Santander has axed a service after a decade of offering it to customers.
The bank has stopped the sale of certain current accounts, as it launched a new service. Santander is removing its existing 123, Select, and Private current accounts from sale today.
Instead, customers will be able to set up a new current account: the Edge Up. Edge Up offers 1% cashback - up to £15 a month - on selected monthly bills paid by direct debit, including council tax, water, gas, electricity, phone, mobile, and paid TV subscriptions.
The account also offers 1% cashback on essential spending - up to £15 per month - on debit card spending at supermarkets and travel, according to Birmingham Live.
READ MORE: Win a holiday in Mallorca with a 5-night stay at Cook’s Club Calvia Beach
Andrea Melville, director for personal current accounts and savings, 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."
Holders of the Santander Edge Current Account, which launched last November, will also benefit from no fees on debit card use aboard from Tuesday. The bank is also launching a new Private Current Account, offering customers the Edge Up features, alongside a personal private banking contact.
Rachel Springall, a spokeswoman for Moneyfactscompare.co.uk, said: "Customers hoping to make their bank account work harder for them may be excited by the latest proposition from Santander. For a £5 monthly fee, customers can earn an attractive sum of cashback on selected monthly bills and each time they spend, and they can also earn a competitive rate of interest on their in-credit balance.
"Customers can also save on fees when they use their debit card outside of the UK as the Edge Up account does not charge for debit card purchases or cash withdrawals abroad. Overall, it's a package that may suit customers who use their primary account for both their regular bills and daily spending, but it's important they ensure they are earning enough off the account so they can cover the monthly account fee.
"As with any deal, benefits are great to have included so long as they are used, and customers must pay in a minimum of £1,500 a month and set up two direct debits to benefit from the cashback and credit interest offer.
"As with any deal, its vital bank customers compare this package to the wider market to ensure it meets their individual needs."
Join the Liverpool ECHO's breaking news and top headlines WhatsApp community
