The Top Easy Access Savings Discussion Area

castle96

janusdesign said:

castle96 said:

Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

just chatted with Santander...

14:00, Aug 17 - Sarah: The fee is applied after the conditions of the account are met for the first time.
14:01, Aug 17 - You: so if I never use the current account, there is no fee? also, is there a hard credit check done on an application for the current account ??
14:01, Aug 17 - Sarah: That's correct There is, yes

i'm not sure that I can be bothered to apply for a current account that i'm never going to use, just to access a savings account that lasts for a year for £280 in interest - i'll likely wait until there is a switch offer and then use one of my other unused current accounts for that.

Still not a bad return, surely. Stick £4k in, no fee, leave 1 yr, easy access,£280. I'm going for it !

BestSeagull

janusdesign said:

castle96 said:

Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

just chatted with Santander...

14:00, Aug 17 - Sarah: The fee is applied after the conditions of the account are met for the first time.
14:01, Aug 17 - You: so if I never use the current account, there is no fee? also, is there a hard credit check done on an application for the current account ??
14:01, Aug 17 - Sarah: That's correct There is, yes

i'm not sure that I can be bothered to apply for a current account that i'm never going to use, just to access a savings account that lasts for a year for £280 in interest - i'll likely wait until there is a switch offer and then use one of my other unused current accounts for that.

I don't think I'm going to bother with this one either, too many hoops.
 And when you think about it, we're not  missing out on £280. Just on the 2% difference between Tandem at 5% and Santander at 7% so that's what, £80. Less if rates continue to rise.

PloughmansLunch

flaneurs_lobster said:

castle96 said:

 Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

Several people here (inc me) have assumed that, given that's it's certainly one interpretation of the T&Cs. I guess we'll know for sure after a month's billing cycle has lapsed. 

I'm keeping a few quid in the Edge current account JIC, don't want to slip into unauthorised overdraft charges if it is charged.

I've had an Edge since I converted my boggo Santander account back in April after receiving the switcher offer. No DD's or anything set up other than a lonely tenner sitting in it, but I have had money go in to fund the Edge saver when it was 4%, and back out again when other account rates beat it. The balance is always sat at £10 and I've not been charged any fees to date.

janusd

BestSeagull said:

janusdesign said:

castle96 said:

Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

just chatted with Santander...

14:00, Aug 17 - Sarah: The fee is applied after the conditions of the account are met for the first time.
14:01, Aug 17 - You: so if I never use the current account, there is no fee? also, is there a hard credit check done on an application for the current account ??
14:01, Aug 17 - Sarah: That's correct There is, yes

i'm not sure that I can be bothered to apply for a current account that i'm never going to use, just to access a savings account that lasts for a year for £280 in interest - i'll likely wait until there is a switch offer and then use one of my other unused current accounts for that.

I don't think I'm going to bother with this one either, too many hoops.
 And when you think about it, we're not  missing out on £280. Just on the 2% difference between Tandem at 5% and Santander at 7% so that's what, £80. Less if rates continue to rise.

an excellent way to look at it.

castle96

I'd still want the £80 'extra' MSE

Nick_C

A pedant writes ...

A small point, but you cannot get £280 a year interest from the Santander Edge Saver.

If you put £4k in, you will get about £271.92, or £22.66 a month.  

The interest is credited monthly (if you open and fund an account today, your first interest will be paid on 17 September).

7% is the AER, which is what you would get if the interest stayed in the account and compounded, but you get no interest on any balance over £4k.

If you are putting the max £4k in, you should withdraw the interest every month and move it to an interest bearing account.

Alternatively, if you put £3735 in, you can leave the interest in the account to compound and give you an AER of 7%.  You will get about £262 interest over the year.  

You gain about 40p a month by maxing out on the £4k and moving the interest each month to a different account (assuming the monthly interest or the £265 capital was in an account paying 5%)

SirHugo

BestSeagull said:

janusdesign said:

castle96 said:

Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

just chatted with Santander...

14:00, Aug 17 - Sarah: The fee is applied after the conditions of the account are met for the first time.
14:01, Aug 17 - You: so if I never use the current account, there is no fee? also, is there a hard credit check done on an application for the current account ??
14:01, Aug 17 - Sarah: That's correct There is, yes

i'm not sure that I can be bothered to apply for a current account that i'm never going to use, just to access a savings account that lasts for a year for £280 in interest - i'll likely wait until there is a switch offer and then use one of my other unused current accounts for that.

I don't think I'm going to bother with this one either, too many hoops.
 And when you think about it, we're not  missing out on £280. Just on the 2% difference between Tandem at 5% and Santander at 7% so that's what, £80. Less if rates continue to rise.

No hoops - less than 10 mins to open the account, opening the Edge saver was immediate, put the 4k in and that's that.

Probably won't use the account but good to have an extra fee free card for abroad. At the end of the day it's a nice little burner account for when the next switch offer comes around that I'm eligible for. I just switched my Santander Everyday account last month.

castle96

" I just switched my Santander Everyday account last month."     Everyday SAVER ???????

BestSeagull

SirHugo said:

BestSeagull said:

janusdesign said:

castle96 said:

Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

just chatted with Santander...

14:00, Aug 17 - Sarah: The fee is applied after the conditions of the account are met for the first time.
14:01, Aug 17 - You: so if I never use the current account, there is no fee? also, is there a hard credit check done on an application for the current account ??
14:01, Aug 17 - Sarah: That's correct There is, yes

i'm not sure that I can be bothered to apply for a current account that i'm never going to use, just to access a savings account that lasts for a year for £280 in interest - i'll likely wait until there is a switch offer and then use one of my other unused current accounts for that.

I don't think I'm going to bother with this one either, too many hoops.
 And when you think about it, we're not  missing out on £280. Just on the 2% difference between Tandem at 5% and Santander at 7% so that's what, £80. Less if rates continue to rise.

No hoops - less than 10 mins to open the account, opening the Edge saver was immediate, put the 4k in and that's that.

Probably won't use the account but good to have an extra fee free card for abroad. At the end of the day it's a nice little burner account for when the next switch offer comes around that I'm eligible for. I just switched my Santander Everyday account last month.

What about the £3 fee though, and this from MSE? 

"To get it, you need a Santander Edge current account – a bills cashback account with a £3 monthly fee. And to keep the current account you must deposit at least £500 a month and have two or more active direct debits."

refluxer

Looks like Tandem have removed the 0.35% top-up rate on their Instant Access Saver, meaning that the account now pays 4.65% to new customers.



I wonder if those waiting to have their accounts approved will still be able to access it once the account is opened ?

https://www.tandem.co.uk/save/iasa

Update - wondering if this was a glitch as the bonus rate is showing now, just minutes later ? The account savings box still mentions the bonus. I only checked because I noticed it had disappeared from the top slot on the Savings Champion site.