Topcashback £25 bonus for opening a Santander Edge Current Account

Advice2017

Hi, many thanks yes I saw the earlier post which just seems to advise not setting up any direct debits, which is fine. It's just that the actual terms for the account don't mention anything about not being charged the £3 fee just because you don't set up any direct debits or receive any cashback, so I was wondering where this is written?  It also specifically says you need to set up DDs and pay in £500 each month.  Didn't want to open the account and get lumbered with a £3 per month fee.

BeachNut

Slinky said:

12Charlen80 said:

Hi, please could you point me in the right direction to avoid the fees so I can apply for this? Thanks 

Basically, open the Edge account, but don't set up the required 2 direct debits.  You won't get any cashback, but you won't get any charges either.  Then open an Edge Savings account and stick up to £4K in it.  Remove the monthly interest as it's credited if you have the maximum amount in the account, as you don't get any interest on anything over £4K. 

I don't actually use the Edge account for anything at all, I have a token tenner in the first one I opened, and nothing in the second. You can have two Edge accounts, a solo account and a joint account with somebody else. You can then have 2 Edge Saver accounts each, one linked to each of your Edge accounts, so up to £16K between you earning 7%

I've done this and it works.

I thought you might not be getting charged the fee if your account was at zero balance since they can’t take a fee that would take your account into an unapproved overdraft position, but you are saying you have a balance of £10 which has remained untouched. If that’s right I can’t see why the fee wouldn’t apply…or be accumulating…

Yorkshire_Pud

If you don’t have two direct debits paying out the cashback doesn’t work so Santander DO NOT charge the monthly fee until or if this condition is met. The account then just works as a no fee account.

If at any time the conditions for cashback are met the £3 fee kicks in and thereafter the fee is charged whether or not any cashback is earned and even if it takes the account into an unnaranged overdraft (for which Santander DO NOT charge any interest).

It’s all in the t&c and it’s an easy read! 😊 

Also there is no reason you can’t just use the account normally just NEVER add two or more direct debits. 

molerat

In the Key facts

The fee for this account is £3 per month.
We’ll start charging this fee after you meet the conditions for earning cashback for the first time.

So don't meet the conditions for cashback then no fee can be charged.

changearound1

In the Key Facts Document for the Edge CA it states: We’ll start charging this fee after you meet the conditions for earning cashback for the first time.

Therefore if you don't have any DDs on the account you won't get any cashback so you won't get charged the monthly fee. The balance on the account is irrelevant.

BeachNut

where_are_we said:

For those who are contemplating opening a Santander Edge Current Account for the various benefits not least the linked 7% Easy saver (maximum balance £4000) go to Topcashback, follow the link to Santander Edge Current Account and benefit from £25 cashback. It takes a while to come through, but my payment has just arrived. There is further info on this forum on how to avoid paying the £3 monthly fee.

Thanks for this. Do you know if topcashback payout twice if you open a sole and joint edge account? I couldn’t see anything in the offer page restricting it to once only.

where_are_we

I do not know if you will qualify twice. I can confirm what has been said, that you will not be charged a £3 monthly fee if you don`t have 2 DD`s paying out cashback. I did fund the Edge Saver £4000 through the linked Edge Current account and also remove the interest each month through the Edge Current account to have some activity. I also keep £3 minimal balance in Edge Current account in case the fee is taken. All of this is probably not necessary.

ronbell101

12Charlen80 
how do you get 16k into the edge saver thats 4 x £4000

WillPS

ronbell101 said:

12Charlen80 
how do you get 16k into the edge saver thats 4 x £4000

A couple with one sole Edge each and a joint Edge between them.

TheBanker

Although there is good advice about how to avoid the £3 fee, it's also worth looking at whether your qualifying Direct Debits would generate more than £3 cashback per month (1% cashback is paid on council tax, gas/electricity and mobile phone/internet bills each month). You also get 1% cashback on debit card spend at supermarkets, petrol stations and on public transport). There are seperate £10 caps for direct debit and debit card cashback.

I've moved all my qualifying Direct Debits to this account, so I generate more than £3 cashback. I move the £500 in each month when I get paid, then move the surplus back out again. I don't really use the debit card cashback as my Chase account gives the same benefit (although I note that Santander have launched an Edge Credit Card which pays 2% cashback with a £3 monthly fee, so that might work out better in some circumstances). 

Won't work for everyone, but for households with high bills or who don't have other cashback qualifying cards (or who have Chase but spend more than the monthly cashback cap) it can be beneficial to use the Santander Edge account even though that involves a £3 fee. If you're able to max out the cashback you would make £17 profit each month.