Santander 7% on the Edge Account

Leodogger

I moved most of my money out of the Edge current Account to the new Limited Edition Edge Easy Saver Access Account offering now 3.98% pa.   If I switch back £4000 to my regular Edge current account would I still qualify for the 7% or is this just for new accounts being opened?   I still retain both accounts at the moment.

phillw

You get 7% on £4000 in the Edge Saver, which is 4.5% + 2.5% bonus for the first year. You need an Edge current account to open an Edge Saver.

Exclusive savings rates

An optional savings account with 7.00% AER / 6.78% gross (variable) interest on balances up to £4,000 (includes 2.50% AER / 2.47% gross (variable) bonus rate for the first 12 months from opening) 

I assume the year starts when you open the Edge Saver, not the Edge current account.
I don't know if there is any way to reactivate the bonus for subsequent years.

Did you already have an Edge Saver?

Leodogger

phillw said:

You get 7% on £4000 in the Edge Saver, which is 4.5% + 2.5% bonus for the first year. You need an Edge current account to open an Edge Saver.

Exclusive savings rates

An optional savings account with 7.00% AER / 6.78% gross (variable) interest on balances up to £4,000 (includes 2.50% AER / 2.47% gross (variable) bonus rate for the first 12 months from opening) 

I assume the year starts when you open the Edge Saver, not the Edge current account.
I don't know if there is any way to reactivate the bonus for subsequent years.

Did you already have an Edge Saver?

I know, as I said I have a Santander Edge current account and an Easy Access Saver Limited Edition but have had the current account for a couple of years so does that mean that the 7% no longer applies to me on my Edge Current Account if I switch £4000 back from myt Saver Account into my current account?   The Saver Account is earning 3.98% so nowhere near the 7% being offered on the Edge Current Account

Stargunner

Leodogger said:

phillw said:

You get 7% on £4000 in the Edge Saver, which is 4.5% + 2.5% bonus for the first year. You need an Edge current account to open an Edge Saver.

Exclusive savings rates

An optional savings account with 7.00% AER / 6.78% gross (variable) interest on balances up to £4,000 (includes 2.50% AER / 2.47% gross (variable) bonus rate for the first 12 months from opening) 

I assume the year starts when you open the Edge Saver, not the Edge current account.
I don't know if there is any way to reactivate the bonus for subsequent years.

Did you already have an Edge Saver?

I know, as I said I have a Santander Edge current account and an Easy Access Saver Limited Edition but have had the current account for a couple of years so does that mean that the 7% no longer applies to me on my Edge Current Account if I switch £4000 back from myt Saver Account into my current account?   The Saver Account is earning 3.98% so nowhere near the 7% being offered on the Edge Current Account

The 7% is not paid on money in your edge current account. As you were previously advised, you need to apply for an edge saver account and any money that you put in that up to £4K will earn 7% interest.

Growingold

How long does it usually take for the Edge Saver Account to become active after applying?  Many thanks

Malchester

Growingold said:

How long does it usually take for the Edge Saver Account to become active after applying?  Many thanks

Mine was immediate

Growingold

Malchester said:

Growingold said:

How long does it usually take for the Edge Saver Account to become active after applying?  Many thanks

Mine was immediate

Just checked mine active now.  Hope you don't mind me asking but did you make payment direct to the savings account or through your Edge current account like they say should be done?

grumbler

Growingold said:

Malchester said:

Growingold said:

How long does it usually take for the Edge Saver Account to become active after applying?  Many thanks

Mine was immediate

Just checked mine active now.  Hope you don't mind me asking but did you make payment direct to the savings account or through your Edge current account like they say should be done?

Apparently, they say 'can only', not 'should'.

Looks like the whole set of T&C was written by some idiot as some parts are open to interpretation and the opportunity to have Edge Saver without paying the monthly fee seems to  be a loophole missed by the idiot.

Malchester

Growingold said:

Malchester said:

Growingold said:

How long does it usually take for the Edge Saver Account to become active after applying?  Many thanks

Mine was immediate

Just checked mine active now.  Hope you don't mind me asking but did you make payment direct to the savings account or through your Edge current account like they say should be done?

I funded mine through my Edge Account. Have not tried funding it from elsewhere. May try

Malchester

Malchester said:

Growingold said:

Malchester said:

Growingold said:

How long does it usually take for the Edge Saver Account to become active after applying?  Many thanks

Mine was immediate

Just checked mine active now.  Hope you don't mind me asking but did you make payment direct to the savings account or through your Edge current account like they say should be done?

I funded mine through my Edge Account. Have not tried funding it from elsewhere. May try

Just sent a £1 payment from my Nationwide FlexAccount to Edge Saver. Gone through instantly and showing on Edge Saver

orange-juice

For those who already held working online banking details, did the current account show up straight away or did it take a while for it to appear? Alternatively, did you have to wait for new banking details?

I didn’t think to log on before applying so unsure whether that’s confused their systems. Once logged on, I can only see an historic easy access saver.

I have sent away the change of details form, so maybe just a waiting game.