Possible 2 Santander Edge saving accounts using a joint Edge Current account.

Stargunner

Slinky said:

Stargunner said:

Slinky said:

Stargunner said:

where_are_we said:

 My OH, who is a non tax payer, has opened a sole Santander Edge Current account and then a sole Edge Saver. If we opened a joint Santander Edge Current account would it be possible for her to have a second sole Edge Saver and myself have none? I will probably exceed the Personal Savings allowance of £1000 this tax year so it is better for OH to have both Edge Savers. Edge Saver T&C`s state:                                                                               

• be a UK resident, this account can only be held in a single name​
• be aged 18 or over​
• have a Santander Edge current account. You can have one Santander Edge saver for each Santander Edge current account you have. That means a maximum of 2 if you have both a single and a joint Santander Edge current account. If you have a joint Santander Edge current account, you can each have a Santander Edge saver in your own name​                      
  

This is perfectly fine to do. My wife and I both have a sole edge current account and we also have an edge joint current account. This has enabled us both to open 2 solo saver accounts each and have £16k between us earning 7%. If you didn’t want to open them for yourself that is fine, but even if you have exceeded your PSA allowance, would you not be better to open them and transfer money in to them from lower interest paying accounts.

@Stargunner Have you set up 2 direct debis on all the Edge accounts? I read something a while ago where somebody had dug into the T&Cs which said you'd only be charged the £3 fee once the 2 direct debits had been set up, so if you don't set up the DD, you don't get charged. Don't know if that still stands or if they've closed the loophole.

None of the edge current accounts have any direct debits.

@Stargunner Do you get charged the £3 fee, and do you get the 1% cashback on the current accounts for relevant spending?

I don’t expect to be charged the £3 monthly fees. 

To qualify for the cashback, you have to have 2 active direct debits snd pay in at least £500 per month, but if you comply with those you will be charged the £3 monthly fee.

susanann_2

I wonder if this will get picked up that we are not setting up the required two direct debits and paying in £500 per month. There has got to be a snag with this, people can set up four of these if you have a sole each and joint account. It may well flag up and get closed for not complying. Not sure if it’s worth the work only to get the accounts shut down in a month. 

flaneurs_lobster

susanann_2 said:

I wonder if this will get picked up that we are not setting up the required two direct debits and paying in £500 per month. There has got to be a snag with this, people can set up four of these if you have a sole each and joint account. It may well flag up and get closed for not complying. Not sure if it’s worth the work only to get the accounts shut down in a month. 

It's not a great deal of effort and if you've got 4 Edge Savers maxed-out for a month it'll be worth ~ £90. Or Santander might not notice - or care.

Dustybee

Can a joint Edge Current Account be opened online easily, like opening a solo account?

Slinky

Dustybee said:

Can a joint Edge Current Account be opened online easily, like opening a solo account?

We had a joint 123 account already so there was no problem opening a joint Edge Current account.

t33

I'm in a quandary about this too.  IIUC from the above, if you open the Edge Current Account and don't meet the conditions (ie two DDs, £500 monthly deposit) you will not be charged the £3 monthly fee?  So effectively it's an empty account, apart from funding the Edge Saver one off.  Or hasn't the account been available for long enough to know what actions Santander would take?

I have a joint 123 and considering a) converting that to an Edge Current joint and then each holder opening an Edge Saver or b) would it be better to simply leave the 123 account as is (it has mutiple DDs) and open an empty joint Edge Current?

Bit confused, apologies if this has been already thrashed out.

Alex.T

From my workings out, it was better off us keeping the 123 lite, as we earned more from the cash back (minus fee) on that, then we would earning 1% from the edge. Plus we also get cash back on 123 credit card on fuel and supermarket too, 

still opened Solo and joint edge accounts though, and will fund the 7% saver account on the 1st. Our plan is to not use the edge current accounts at all, so hopefully won’t get charged the monthly fee.

Slinky

We kept the full fat 123 account and opened a joint Edge account. We're now moving the joint Edge to Natwest for the £200 bonus, I've just opened a single Edge and associated saver account for myself only. We have Chase accounts so we can get 1% on use of that anyway up to £1500 each per month on most spending.

friolento

Slinky said:

We kept the full fat 123 account and opened a joint Edge account. We're now moving the joint Edge to Natwest for the £200 bonus, I've just opened a single Edge and associated saver account for myself only. We have Chase accounts so we can get 1% on use of that anyway up to £1500 each per month on most spending.

Why not switch 2 single accounts to Natwest?

Slinky

Lack of income for one of the joint holders. Didn't want to risk being rejected.