Santander Easy Access Limited Edition

WillPS

TheBanker said:

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. 

Unless you already have a Select, 123 or 123 Lite account, when it almost certainly wont.

soulsaver

Bobblehat said:

soulsaver said:

Ok here? Or start a new thread?

So what ideas have you got to fall back on for your cash after Santander's rate chop?

How about Shawbrook's 5.78% ISA - NLA but you can still add to it - add your ISA allowance to it April 6th? Mine ends mid August so a 4 and a bit month fix at 5.78% tax free (equiv 7.255% at BR)? Will possibly see my £20k.

And Oxbury was mentioned -   5.53% aer 120 day notice & plus 2 months (so c134 days) notice from them for reduction.. that they've not issued yet... so minimum c.4.5 months fix .. 
see  @NameWithheld  helpful post.

Starting with the idea of reducing the amount I've currently got fixed (so may not be appropriate for others), my plan is to  .....

1) Shift £20K into best EA cash ISA on 6th April for tax reduction.
2) Put a float of ~£10K into Charter EA 5.08% to fund 7 RS's (dripping back into a CA) and keep topped up with maturing RS/Fixes.
3) Top up Cynergy 95 Day 5.5% (NLA) with the rest plus any maturing RS/Fixes not needed for #2 above.
4) Adjust plan if any of the rates of the above drop between now and 20th May 

Maybe worth editing that quote in your post - I changed it in an attempt not to mislead as their terms during application still say:

Oxbury can make changes to your interest rate, any such changes will be communicated to you providing at least 14 calendar days’ notice in addition to any notice period for a reduction in rate, increases in rates are usually applied with immediate effect. 

Bobblehat

Hi Soulsaver ..... edited your quote in my original reply to just include the first two lines ... as my reply was really about your request for others' ideas on fall-backs etc.

Only thing is, your original text still appears in your own post immediately above this post! 

soulsaver

Bobblehat said:

Only thing is, your original text still appears in your own post immediately above this post! 

Thanks BH -  but think you need a closer look. 2 months is crossed through

hulkgti

Just wanted to say, don't bother with Cynergy. Just opened the account but their online banking is a nightmare! Won't let me in so I had to call a call centre in India. Thankfully I wasn't able to pay any money in so will leave it to close in 14 days. Wasted an hour of my life-lol

Qyburn

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. 

I didn't see their formula for cashback, butvthe calculator says we'd get £1.86 per month. Probably lower than many because we don't have mains gas. I could bump it up by switching spending to debit card, but we'd then lose the 1.25% from American Express.

More constructively, can i just open the Edge current account and leave it at zero balance? Just to get the Edge Saver.  I might just do that even though it's not a complete solution.

friolento

My Cynergy has been working fine for a few years now. They're a bit different to some other banks and the login is a bit weird but they have good rates.

ColdIron

Qyburn said:

More constructively, can i just open the Edge current account and leave it at zero balance? Just to get the Edge Saver.  I might just do that even though it's not a complete solution.

Yes. If you don't fund it with £500 or set up 2 DDs there will be no fee and you can open the 7.00% Edge Saver

hulkgti

ColdIron said:

Qyburn said:

More constructively, can i just open the Edge current account and leave it at zero balance? Just to get the Edge Saver.  I might just do that even though it's not a complete solution.

Yes. If you don't fund it with £500 or set up 2 DDs there will be no fee and you can open the 7.00% Edge Saver

I already have a 123 lite. Would it let me open an Edge? Has anyone tried opening an Edge account in this way too?

ColdIron

I have a 123 Lite and I opened the Edge current account purely to get the Edge Saver, I have never funded it