Santander Edge Explorer

mta999

Just about to.open one if these but before I do can anyone see a downside ??

I already have a Nationwide £18 a month Flexplus account which I would close

**edit: Just found one - all cover ceases at 75 not that it affects me but may be important for some people

friolento

Make sure you get enough cover - most of what I would consider Explorer travels cost more than £5k. It's probably ok for shorthaul vacations if you are younger than 74, good for family shorthaul trips, and if you don't need to fear your travel company goes out of business, as there is no cover for that. 

Nice touch with the cashback though

gt94sss2

https://www.santander.co.uk/personal/current-accounts/santander-edge-explorer-current-account

35har1old

friolento said:

Make sure you get enough cover - most of what I would consider Explorer travels cost more than £5k. It's probably ok for shorthaul vacations if you are younger than 74, good for family shorthaul trips, and if you don't need to fear your travel company goes out of business, as there is no cover for that. 

Nice touch with the cashback though

If you take a internal flight to connect to a international flight and it is delayed you lose the curtailment and abandonment section of the policy.

Lloyds Premier account has similar benefits the only benefit that is additional is the cash back on direct debits but you have to weigh up if this is going to cover the fee

Lloyds Premier account fee is £15 but this is waived if you deposit £5000 per month

Lloyds do pay interest
Not sure if Explorer does

TwiceNightly

Lloyds Premier doesn't include any of those insurances though, you'd need Lloyds Platinum (£22 per month) for that. Both Premier and Platinum pay interest on your balance, but only Premier gives you cashback.

There is no way to combine Premier with Platinum, you need to have both accounts separately.

figgyc

I got an email from Santander reminding me that the Edge saver exists (having just renewed mine!) but I noticed the terms of the Edge saver have been updated and it looks like you can have 2 (+1 joint) if you have both the Edge and Edge Explorer.

https://www.santander.co.uk/assets/s3fs-public/AD_documents/Santander_Edge_saver_%28Issue%204%29_Key_Facts_Document_SAVEMC0323SEP25IPGCDT.pdf

You can have a maximum of three accounts – one for each Santander Edge current account you
have (in your sole name or that you hold jointly with someone else) and Edge Explorer current
account you hold (in your sole name).

That's £8k at 6%, and you can get the cashback on bills on the Explorer while leaving the Edge account without any DDs to keep it fee-free which is a well known forum hack. (Or if you have big bills you could spread them across both as an alternative to the Edge Up)

If you gain 1% extra interest (eg vs a 5% Cahoot saver) on £4k that's (I think? might be less due to no compounding) £40 over the year or £3.33 a month, not a lot but between the saver and the cashback it could tip the scales vs other packaged accounts for those who want one (not me personally but worth pointing out). And of course depends on your tax situation and other savings accounts like regular savers.

Nasqueron

You can have 2x edge accounts and 2x edge savers without the Explorer

s71hj

Nasqueron said:

You can have 2x edge accounts and 2x edge savers without the Explorer

If I openedan Explorer joint account could me and my wife each have a 3rd Edge saver?