New Edge saver...reverted to 0% interest ?

I had an edge saver...paying 4% ....but interest payments took it over 4000  which is the limit...I think...either that or it reverted after 12 months....so I've transferred money to current account...to go back under the limit... Will this get me the 4 %...back...or will I have to open a new account

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  • soulsaver
    soulsaver Posts: 5,789
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    edited 28 November 2023 at 11:26PM
    Going back to £4k gets you the higher rate showing - but you get the higher rate on £4k whether over or not - but it just shows 0%.. Beyond Santander's IT capability, it appears.

    The new Edge ac pays 7.00% to £4k... and has the same foibles if exceeded...
  • daz378
    daz378 Posts: 998
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    Yea tried to open new edge saver...flagged up existing account  stopped it
  • baser999
    baser999 Posts: 1,086
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    edited 29 November 2023 at 12:18PM
    I have the maximum £4000 in an Edge Saver paying 6.78% and note that when the monthly interest is added it obviously takes it over that maximum and the rate is shown to have dropped 0%. So I just transfer the interest out and generally within a few hours it reverts back to 6.78%.
    Have recently had notice that the rate will be dropping to 4% in January being the anniversary, so will decide then where to move it to
  • lohr500
    lohr500 Posts: 925
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    baser999 said:
    I have the maximum £4000 in an Edge Saver paying 6.78% and note that when the monthly interest is added it obviously takes it over that maximum and the rate is shown to have dropped 0%. So I just transfer the interest out and generally within a few hours it reverts back to 6.78%.
    Have recently had notice that the rate will be dropping to 4% in January being the anniversary, so will decide then where to move it to
    Have a look at this thread. You may be able to close the Edge Saver a/c and then re-open to get a higher rate. It worked for me.

    https://forums.moneysavingexpert.com/discussion/6474787/santander-edge-saver-renewal
  • baser999
    baser999 Posts: 1,086
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    edited 30 November 2023 at 8:25PM
    Have moved funds out of existing ES account and applied for it to be closed; seems that could take a few days at which point I can open new ES account. Sorted, thanks. Rate the same as existing, hoping to secure it just in case it might drop, although I believe it can fluctuate.
  • I closed mine on Wednesday, interest credited to my current account yesterday, applied for new saver last night, was opened within a couple of hours, transferred £4k in last night at 6.78% gross.
  • daz378
    daz378 Posts: 998
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    My accounts ok...has reverted back to 6.7%....think I have a few months left at this rate....did open a regular saver...and will transfer the 200 pound monthly 
  • I'm going to do this but with around 8 weeks left is that too early? Wondering if its a loophole Santander may close soon.
  • kjs31
    kjs31 Posts: 148
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    All of Santander’s accounts show as 0% if you go over their maximum. I have the NLA 5.2% account and this also showed as 0% when I briefly went over the limit. Has reverted back now the balance has dropped though. As someone else said it’s clearly beyond Santander/Sabadell’s IT department to show tiered interest rates but the accounts still accrue interest at the correct rate. 

    As a quirk in its checking system Santander’s system didn’t appear to uncover that I had already applied for an Edge saver when applied for a second one. I applied for the first one and lost my signal so wasn’t sure if it had worked, so I applied for another one immediately afterwards and ended up with 2. You’d probably need to do it very quickly before the first account was open. I got the second account for 3 months before they changed it to an Everyday Saver (they wrote to me and gave me notice that it was changing). 
  • talexuser
    talexuser Posts: 3,489
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    Thanks for the heads up. I had assumed when finished you could not have another one because of the one year bonus. Closed my edge saver through the bot chat, next day removed from list, opened another one in the phone app, transferred 4k from the 5.2% saver and shows as 6.78%. Just need to diarise every month to withdraw the interest each time. Result. 
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