The Top Easy Access Savings Discussion Area

allegro120

n3ophyte said:

Re: Santander Edge Current Account

I got the same message but will ignore it until I get charged.

The same here.  I will ignore it. Some people on here said that they were running Edge for a long time without DDs and never had to pay a fee.  I opened mine on 16th Aug, wasn't charged in September.  I've put £3 in each of my accounts just in case, but it turned to be unnecessary so I reduced my balances to zero.

Does anyone know if Santander sends text messages if you are overdrawn like some other banks do to give you a chance to top up before the overdraft fee is applied?

jaypers

Charter EA Issue 47 - 5.07% AER / 4.96% Gross

inkydolphin

Come on Ford - you know you want to...

mebu60

jaypers said:

Charter EA Issue 47 - 5.07% AER / 4.96% Gross

Min £5k.
Deposit <1pm for same day credit.
Withdraw <3pm for next working day else it's 2 working days.

kjs31

soulsaver said:

With a bit of research, you'll find you can probably legitimately get 2.

With a joint account as the second one? Steering clear of that TBH. Annoyed that I didn’t try for several accounts when that window was open 😆

friolento

allegro120 said:

Does anyone know if Santander sends text messages if you are overdrawn like some other banks do to give you a chance to top up before the overdraft fee is applied?

They do, it's an alert turned on by default. You can amend your alerts in online banking (not in the app).

For overdrafts, they send a text around 08:30, and you then have until 20:15 to settle the overdraft or get get charged.

pookey

flaneurs_lobster said:

pookey said:

Oh I didn't realise we could open the account without having to pay the fee, must have missed the posts but I'll definitely give it a try

I think the jury's still out on this one. 

In any case, 7% on £4K is about £23/month. Even with the £3 charge (and no cashback) probably still worth holding.

Yes it's just the faff of setting up direct debits and standing orders that put me off. I did it for Barclays as they had one of the best interest rates at the time so I'll probably do this too when i have time to set it all up

pookey

gussie5555 said:

flaneurs_lobster said:

pookey said:

Oh I didn't realise we could open the account without having to pay the fee, must have missed the posts but I'll definitely give it a try

I think the jury's still out on this one. 

In any case, 7% on £4K is about £23/month. Even with the £3 charge (and no cashback) probably still worth holding.

Yes even deducting £36 you'll still earn 6.1% interest on your 4k holding after 12 months assuming Santander doesn't drop the rate.

Can you help me recalculate the interest taking out another £2 per month please? So deducting £60 over 12months please?

And if its not too much trouble teach me the calculations please ☺️? 

friolento

pookey said:

flaneurs_lobster said:

pookey said:

Oh I didn't realise we could open the account without having to pay the fee, must have missed the posts but I'll definitely give it a try

I think the jury's still out on this one. 

In any case, 7% on £4K is about £23/month. Even with the £3 charge (and no cashback) probably still worth holding.

Yes it's just the faff of setting up direct debits and standing orders that put me off. I did it for Barclays as they had one of the best interest rates at the time so I'll probably do this too when i have time to set it all up

it appears you do not need any DDs or SOs for this

lopsyfa

pookey said:

gussie5555 said:

flaneurs_lobster said:

pookey said:

Oh I didn't realise we could open the account without having to pay the fee, must have missed the posts but I'll definitely give it a try

I think the jury's still out on this one. 

In any case, 7% on £4K is about £23/month. Even with the £3 charge (and no cashback) probably still worth holding.

Yes even deducting £36 you'll still earn 6.1% interest on your 4k holding after 12 months assuming Santander doesn't drop the rate.

Can you help me recalculate the interest taking out another £2 per month please? So deducting £60 over 12months please?

And if its not too much trouble teach me the calculations please ☺️? 

It is just your net interest/amount * 100 where net interest is the interest you would have received normal minus fees/deductions. Mathematically,

Effective interest rate (EIR) = ((interest rate * amount/100) - deductions)/amount * 100

So, for 7% interest on £4000 and deducting £60, you have:
EIR(%) = (7*4000/100 -60)/4000* 100 = (280-60)/4000*100=5.5%.

A simple way is to calculate the interest rate corresponding to the deductions and take that from the original interest rate. For £60 deductions for an amount of £4000, the interest rate = 60/4000*100 =1.5%.

If you take this from 7%, you also arrive at 5.5%.

Mathematically, can be derived from the first forumla, it is
Effective interest rate (EIR) = (interest rate  - (deductions/amount * 100)) %