help them make their finances stretch a little bit further.

“We have a strong history of providing our customers with innovative accounts and we are pleased to be able to continue this with our new Edge Up Current Account.”