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

jameseonline

solidpro said:

Doing the sums, I have a Santander current account that pays 2% on 20K @ £4 a month fee, so that's £352 p/a

I was thinking of switching it to this edge so I could get the saver but then I could only get interest on £4k less the £3 a month fee for the edge account so that would be £244.

If I could find anywhere easier to stash the £16k higher than 2% I would but I have savings accounts coming out of my ears already including Skipton, Virgin Money, halifax, etc.

You don't need to pay a fee to have the edge current account, just don't setup direct debits & don't pay in the £500 or whatever a month etc.

Therefore you can maximise your gains.

Unless you bothered about the cashback etc in which case you'll need to meet the conditions every month.

Also there's plenty of accounts paying higher than 2% so not sure why you wouldn't move your money elsewhere anyway.

Also Edge Saver isn't 7% anymore to new customers, it's 6% I think

Bridlington1

solidpro said:

Doing the sums, I have a Santander current account that pays 2% on 20K @ £4 a month fee, so that's £352 p/a

I was thinking of switching it to this edge so I could get the saver but then I could only get interest on £4k less the £3 a month fee for the edge account so that would be £244.

If I could find anywhere easier to stash the £16k higher than 2% I would but I have savings accounts coming out of my ears already including Skipton, Virgin Money, halifax, etc.

Plenty of easy access accounts pay significantly more than 2% and are just as easy to put your money into/take your money out of. See:

 https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false&id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=1&account-types=2048&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=1&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&green-account-only=2&easy-opening-account-only=2&joint-account-only=2&exclude-platform-accounts=2

allegro120

ToastLady said:

Spot on ColdIron. 30 day month interest is £22.23, 31 day £22.97 on old 7% rate. I have a monthly notification to remind me to remove interest to an easy access account.

I have Santander and Cahoot in my diary as recurring events, never lost a penny on these  

allegro120

jameseonline said:

solidpro said:

Doing the sums, I have a Santander current account that pays 2% on 20K @ £4 a month fee, so that's £352 p/a

I was thinking of switching it to this edge so I could get the saver but then I could only get interest on £4k less the £3 a month fee for the edge account so that would be £244.

If I could find anywhere easier to stash the £16k higher than 2% I would but I have savings accounts coming out of my ears already including Skipton, Virgin Money, halifax, etc.

You don't need to pay a fee to have the edge current account, just don't setup direct debits & don't pay in the £500 or whatever a month etc.

Therefore you can maximise your gains.

Unless you bothered about the cashback etc in which case you'll need to meet the conditions every month.

Also there's plenty of accounts paying higher than 2% so not sure why you wouldn't move your money elsewhere anyway.

Also Edge Saver isn't 7% anymore to new customers, it's 6% I think

At this day and time keeping £20k in the account that pays 2% is the crime against your money