Santander Easy Access Limited Edition

jameseonline

Bridlington1 said:

jameseonline said:

Think that's WillPS said:

Santander has indeed been very convenient, I've appreciated being able to set up scheduled transfers to my 123 Lite account to cover monthly DDs as they are taken. 

Will possibly investigate setting up an Edge saver for the same purpose if nothing else pops up. 

Think that's what Santander want people to do to be honest, get people to pay a fee for an account, while at the same time promote a linked Saver.

Call me cynical 😏

You don't have to pay the fee though. The terms say:

The fee for this account is £3 per month. We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback. If you don’t have enough money available to cover the monthly fee, we’ll still take it and your account may go into an unarranged overdraft

If you never meet the criteria for earning cashback, you won't pay any fees. So if you never have any DDs on the Edge account you won't have to pay the £3/mth account fee. I've had both the Edge current account and Edge Saver since August and haven't paid a single penny in fees.

So it's only if I want to earn cashback I have to set up direct debits pay in money & pay a fee.

I tried looking at the accounts in the past could never really understand it all, like I don't think I'd earn f all cashback to justify the fee etc, I don't have many bills etc currently.

Am I right or wrong in thinking the savings account is just for a year?

Bridlington1

jameseonline said:

Bridlington1 said:

jameseonline said:

Think that's WillPS said:

Santander has indeed been very convenient, I've appreciated being able to set up scheduled transfers to my 123 Lite account to cover monthly DDs as they are taken. 

Will possibly investigate setting up an Edge saver for the same purpose if nothing else pops up. 

Think that's what Santander want people to do to be honest, get people to pay a fee for an account, while at the same time promote a linked Saver.

Call me cynical 😏

You don't have to pay the fee though. The terms say:

The fee for this account is £3 per month. We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback. If you don’t have enough money available to cover the monthly fee, we’ll still take it and your account may go into an unarranged overdraft

If you never meet the criteria for earning cashback, you won't pay any fees. So if you never have any DDs on the Edge account you won't have to pay the £3/mth account fee. I've had both the Edge current account and Edge Saver since August and haven't paid a single penny in fees.

So it's only if I want to earn cashback I have to set up direct debits pay in money & pay a fee.

I tried looking at the accounts in the past could never really understand it all, like I don't think I'd earn f all cashback to justify the fee etc, I don't have many bills etc currently.

Am I right or wrong in thinking the savings account is just for a year?

That's correct. You only need the DDs and to pay the fee if you want the cashback, if you want the account but don't want the cashback just don't set up any DDs and don't pay the fee.

The Edge Saver has a 2.5% variable bonus for the first 12 months, after 12 months it reverts to paying the lower rate of 4.5% variable, though there's nothing to stop you closing the Edge Saver and opening a new one after 12 months to get the 7% rate again (if it's still available).

jameseonline

Bridlington1 said:

jameseonline said:

Bridlington1 said:

jameseonline said:

Think that's WillPS said:

Santander has indeed been very convenient, I've appreciated being able to set up scheduled transfers to my 123 Lite account to cover monthly DDs as they are taken. 

Will possibly investigate setting up an Edge saver for the same purpose if nothing else pops up. 

Think that's what Santander want people to do to be honest, get people to pay a fee for an account, while at the same time promote a linked Saver.

Call me cynical 😏

You don't have to pay the fee though. The terms say:

The fee for this account is £3 per month. We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback. If you don’t have enough money available to cover the monthly fee, we’ll still take it and your account may go into an unarranged overdraft

If you never meet the criteria for earning cashback, you won't pay any fees. So if you never have any DDs on the Edge account you won't have to pay the £3/mth account fee. I've had both the Edge current account and Edge Saver since August and haven't paid a single penny in fees.

So it's only if I want to earn cashback I have to set up direct debits pay in money & pay a fee.

I tried looking at the accounts in the past could never really understand it all, like I don't think I'd earn f all cashback to justify the fee etc, I don't have many bills etc currently.

Am I right or wrong in thinking the savings account is just for a year?

That's correct. You only need the DDs and to pay the fee if you want the cashback, if you want the account but don't want the cashback just don't set up any DDs and don't pay the fee.

The Edge Saver has a 2.5% variable bonus for the first 12 months, after 12 months it reverts to paying the lower rate of 4.5% variable, though there's nothing to stop you closing the Edge Saver and opening a new one after 12 months to get the 7% rate again (if it's still available).

Interesting, I've got a few things to consider then, cashback might become a thing in future for me & direct debits might be increasing for me soon.

Thanks.

nedwilsher

Or go stoozing. With £20k on 0% credit cards you can earn £1k a year without investing a penny of your own money. 

Qyburn

jameseonline said:

Yeah but £4000 @ 7% is decent, compared that to most regular savers, most are like £3000 total deposit limit over several months 

A decent rate, agreed. But unless other posts on here are correct about the fee loophole, the monthly charge drops that to effectively 6%. And that's still on only £4,000.

I'm not clear about options with joint accounts. Can you as a couple have a savings account each in sole names, and also a joint account in both your names making three accounts? One poster said they had £16k which implies four accounts.

TheBanker

Qyburn said:

jameseonline said:

Yeah but £4000 @ 7% is decent, compared that to most regular savers, most are like £3000 total deposit limit over several months 

A decent rate, agreed. But unless other posts on here are correct about the fee loophole, the monthly charge drops that to effectively 6%. And that's still on only £4,000.

I'm not clear about options with joint accounts. Can you as a couple have a savings account each in sole names, and also a joint account in both your names making three accounts? One poster said they had £16k which implies four accounts.

The other posts are correct. If you don't set up any Direct Debits on the Edge current account, you don't pay the £3 monthly fee. But for people with typical household bills it is worth paying the £3 fee as the DD cashback will likely be more than £3. 

crumpet_man

Qyburn said:

jameseonline said:

Yeah but £4000 @ 7% is decent, compared that to most regular savers, most are like £3000 total deposit limit over several months 

A decent rate, agreed. But unless other posts on here are correct about the fee loophole, the monthly charge drops that to effectively 6%. And that's still on only £4,000.

I'm not clear about options with joint accounts. Can you as a couple have a savings account each in sole names, and also a joint account in both your names making three accounts? One poster said they had £16k which implies four accounts.

You can have one sole edge current account and one joint edge current account.
You can have a sole edge saver for each current account.
Two people, two sole and one joint current account and four edge savers.

allegro120

Qyburn said:

jameseonline said:

Yeah but £4000 @ 7% is decent, compared that to most regular savers, most are like £3000 total deposit limit over several months 

A decent rate, agreed. But unless other posts on here are correct about the fee loophole, the monthly charge drops that to effectively 6%. And that's still on only £4,000.

I'm not clear about options with joint accounts. Can you as a couple have a savings account each in sole names, and also a joint account in both your names making three accounts? One poster said they had £16k which implies four accounts.

Yes, I can confirm we have four Edge Savers, £16k in total. Two individual and one joint Edge Current accounts allows to have four Edge Savers for a couple. 

ColdIron

Qyburn said:

jameseonline said:

Yeah but £4000 @ 7% is decent, compared that to most regular savers, most are like £3000 total deposit limit over several months 

A decent rate, agreed. But unless other posts on here are correct about the fee loophole, the monthly charge drops that to effectively 6%

The other posts are correct

TheBanker said:

But for people with typical household bills it is worth paying the £3 fee as the DD cashback will likely be more than £3. 

Indeed. Even better for those that have the 123 Lite

Bridlington1

Qyburn said:

jameseonline said:

Yeah but £4000 @ 7% is decent, compared that to most regular savers, most are like £3000 total deposit limit over several months 

A decent rate, agreed. But unless other posts on here are correct about the fee loophole, the monthly charge drops that to effectively 6%. And that's still on only £4,000.

I'm not clear about options with joint accounts. Can you as a couple have a savings account each in sole names, and also a joint account in both your names making three accounts? One poster said they had £16k which implies four accounts.

In addition to the above comments, on the point in bold I'd say it depends on your perspective and your circumstances. Whilst it may be ``on only £4k", for some that's all they need an EA account to hold. 

For most of the last 6 months my Santander 5.2% EA account has had a balance much less than the edge saver (on a few occasions it's gone down to a nil balance) as my regular saver collection has absorbed most of my savings. I could quite easily be in a position where by the time the limited edition EA account interest rate reduction comes into effect I will be able to satisfy all of my EA savings needs with my collection of regular savers coupled with the 7% Edge Saver and the 5.5% Skipton Member Bonus Saver (assuming their rates don't drop in the meantime).

Personally I regard the Edge Saver as a very valuable part of my collection, certainly more so than Santander's 5.2% offering as I've profited more from it.