Santander Edge Saver Renewal

Tiziano

My Edge Saver is approaching its 12 month 'maturity' so I asked Santander if I could close it and open a new Edge Saver to retain the initial 12 month bonus rate. They confirmed that this is possible. This seems a little odd, as I had assumed the bonus would only apply to new customers. 

friolento

Fill yer boots . Thanks for sharing the information. I hope they will still allow this when mine comes up for renewal in several months time

pedrodelgado

It's probably because you're opening a new issue saver with different rates anyway. 

DavidAC

Santander Edge Saver is available Santander Edge saver. You might be confusing it with the eSaver Limited Edition which is a different product and was recently withdrawn.

lohr500

I can confirm that it is possible to close a maturing Edge Saver and then open a new one 

• On Monday morning I moved all the funds out of my Edge Saver into my Easy Access Saver a/c (or you could move into your Edge current a/c if you don't have an Easy Access Saver a/c).
• I then immediately closed the Edge Saver a/c online using the chatbot whilst logged in to my online banking. I nominated my Easy Access Saver a/c to receive any interest due.
• By Tuesday evening the original Edge Saver a/c had been closed and the interest due had been paid into my Easy Access Saver a/c..
• Next step was to apply for a new Edge Saver a/c online which was accepted immediately.
• Then I transferred the original Edge Saver a/c balance and extra interest paid into the Easy Access Saver a/c into the new Edge Saver a/c.   

Result  I shall watch the interest rate closely just to make sure the new Edge Saver a/c doesn't drop to the lower rate in couple of weeks when the original Edge Saver was due to revert to the lower interest rate.

Hattie627

lohr500 said:

I can confirm that it is possible to close a maturing Edge Saver and then open a new one 

• On Monday morning I moved all the funds out of my Edge Saver into my Easy Access Saver a/c (or you could move into your Edge current a/c if you don't have an Easy Access Saver a/c).
• I then immediately closed the Edge Saver a/c online using the chatbot whilst logged in to my online banking. I nominated my Easy Access Saver a/c to receive any interest due.
• By Tuesday evening the original Edge Saver a/c had been closed and the interest due had been paid into my Easy Access Saver a/c..
• Next step was to apply for a new Edge Saver a/c online which was accepted immediately.
• Then I transferred the original Edge Saver a/c balance and extra interest paid into the Easy Access Saver a/c into the new Edge Saver a/c.   

Result  I shall watch the interest rate closely just to make sure the new Edge Saver a/c doesn't drop to the lower rate in couple of weeks when the original Edge Saver was due to revert to the lower interest rate.

Thanks. Although my Edge Saver doesn't drop to the lower rate until 6th December, I have decided to follow this path and have today instructed the closure of my Edge Saver using the chat bot, having first of all reduced the balance to zero by moving funds into my 5.20% Easy Access Saver. Just waiting for the account to be closed before applying for new Edge Saver. If the Edge Saver is withdrawn to new applicants in the next day or so, then so be it, worth the risk.

lohr500

Please let us know how you get on. 

Tiziano

lohr500 said:

Please let us know how you get on. 

Mine is also reaching its anniversary very soon, so I'll be renewing it too. I'll post the results here! 

Tiziano

Tiziano said:

lohr500 said:

Please let us know how you get on. 

Mine is also reaching its anniversary very soon, so I'll be renewing it too. I'll post the results here! 

I'm pleased to report that it all went smoothly for me too! 

Bazzalona13295

friolento said:

Fill yer boots . Thanks for sharing the information. I hope they will still allow this when mine comes up for renewal in several months time

Mine is up 25/1/24 (or around that date) so could you keep us informed? Wonder how late you leave it.
Hope it works.

ProseccoGirl

Thanks for the info.  I love a good "work around"