Santander Edge current account

7sefton

Any quick ways to work out if I’m better sticking with Lite or switching to Edge?

I have a large Santander mortgage 

Band7

7sefton said:

Any quick ways to work out if I’m better sticking with Lite or switching to Edge?

I have a large Santander mortgage 

There's an Edge calculator on https://www.santander.co.uk/personal/current-accounts/santander-edge-current-account

It would obviously potentially only be worth it if you can make quite a bit more than on the 123 Lite, and if you don't have other cashback cards for supermarket and travel spends.

Bear in mind also that it looks like it will be impossible to switch back to a 123 Lite once you are on Edge.

Band7

Peter999_2 said:

...... increased my gas/electric direct debit to £750 a month (I'll apply for a refund every month).

Increasing my energy DD is tempting but I won't do it as I am with Ovo, and they won't easily let you reduce your DD amount once you upped it. They are also a bit a*al about refunds.

RobM99

Band7 said:

Peter999_2 said:

...... increased my gas/electric direct debit to £750 a month (I'll apply for a refund every month).

Increasing my energy DD is tempting but I won't do it as I am with Ovo, and they won't easily let you reduce your DD amount once you upped it. They are also a bit a*al about refunds.

That was meant elsewhere (Chuckle!!)

Wheres_My_Cashback

For me when taking into account 123 cashback v Edge v account fee I'd be £3.56 worse off, but i would have an overall gain of 36p per month when taking into account savings a/c interest with edge v my current best rate. So NOT worth it for so little.

This article explains more and is easier to go through than the Santander web pages.

https://www.thisismoney.co.uk/money/saving/article-11453579/Santander-cashback-account-net-customers-400-year-theres-catch.html.

Band7

I have decided the Edge account is not for me as 

1. I suspect it won't be possible to go back to 123 Lite
   
   
2. I get more DD cashback from the 123 Lite  
   
   
3. I get more, and easier, card cashback with my RBS credit card. I can also still use my 1% Chase cashback until February
   
   
4. Keeping £4,000 in the Edge savings account would to some extent pay for the £3 monthly charge. However, this would reduce the AER of the savings account to 3.1% for the next 12 months, and 2.6% thereafter. I get lots better interest for what would effectively be a 1+ years fixed term account
   
   
   
   

Everyone's circumstances are different, so it might well be a good account for you.

RedImp_2

Thanks for the summary posted above. Getting 1% cashback on everything on Chase so can’t really see a benefit on limiting to certain categories plus using 123 lite for DD’s.
I wonder if ultimately 123 lite will close.

RobM99

"Keeping £4,000 in the Edge savings account would to some extent pay for the £3 monthly charge."

More than that, 4% on £4000 = £13.33 a month, no?

Section62

RedImp_2 said:

I wonder if ultimately 123 lite will close.

I suspect we'll first have an extended period where the 123Lite benefits are whittled away (and/or an increased fee), prompting people to migrate to Edge before any eventual compulsory change happens.

km1500

RobM99 said:

"Keeping £4,000 in the Edge savings account would to some extent pay for the £3 monthly charge."

More than that, 4% on £4000 = £13.33 a month, no?

The £4k is effectively paying you a 1.2% uplift (as you can get 2.8-ish elsewhere) so 1.2% x 4000 is about £48 p.a.

If you pay tax on savings interest that £48 drops.