The Top Easy Access Savings Discussion Area

Band7

An oddballl 4% AER on max £4,000 for max 1 year for holders of the new Santander Edge current account. The current account costs £3 a month and offers up to £20 cashback a month.

https://www.santander.co.uk/personal/savings-and-investments/savings/santander-edge-saver

ForumUser7

Bath Building Society Rate Changes (Effective 1st December):

Find out how your savings account's interest rate will change: https://www.bathbuildingsociety.co.uk/personal-savings/accounts/view-all-interest-rates/

Customers may get emails later in the day confirming the new rates, but thought I'd post them seeing as they are on the website already.

kaMelo

Band7 said:

An oddballl 4% AER on max £4,000 for max 1 year for holders of the new Santander Edge current account. The current account costs £3 a month and offers up to £20 cashback a month.

https://www.santander.co.uk/personal/savings-and-investments/savings/santander-edge-saver

How to make life complicated.

Just done the sums and it's about 50 pence gain per month over a 123 lite + Amex. I don't think I can be bothered.

Band7

kaMelo said:

Band7 said:

An oddballl 4% AER on max £4,000 for max 1 year for holders of the new Santander Edge current account. The current account costs £3 a month and offers up to £20 cashback a month.

https://www.santander.co.uk/personal/savings-and-investments/savings/santander-edge-saver

How to make life complicated.

Just done the sums and it's about 50 pence gain per month over a 123 lite + Amex. I don't think I can be bothered.

It's not worth it for me, either. I also don't like that it seems not longer possible to switch back to a 123 Lite. Though it could be worth it for some of those who don't have another card cashback option and/or still don't get cashback on their DDs

Bridlington1

kaMelo said:

Band7 said:

An oddballl 4% AER on max £4,000 for max 1 year for holders of the new Santander Edge current account. The current account costs £3 a month and offers up to £20 cashback a month.

https://www.santander.co.uk/personal/savings-and-investments/savings/santander-edge-saver

How to make life complicated.

Just done the sums and it's about 50 pence gain per month over a 123 lite + Amex. I don't think I can be bothered.

Assuming you have 2 DDs and £4k to spare and you've "filled" all savings accounts paying 4%+, you will get £40 extra in interest over the course of a year with the Santander edge saver (assuming the top EA account remains at 3%). Take off the £3/mth fee and that figure sits at £4 per year plus any cashback, So you could run it alongside the 123 lite account though it wouldn't gain you much and if the top easy access rate rises above 3.1% elsewhere it would start running at a loss again.

where_are_we

Santander Edge - Is it possible to close one`s 123lite and open a new edge current account in it`s place? This would mean "switching" internally like a Cass switch. If this was possible would it be worth it? It would cost £1 a month more than having 123lite but you would gain about £40 in interest over a year.

where_are_we

Just realised you would get less cashback on household bills with Santander Edge than you would with 123lite. Edge is not such a good account then.

Band7

where_are_we said:

Santander Edge - Is it possible to close one`s 123lite and open a new edge current account in it`s place? This would mean "switching" internally like a Cass switch. If this was possible would it be worth it? It would cost £1 a month more than having 123lite but you would gain about £40 in interest over a year.

You can just upgrade/sidegrade your 123 Lite. All the account details stay the same, so no switching of any sort is required. AFAIK, it is a one-way street, though - you can't go back to a 123 Lite if you later change your mind. Be sure you really will get a better deal with Edge before you commit. 

Band7

where_are_we said:

Just realised you would get less cashback on household bills with Santander Edge than you would with 123lite. Edge is not such a good account then.

You might get less, you might get more. For example, somebody with a massive energy DD could get more with Edge than with the Lite. I think it's only very high spenders who would get a better deal with Edge.

Snapdragon

Band7 said:

where_are_we said:

Just realised you would get less cashback on household bills with Santander Edge than you would with 123lite. Edge is not such a good account then.

You might get less, you might get more. For example, somebody with a massive energy DD could get more with Edge than with the Lite. I think it's only very high spenders who would get a better deal with Edge.

Agree it would have to be VERY high spenders. I consider my monthly energy DD to be high at £316 a month, but I'd be worse off with Edge than 123 lite. Shell reduce my DD by the governments £66 support (hence why I set it at £316) so Shell actually take £250 which is currently attracting 2% cashback in 123 lite with a max of £5 a month (ignoring the short-term offer of 4% and max £10 since that's only for 2 months). Edge cashback is limited to £10 but only at 1% rate, so my DD would need to be £566 a month to attract the same cashback as I currently get! I don't see this Edge account appealing to many people.

There are far better options for my savings