Santander Edge Account application

MrFrugalFever

I quite like the idea of the Edge Account Savings account with Santander so I thought i'd look in to it a bit more. I then thought i'd consider the application of the Edge Current Account as cannot have the savings account without it. 

During the application stage it seems to be asking the ins and outs of a ducks behind, which kind of put me off for now. 

One particular question which I cannot answer accurately is 'will you outgoing increase in the next 12 months', I can answer yes but it is asking for how much, that I cannot answer because I do not know what my mortgage deal/rate/monthly payments will be come May/June onwards next year.

I assume that you have to fund the account with £500 straight away as the criteria of the account is to pay £500 in monthly?

I'm giving it a miss for now.

35har1old

MrFrugalFever said:

I quite like the idea of the Edge Account Savings account with Santander so I thought i'd look in to it a bit more. I then thought i'd consider the application of the Edge Current Account as cannot have the savings account without it. 

During the application stage it seems to be asking the ins and outs of a ducks behind, which kind of put me off for now. 

One particular question which I cannot answer accurately is 'will you outgoing increase in the next 12 months', I can answer yes but it is asking for how much, that I cannot answer because I do not know what my mortgage deal/rate/monthly payments will be come May/June onwards next year.

I assume that you have to fund the account with £500 straight away as the criteria of the account is to pay £500 in monthly?

I'm giving it a miss for now.

Just put a estimate on it.
If you are not opening for the cash back DON'T setup DDs you will not be charged a fee and you will still be able to open the savings account

Bridlington1

This was discussed back in August on the top EA discussion thread. See:
https://forums.moneysavingexpert.com/discussion/comment/80234974/#Comment_80234974

Also in addition to what @35har1old has said there's also no requirement to pay in £500/mth into your Edge current account. One thing to note though is that the terms of the Edge Saver also state:

so I would make sure to avoid funding the edge saver directly from an external account. 

MrFrugalFever

thanks Bridlington i'll bear this in mind, makes it a little more appealing now. I might set it up after mortgage sorted and then I have a better understanding of regular monthly expenditure, just hope the saver deal is still around by then!

wmb194

MrFrugalFever said:

thanks Bridlington i'll bear this in mind, makes it a little more appealing now. I might set it up after mortgage sorted and then I have a better understanding of regular monthly expenditure, just hope the saver deal is still around by then!

You're worrying too much - are you asking for an overdraft? Just plug a number in.

Stargunner

MrFrugalFever said:

thanks Bridlington i'll bear this in mind, makes it a little more appealing now. I might set it up after mortgage sorted and then I have a better understanding of regular monthly expenditure, just hope the saver deal is still around by then!

You don’t need to answer a lot of the questions accurately .You could just say your outgoings are not going to increase

MrFrugalFever

wmb194 said:

MrFrugalFever said:

thanks Bridlington i'll bear this in mind, makes it a little more appealing now. I might set it up after mortgage sorted and then I have a better understanding of regular monthly expenditure, just hope the saver deal is still around by then!

You're worrying too much - are you asking for an overdraft? Just plug a number in.

No don't wish to take out an overdraft.

Stargunner said:
You don’t need to answer a lot of the questions accurately .You could just say your outgoings are not going to increase

Why would they even bother asking the question if you just put no increase by default?

kaMelo

MrFrugalFever said:

wmb194 said:

MrFrugalFever said:

thanks Bridlington i'll bear this in mind, makes it a little more appealing now. I might set it up after mortgage sorted and then I have a better understanding of regular monthly expenditure, just hope the saver deal is still around by then!

You're worrying too much - are you asking for an overdraft? Just plug a number in.

No don't wish to take out an overdraft.

Stargunner said:
You don’t need to answer a lot of the questions accurately .You could just say your outgoings are not going to increase

Why would they even bother asking the question if you just put no increase by default?

Who knows, it's not necessarily a meaningless question but it is a meaningless answer as it has no relevance to opening the account.  If you say yes just pick a number, otherwise say no.
Important to note what @35har1old  said, unless you're going to utilise the cashback on bills don't set up direct debits on the Edge current account, this will avoid having to pay an account fee.

TheElectricCow

I wouldn’t overthink it so much, the question is  to ensure you meet the (unpublished) criteria to be eligible for the account. Santander will likely have some form of minimum income requirement and they simply want to check that your fixed expenses in the near future aren’t about to reduce that income below their threshold.

Your answer should just be a reasonable estimate, and it’ll make no difference if it doesn’t reflect the reality of your expenses in 12 months time.