Santander Edge savings account

Slinky

I've been informed that the rate on my savings account will drop at the anniversary of opening. I'm assuming I can just close that account and re-open another one again to get the better interest rate. Is that correct?

Bridlington1

Slinky said:

I've been informed that the rate on my savings account will drop at the anniversary of opening. I'm assuming I can just close that account and re-open another one again to get the better interest rate. Is that correct?

That's correct.

pistonbroke1

I would be interested to know if anybody has yet been challenged or had their Edge savinga ccount closed because they are not using it for cashback and therefore not paying the mthly fee or have not set up DD's.
I think like many people, I only opened it to enable opening of the Edge Saver a/c. and not intending to actually use the curent ac.   Santander tell me it is "most unlikely" to close the account for this reason.  Time will tell eh!

Slinky

pistonbroke1 said:

I would be interested to know if anybody has yet been challenged or had their Edge savinga ccount closed because they are not using it for cashback and therefore not paying the mthly fee or have not set up DD's.
I think like many people, I only opened it to enable opening of the Edge Saver a/c. and not intending to actually use the curent ac.   Santander tell me it is "most unlikely" to close the account for this reason.  Time will tell eh!

I moved our joint Edge account (which I had DDs and was paying fees on) to Natwest to get the £200 cashback. I was then told several weeks later that they would reduce the interest on the linked Savings accounts if I didn't have an Edge account by the end of November (2 months after the account move), so I opened a new joint account but this time didn't put direct debits on it. So far, no monthly fees and no issues. I've had a single Edge account open for several months with no DDs on it, no charge on that so far, and interest paying out on the linked Savings account.

wmb194

pistonbroke1 said:

I would be interested to know if anybody has yet been challenged or had their Edge savinga ccount closed because they are not using it for cashback and therefore not paying the mthly fee or have not set up DD's.
I think like many people, I only opened it to enable opening of the Edge Saver a/c. and not intending to actually use the curent ac.   Santander tell me it is "most unlikely" to close the account for this reason.  Time will tell eh!

I don't remember there being anything in the Edge Savers' terms that stipulates a fee on the associated current account needs to be paid or that it be used to earn cashback. Is there something in the T&Cs that you can point to?

where_are_we

pistonbroke1 said:

I would be interested to know if anybody has yet been challenged or had their Edge savinga ccount closed because they are not using it for cashback and therefore not paying the mthly fee or have not set up DD's.
I think like many people, I only opened it to enable opening of the Edge Saver a/c. and not intending to actually use the curent ac.   Santander tell me it is "most unlikely" to close the account for this reason.  Time will tell eh!

I think you mean Edge Current Account in your first sentence. Maybe not the best idea in the world to ask Santander whether they might close it - a low profile would be advised. When I log in, I occasionally get a "reminder" message to avail myself of the cashback, which I just ignore. I suppose you could call that a "challenge". Time will tell whether "the many people" like me and you, will benefit from a full year of interest. At least the monthly interest payments up to now should be safe?

flaneurs_lobster

where_are_we said:

pistonbroke1 said:

I would be interested to know if anybody has yet been challenged or had their Edge savinga ccount closed because they are not using it for cashback and therefore not paying the mthly fee or have not set up DD's.
I think like many people, I only opened it to enable opening of the Edge Saver a/c. and not intending to actually use the curent ac.   Santander tell me it is "most unlikely" to close the account for this reason.  Time will tell eh!

I think you mean Edge Current Account in your first sentence. Maybe not the best idea in the world to ask Santander whether they might close it - a low profile would be advised. When I log in, I occasionally get a "reminder" message to avail myself of the cashback, which I just ignore. I suppose you could call that a "challenge". Time will tell whether "the many people" like me and you, will benefit from a full year of interest. At least the monthly interest payments up to now should be safe?

I bit the bullet and moved my utility DDs from RBS Rewards (still getting £5/mth from other DDs) to Santander (getting £5.50/mth) which covers the £3/mth fee with a bit over. Bit of faff but just one less thing off the niggle list.

pistonbroke1

Thanks for the responses

MasterplanC

So are you saying you are not being charged the monthly £3 fee that is specified in the conditions because you keep your current account empty? https://www.santander.co.uk/personal/current-accounts/santander-edge-current-account

AmityNeon

MasterplanC said:

So are you saying you are not being charged the monthly £3 fee that is specified in the conditions because you keep your current account empty? https://www.santander.co.uk/personal/current-accounts/santander-edge-current-account

Yes. The monthly fee only starts being charged when the cashback conditions are fulfilled for the first time, so as long as the cashback conditions are never fulfilled, the fee is equally never charged.

wmb194

MasterplanC said:

So are you saying you are not being charged the monthly £3 fee that is specified in the conditions because you keep your current account empty? https://www.santander.co.uk/personal/current-accounts/santander-edge-current-account

You don't have to keep it empty, just don't set up two DDs on it.