The Top Easy Access Savings Discussion Area

Stargunner

SirHugo said:

Bridlington1 said:

You don't really have to pay the £36/yr if I'm not mistaken. The terms say:

The fee for this account is £3 per month. We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback. If you don’t have enough money available to cover the monthly fee, we’ll still take it and your account may go into an unarranged overd

If you never meet the criteria for earning cashback, you won't pay any fees. So if you never have any DDs on the Edge account you won't have to pay the £3/mth account fee.

I assume this is an incorrect statement on the MSE banking page then - 'To get the interest and cashback, you must pay in £500+/month and have 2+ direct debits'.

That just states that to get BOTH the cashback and interest, you need to meet their conditions. It doesn’t state that you wouldn’t get the interest if you didn’t qualify for the cashback 

financialbliss

worriednoob said:

Oh is that it?  :

I thought Kevin meant longer, haha.  That's not too bad.  I assume they might be doing extra checks to ensure the transaction is legit.

But on the plus side - Tandem are a 24-7 bank and do transfers on weekends and bank holidays, albeit not quite as instant as Chip.

georged123

Very tempted to open up a Santander Edge account to get the 7% saver.

Cycling £500 through the account and moving a couple of direct debits isn't much hassle and the 1% back from Council Tax/Phone DDs is another couple of quid back.

grumbler

SirHugo said:

Bridlington1 said:

You don't really have to pay the £36/yr if I'm not mistaken. The terms say:

The fee for this account is £3 per month. We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback. If you don’t have enough money available to cover the monthly fee, we’ll still take it and your account may go into an unarranged overd

If you never meet the criteria for earning cashback, you won't pay any fees. So if you never have any DDs on the Edge account you won't have to pay the £3/mth account fee.

I assume this is an incorrect statement on the MSE banking page then - 'To get the interest and cashback, you must pay in £500+/month and have 2+ direct debits'.

Well, it IS correct - interest AND cashback
Without monthly credit and DDs you don't get the cashback.

Keezing

I predict that shortly after the next base rate rise, we’ll see Chip increase their rate to 5.01% while Tandem will maintain at 5% inc. bonus.

Chip have only just reached profitability (allegedly) and I suspect that beating Tandem’s rate is currently unaffordable.

SirHugo

Stargunner said:

SirHugo said:

I assume this is an incorrect statement on the MSE banking page then - 'To get the interest and cashback, you must pay in £500+/month and have 2+ direct debits'.

That just states that to get BOTH the cashback and interest, you need to meet their conditions. It doesn’t state that you wouldn’t get the interest if you didn’t qualify for the cashback 

Thanks, yes - that makes sense now.

Very tempted to go for it. I have a 123 Lite Account already, the only thing I'm a little concerned about is that I also opened an Everyday Current Account less than six months ago which I then switched to TSB last month.

jaypers

I take it the account number and sort code remains the same with Santander if you upgrade to Edge? 

Stargunner

jaypers said:

I take it the account number and sort code remains the same with Santander if you upgrade to Edge? 

Yes it does

grumbler

jaypers said:

I take it the account number and sort code remains the same with Santander if you upgrade to Edge? 

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

If you already have a current account with us and you’d like to change it to the Santander Edge current account, you can change your account online 

Your account number, card and PIN will all stay the same

jaypers

Thanks for the confirmation on account number etc. Only thing that puts me off slightly is that the 7% includes a 12 month bonus rate of 2.5%. Not a big fan of bonus rates.