Santander Easy Access Limited Edition

Stargunner

hulkgti said:

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?

Yes that is fine 

SeriousHoax

hulkgti said:

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

I've been with them since bank of Cyprus days and never had a problem with them I must admit these login can be a faff when a new customer but you get used to it I find there customer service excellent + 2hen a new rate comes out just use the  fast track.

fly-catchers

I have a Santander 123lite account. Looking at their website it looks like you have to pay a £3 monthly charge whether you use the account or not. Would only be opening it to access its saver account. But if you have to pay £3 each month it makes it less attractive. Also would you probably have to close the older account eventually?

Stargunner

fly-catchers said:

I have a Santander 123lite account. Looking at their website it looks like you have to pay a £3 monthly charge whether you use the account or not. Would only be opening it to access its saver account. But if you have to pay £3 each month it makes it less attractive. Also would you probably have to close the older account eventually?

If you read some of the previous messages, you will see that this has been asked several times and you only have to go as far back as the previous page to get your answer.

where_are_we

Flycatcher - We have 123 lite joint account. Yes, we have to pay £2 monthly fee on this, but this is more than covered by cashback of almost £7 each month on utility bills. We also had 4 Edge Current accounts (ECA) with 4 associated Edge Savers (ES) since inception and have never had to pay a monthly fee for the ECA because we do not have any DD`s and do not pay in £500 a month. So, open a new ECA and do not set up DD`s, then an ES with up to £4000 @7% in it. We keep £3 in each ECA and fund the ES through the ECA although this may not be necessary. Set up an alert for ES exceeding £4000 because the interest is paid monthly and then skim it off. We occasionally get messages reminding us that we have not taken advantage of the DD cashback on ECA but we just ignore those.

You mention that they will probably close the old 123lite. They may well do this in the future but I would imagine not because of us having ECA`s. But that is no reason not to make hay while the sun shines!

ColdIron

where_are_we said:

Yes, we have to pay £3 monthly fee on this

£2 surely?

friolento

where_are_we said:

 

You mention that they will probably close the old 123lite. They may well do this in the future but I would imagine not because of us having ECA`s. But that is no reason not to make hay while the sun shines!

I agree.

I also find that Santander are very relaxed about the number of accounts you have. IIRC, they still allow 4 current accounts, of any sort. I currently have 2 Everyday, 1 123Lite and 1 Edge, plus 2 Fixed Rate ISAs, one of which has never been funded in nearly 2 years, a Regular Saver which I use a bit like an easy access saver, and an easy access saver.

ColdIron

Oh for the days of 4 full fat 123s

fly-catchers

So the £3 charge is only applied if you set up any DD? Or if you put any money in the Edge account? I assume you pay the £4000 directly into the Edge Saver account from the existing 123lite?

Bridlington1

fly-catchers said:

So the £3 charge is only applied if you set up any DD? Or if you put any money in the Edge account? I assume you pay the £4000 directly into the Edge Saver account from the existing 123lite?

The £3 charge only starts being charged if you have 2 DDs and pay in £500. You can pay as much money as you like into the Edge current account and won't be charged a fee so long as you don't have 2 DDs on the account.

One thing to note though is that the terms on the Edge Saver do state:

You can only pay money into your account online from your Santander Edge current account.

Whilst they don't seem to enforce this term, I would personally play it safe and bounce the money through the Edge current account and then onto the Edge Saver.