Santander Edge current account

NameWithheld

Definitely not worth it for me as I get discounted supermarket gift cards through an employee benefit. Usually 4% discount sometimes 5%. The cards are purchased through a third party and so won't qualify for the cashback 

harz99

As a pensioner couple in our own small bungalow, our outgoings are (relatively) low each month, the Edge account wouldn't generate enough cashback to even cover the monthly fee (which the 123lite currently does) unless i switch to using the debit card for all shopping and other expenses listed instead of using my Tesco credit card.

Even doing that as well would only just cover the fee, and while the interest rate of 4% (1st year) on the linked saver looks good, the reality of only being able to get that rate on a maximum of £4000 (we only keep £2000 in an ea account) as opposed to the circa 2.6% rates elsewhere again makes it not worthwhile moving across, and if we did our monthly statements would be nearly 5 pages long full of small entries.

I'm going to look again after our energy costs go higher without the subsidy.  

RobM99

Looked at this, did some calculations and not worth it in my view. I'm not one to chase (pun) every cent so 50p here or there just not worth the effort, I think.

Wyndham

Another one here currently getting cashback on the Santander mortgage. As that's going, it doesn't seem worth it for me either.

SuperHans1

Can you hold a Santander Lite and an Edge account at the same time?

If you're looking for another alternative to gain 1% cashback on supermarket shopping then the NatWest Credit Card offers this as well.

Band7

SuperHans1 said:

Can you hold a Santander Lite and an Edge account at the same time?

May be, may be not. But what would be the rationale for it?

SuperHans1

Band7 said:

SuperHans1 said:

Can you hold a Santander Lite and an Edge account at the same time?

May be, may be not. But what would be the rationale for it?

I have a Santander mortgage so I would want to keep the Lite account for the cashback. If I have the Edge account that gives me access to the 4% savings account as well (I already have the alternative accounts mentioned).

Band7

SuperHans1 said:

Band7 said:

SuperHans1 said:

Can you hold a Santander Lite and an Edge account at the same time?

May be, may be not. But what would be the rationale for it?

I have a Santander mortgage so I would want to keep the Lite account for the cashback. If I have the Edge account that gives me access to the 4% savings account as well (I already have the alternative accounts mentioned).

The 4% savings account is a red herring though, for almost all, if not all people. In order to actually get the best value out of it, you'd need to keep £4,000 in the account all year long. You also need to factor in the £3/mth cost of the Edge. So the effective interest rate isn't 4% but only 3.1%, on a fully loaded Edge saver. Or even less than 3.1% if you don't always keep £4k in the account. Once the rate drops to 3.5% after 12 months, the effective rate drops to 2.6%, again on a fully loaded account.

There are still scores of other savings accounts which pay better than 3.1% if you can set £4k aside for a year. 

badger09

@Band7
Thanks for the heads up, but it’s a no from me. Too many hoops to jump through & I don’t need any more complications. 

Currently making a few pence shy of £10 cashback in 123 Lite on DDs to Octopus. They (Octopus) are very flexible in letting me increase or decrease my DDs and I’ve just had my 2nd refund. Still got 2-3 month’s credit with them, so everybody’s happy. Well apart from the cost of the energy of course😏

molerat

badger09 said:

@Band7
Thanks for the heads up, but it’s a no from me. Too many hoops to jump through & I don’t need any more complications. 

Currently making a few pence shy of £10 cashback in 123 Lite on DDs to Octopus. They (Octopus) are very flexible in letting me increase or decrease my DDs and I’ve just had my 2nd refund. Still got 2-3 month’s credit with them, so everybody’s happy. Well apart from the cost of the energy of course😏

But that will revert to £5 max next month.