Santander Edge saver - keeping balance at £4000 / interest?

morgmonster

I'm considering converting our long held Santander Lite joint account to an Edge so that myself and my husband can both open a 7% edge saver. We would both put the full £4000 in immediately and I can see that interest is paid monthly but also that balances over £4000 get zero interest. Does that mean you have to move the interest immediately or do they exclude accumulating interest? 
Thanks.

castle96

You have to move the interest if you put in £4k. If you don't want the hassle each month, deposit only £3738.50

morgmonster

Thanks! I can deal with it but my husband will probably roll his eyes! 

soulsaver

You'll get the 7% aer on the £4k whether you move the interest or not - but you'll get zero on the balance above £4k - FTAOD not zero on the lot. 

morgmonster

soulsaver said:

You'll get the 7% aer on the £4k whether you move the interest or not - but you'll get zero on the balance above £4k - FTAOD not zero on the lot. 

Ah ok, that's much better then! I was interpreting "Balances over £4,000 do not earn any interest" one of two possible ways. It did seem a bit annoying of them to do it the way I interpreted it. Thank you.

Bazzalona13295

I simply move the interest as soon as it comes through.

where_are_we

First, calculate if you benefit more with having a 123 Lite joint account compared to an Edge joint account. 123 Lite is no longer available so once you convert to an Edge you cannot go back. We are better off with a 123 Lite compared to an Edge. If you are better with Lite, you could open a joint Edge and keep your 123 joint Lite running as it is. Then you can open a sole Edge saver each with £4000 x2 @7%. There is a separate thread running

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

which suggests if you have no DD`s and don`t pay in £500 a month you will not get charged the £3 monthly fee for your joint Edge CA. However this is not certain so best to have £3 balance in your joint Edge CA to cover the fee.

jpsman

I'm doing it the way @castle96 mentions. But if you want to you can set up a text/email alert through your online account for when your balance goes above a certain amount such as 4k. See https://www.santander.co.uk/personal/support/understanding-our-services/account-alerts

SAC2334

I started with a Santander Edge current account and had  the £4k max in the Edge Saver. 

Santander told me that I was nt making the best of the account not earning cashback and being charged £3 a month bank charges so I closed Edge Current ,moved the Edge Saver 4 k and switched to an Everyday current account..However the Edge Saver is still open with a small amount in it and it's listed as 6.8 % interest..to test it out I moved £500 into it from the Everyday Current account and 6.8 % interest remains. 

I was under the impression that it can only be funded from the Edge Current account. So is that a Santander glitch ? 

WBCPB

SAC2334 said:

I started with a Santander Edge current account and had  the £4k max in the Edge Saver. 

Santander told me that I was nt making the best of the account not earning cashback and being charged £3 a month bank charges so I closed Edge Current ,moved the Edge Saver 4 k and switched to an Everyday current account..However the Edge Saver is still open with a small amount in it and it's listed as 6.8 % interest..to test it out I moved £500 into it from the Everyday Current account and 6.8 % interest remains. 

I was under the impression that it can only be funded from the Edge Current account. So is that a Santander glitch ? 

Yes, not the only one, i am running the Edge Saver without ever having the Edge current account fully opened and not showing in the online banking portal [ no debit card or pin issued].