Santander Edge

talexuser

Just changed my Santander 123 lite to Edge. In terms of the cashback I break even because the new account fee is £3 instead of £2. But if I pay for shopping and petrol on the debit card its 1% cashback which I reckon is worth at least £100 a year for each of us. And each can open a monthly account for 4% on max £4000 as a bonus for an additional ~£150 a year, as opposed to the same money in the 2.75% account.

If you don't have the Chase cashback could be worth doing the sums to see if it's worth your while.

jaypers

It’s an interesting one. I’m still working out if it’s worth the bother.

Band7

See https://forums.moneysavingexpert.com/discussion/6405157/santander-edge-current-account

Wheres_My_Cashback

talexuser said:

Just changed my Santander 123 lite to Edge. In terms of the cashback I break even because the new account fee is £3 instead of £2. But if I pay for shopping and petrol on the debit card its 1% cashback which I reckon is worth at least £100 a year for each of us. And each can open a monthly account for 4% on max £4000 as a bonus for an additional ~£150 a year, as opposed to the same money in the 2.75% account.

If you don't have the Chase cashback could be worth doing the sums to see if it's worth your while.

What about the loss in DD cashback ?

talexuser

To repeat we break even on DD cashback within pence with the £3 account fee, so the 1% cashback on all supermarket and petrol debit card transactions are the bonus equivalent to an additonal ~£100 a year each easily. The 4% savings account is just another bonus for money that would otherwise be in the Santander 2.75% account.

lohr500

If we switch our fuel and food shopping from the Santander World credit card (which pays 0.5% cashback) and load up the 4% saver to the max £4k, then I think it makes sense for us to move from 123 Lite. Even with the reduction from 2% to 1% on the electricity bill cashback.

MikeJXE

I am sticking with my 123 account for 2 reasons, ! Don't spend enough to cover the monthly fee and that's why I haven't activated their credit card,  plus I don't fancy paying everything with a debit card 

lohr500

We always pay off the Santander Credit card in full each month, so it makes little difference to us if we spend on the credit or debit card for fuel and food shopping. I will continue to use the credit card for other purchases where the Section 75 protection is worth having. 

talexuser

Yes, debit is a downside if like me you are used to credit cards. I did a quick calc of the money held (even with my 0.5% cashback card) and it was still worth paying straight away since have the float in the bank anyway. Section 75 is a good point, but food and petrol not important there, and since you don't get cashback on other much stuff, still worth using the credit card elsewhere.

ZeroSum

With current interest rates, returns on stoozing are better than any cashback offered by banks anyway