Santander Edge Saver (7.00% AER/6.78% gross for 12 months)

JohnSwift10

So if I open this with £4000 from my easy access saver will Santander still be paying 7% interest after a year or will they cut that as well?

ColdIron

You could read the information on the Santander web site, it's a great resource for Santander products

Top of the page:

• 7.00% AER / 6.78% gross (variable) interest on balances up to £4,000 (includes 2.50% AER / 2.47% gross (variable) bonus rate for the first 12 months from opening)​​

https://www.santander.co.uk/personal/savings-and-investments/savings/santander-edge-saver

JohnSwift10

It does not matter anyway it seems that
You're not eligible for this account yet I have a Santander EDGE UP CURRENT ACCOUNT.

ColdIron

You don't need the Edge Up current account, you need the Edge current account. It comes with a £3 monthly fee but if you don't pay the £500 per month or don't set up the direct debits it won't be charged, though you might find the cashback pays for itself

JohnSwift10

I contacted Santander and it seems that the UP is important

Only customers who have the Edge current account are eligible to open an Edge saver.

You have an Edge UP account. This account is not eligible for the Edge saver.

ColdIron

Yes as I said. So just open one and do as I said

JohnSwift10

ColdIron said:

You don't need the Edge Up current account, you need the Edge current account. It comes with a £3 monthly fee but if you don't pay the £500 per month or don't set up the direct debits it won't be charged, though you might find the cashback pays for itself

I don't think I'll bother, I don't need another current account to keep track of at my age. 80 years,.

I'm starting to realise I should start to take it easy, imagine not noticing the UP difference in the accounts.

JohnSwift10

I've just worked out that if I had an edge account and £4000 in an edge saver I will still get the same cashback but will get more interest especially when my easy access saver account with 5.08% interest is cut.

FIREmenow

ColdIron said:

You don't need the Edge Up current account, you need the Edge current account. It comes with a £3 monthly fee but if you don't pay the £500 per month or don't set up the direct debits it won't be charged, though you might find the cashback pays for itself

Hi @ColdIron apologies, this is slightly off topic, just wanted to pick up on something that you said:  You don't have to pay the account fee if you pay in less than £500/mth and have no direct debits?   A couple of follow-up questions if you don't mind...

Does this have to be the case from opening the account?  Or if you opened it and paid in and set up 2 DDs (which are required for the newly announced switcher deal) and then cancelled the DDs and stopped paying in money, would the account fee then stop?  

Thinking of switching and once the switch cashback has been paid, just keep it open for the 7% savings account.  Don't want to use it as main account for bills or spending so the cashback isn't of interest.

Many thanks for your thoughts.

soulsaver

The same fee avoidance 'hack' exists with 123 accounts.

I can confirm that if you ever start paying the 123 fee it doesn't stop, short of closing the account. You could then reopen it if available and are accepted.

I don't know for sure, but there's a good chance it'll be the same for Edge.

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FIREmenow

Thanks @soulsaver that's interesting to know, perhaps it is the same for Edge.

I would be about £40 up compared to my other easy access account rates even after the £3/mth fee, and that's without the £185 cashback too, so still worth it.