Santander £185 Switch Offer: 18/03/24

BigBlueSky

BigBlueSky said:

danny13579 said:

However, if you want the switch bonus you need to pay in £1,500 and create 2 direct debits, so that will trigger the £3 monthly fee and once it starts you can't stop it being charged monthly other than by closing the Edge current account (and you'd lose the Edge saver account).

I thought the monthly fee was triggered when you start earning cashback on the account, not when you create direct debits and pay in £1,500 ?

The T&C's state:

"We’ll start charging this fee after you meet the conditions for earning cashback for the first time."

Oh, I was reading it as when you actually earned cashback for the first time, which you wouldn't do if you don't have cashback earning direct debits set up.

I see what you mean.  There isn't a way around it then it doesn't seem for those signing up for the switch offer.

I assume if you close the Edge current account you are no longer able to hold the Edge savings account ?

danny13579

BigBlueSky said:

Oh, I was reading it as when you actually earned cashback for the first time, which you wouldn't do if you don't have cashback earning direct debits set up.

Once you're eligible for cashback (i.e. you've set up 2 active direct debits and paid £500 into the account) then you're charged the £3 fee, whether or not you earn any cashback.

BigBlueSky said:

I see what you mean.  There isn't a way around it then it doesn't seem for those signing up for the switch offer.

No as the switch offer requires you to set up 2 active direct debits and deposit £1,500.

I suppose as you have up to 60 days to satisfy the switch conditions you could set up the 2 direct debits in the second month of your switch and pay in the £1,500 in the first month... thereby not satisfying the conditions for cashback until the second month you have the Edge current account, and saving £3.

But in the end if you want the bonus you need to be prepared to pay the monthly fee.

[EDIT:] ...thereby satisfying the switching conditions and not triggering the cashback requirement (and monthly £3 fee).

BigBlueSky said:

I assume if you close the Edge current account you are no longer able to hold the Edge savings account ?

Yes.

Bridlington1

BigBlueSky said:

BigBlueSky said:

danny13579 said:

However, if you want the switch bonus you need to pay in £1,500 and create 2 direct debits, so that will trigger the £3 monthly fee and once it starts you can't stop it being charged monthly other than by closing the Edge current account (and you'd lose the Edge saver account).

I thought the monthly fee was triggered when you start earning cashback on the account, not when you create direct debits and pay in £1,500 ?

The T&C's state:

"We’ll start charging this fee after you meet the conditions for earning cashback for the first time."

Oh, I was reading it as when you actually earned cashback for the first time, which you wouldn't do if you don't have cashback earning direct debits set up.

I see what you mean.  There isn't a way around it then it doesn't seem for those signing up for the switch offer.

If I'm reading the terms of the £185 offer correctly I think there could be a way of avoiding the fee. The terms of the offer state:


The terms do not state that 2 DDs need to be switched over from the old account, only that you need to have at least 2 active DDs when they assess your eligibility.

I can't see anything in the terms stopping you from switching an account to Santander without DDs, paying £1.5k in during the same month and then setting up 2 DDs the following calendar month (but still within 60 days of starting the switch). Doing this you don't meet the conditions for earning the cashback but still qualify for the £185.

danny13579

Bridlington1 said:

I can't see anything in the terms stopping you from switching an account to Santander without DDs, paying £1.5k in during the same month and then setting up 2 DDs the following calendar month (but still within 60 days of starting the switch). Doing this you don't meet the conditions for earning the cashback but still qualify for the £185.

I think we're kind of saying the same thing, except I'm assuming he wants to keep the Edge account after receiving the bonus.

Rawrzy said:

What's the best way to stop having to pay the fee while retaining the edge saver? Can you just drop it to a free account and back up or?

He would get his first month free, the fee for month 2 (when he has to satisfy the conditions for cashback to get the bonus) would be due on the next anniversary of his opening of the account.

So I think if he didn't want to keep the Edge account he could close it before this anniversary date (as soon as he has received his bonus) and avoid any fee.

Bridlington1

danny13579 said:

Bridlington1 said:

I can't see anything in the terms stopping you from switching an account to Santander without DDs, paying £1.5k in during the same month and then setting up 2 DDs the following calendar month (but still within 60 days of starting the switch). Doing this you don't meet the conditions for earning the cashback but still qualify for the £185.

I think we're kind of saying the same thing, except I'm assuming he wants to keep the Edge account after receiving the bonus.

He would get his first month free, the fee for month 2 (when he has to satisfy the conditions for cashback to get the bonus) would be due on the next anniversary of his opening of the account.

So I think if he didn't want to keep the Edge account he could close it before this anniversary date (as soon as he has received his bonus) and avoid any fee.

I'm arguing that he should be able to get his second month fee-free too. The Edge account terms state:

If you pay in £1.5k into the account in month 1 you won't qualify for cashback that month. 

If you have at least 2 active DDs on the account but pay less than £500 into the account in month 2 you won't qualify for the cashback in month 2 either as you haven't paid in £500+ in that monthly period.

Assuming you don't pay in £500+ into the Edge account during future months you will not meet the conditions for cashback and thus won't be charged a fee. But by this point you've still satisfied the conditions for the £185 as you've paid in £1.5k+ and have 2 DDs on the account but haven't qualified for the Edge account cashback as you've not met these conditions within the same month and thus don't pay the fee.

danny13579

Bridlington1 said:

danny13579 said:

Bridlington1 said:

I can't see anything in the terms stopping you from switching an account to Santander without DDs, paying £1.5k in during the same month and then setting up 2 DDs the following calendar month (but still within 60 days of starting the switch). Doing this you don't meet the conditions for earning the cashback but still qualify for the £185.

I think we're kind of saying the same thing, except I'm assuming he wants to keep the Edge account after receiving the bonus.

He would get his first month free, the fee for month 2 (when he has to satisfy the conditions for cashback to get the bonus) would be due on the next anniversary of his opening of the account.

So I think if he didn't want to keep the Edge account he could close it before this anniversary date (as soon as he has received his bonus) and avoid any fee.

I'm arguing that he should be able to get his second month fee-free too. The Edge account terms state:

If you pay in £1.5k into the account in month 1 you won't qualify for cashback that month. 

If you have at least 2 active DDs on the account but pay less than £500 into the account in month 2 you won't qualify for the cashback in month 2 either as you haven't paid in £500+ in that monthly period.

I see what you're saying, yes I think you're right and he'd get month 2 fee-free as well.

Bridlington1 said:

Assuming you don't pay in £500+ into the Edge account during future months you will not meet the conditions for cashback and thus won't be charged a fee. 

Are you sure about this? The conditions you've posted above say you won't earn cashback, not that you won't pay a fee. As far as I'm aware once you trigger the £3 by satisfying the conditions for cashback it's charged every month on the anniversary of account opening.

Bridlington1

danny13579 said:

Bridlington1 said:

danny13579 said:

Bridlington1 said:

I can't see anything in the terms stopping you from switching an account to Santander without DDs, paying £1.5k in during the same month and then setting up 2 DDs the following calendar month (but still within 60 days of starting the switch). Doing this you don't meet the conditions for earning the cashback but still qualify for the £185.

I think we're kind of saying the same thing, except I'm assuming he wants to keep the Edge account after receiving the bonus.

He would get his first month free, the fee for month 2 (when he has to satisfy the conditions for cashback to get the bonus) would be due on the next anniversary of his opening of the account.

So I think if he didn't want to keep the Edge account he could close it before this anniversary date (as soon as he has received his bonus) and avoid any fee.

I'm arguing that he should be able to get his second month fee-free too. The Edge account terms state:

If you pay in £1.5k into the account in month 1 you won't qualify for cashback that month. 

If you have at least 2 active DDs on the account but pay less than £500 into the account in month 2 you won't qualify for the cashback in month 2 either as you haven't paid in £500+ in that monthly period.

I see what you're saying, yes I think you're right and he'd get month 2 fee-free as well.

Bridlington1 said:

Assuming you don't pay in £500+ into the Edge account during future months you will not meet the conditions for cashback and thus won't be charged a fee. 

Are you sure about this? The conditions you've posted above say you won't earn cashback, not that you won't pay a fee. As far as I'm aware once you trigger the £3 by satisfying the conditions for cashback it's charged every month on the anniversary of account opening.

Apologies I appreciate I should've probably made that last point a bit clearer.

On that last point I was suggesting that if you've never met the conditions for the cashback (and thus never been charged a fee before), it doesn't matter if you keep the DDs in place or not, you won't pay the fee so long as you never pay £500+ into the account during a single month.

You are correct in stating that once you've triggered the £3 by satisfying the conditions for cashback the fee is charged every month.

danny13579

Bridlington1 said:

Apologies I appreciate I should've probably made that last point a bit clearer.

On that last point I was suggesting that if you've never met the conditions for the cashback (and thus never been charged a fee before), it doesn't matter if you keep the DDs in place or not, you won't pay the fee so long as you never pay £500+ into the account during a single month.

You are correct in stating that once you've triggered the £3 by satisfying the conditions for cashback the fee is charged every month.

Yes, it's a great way to avoid ever having to pay the monthly fee, once you're fine with not getting cashback, but it also makes you ineligible for the switching bonus.

Bridlington1

danny13579 said:

Bridlington1 said:

Apologies I appreciate I should've probably made that last point a bit clearer.

On that last point I was suggesting that if you've never met the conditions for the cashback (and thus never been charged a fee before), it doesn't matter if you keep the DDs in place or not, you won't pay the fee so long as you never pay £500+ into the account during a single month.

You are correct in stating that once you've triggered the £3 by satisfying the conditions for cashback the fee is charged every month.

Yes, it's a great way to avoid ever having to pay the monthly fee, once you're fine with not getting cashback, but it also makes you ineligible for the switching bonus.

If I'm reading the terms correctly (I only had 4 hours sleep last night so it's perfectly possible I'm not by this point) there's noting in the terms saying you would be ineligible for the switching bonus if you never qualify for the Santander Edge cashback.

You need to ``pay at least £1,500 into your Santander account" and ``have at least two active Direct Debits in place on your Santander account". There's nothing that I can see saying these must be completed within the same month, only that they must be done within 60 days of telling Santander to start the switch.

So my reading is that if you satisfy the deposit £1.5k term but don't have any DDs set up on the account in the first month, then set up the 2 DDs in the second month (but don't pay in £500+ in this month), you would still be eligible for the £185 as you've met the terms of the switching offer but you do not met the conditions for the Edge cashback and thus won't pay a fee but will still get £185.

danny13579

Bridlington1 said:

If I'm reading the terms correctly (I only had 4 hours sleep last night so it's perfectly possible I'm not by this point) there's noting in the terms saying you would be ineligible for the switching bonus if you never qualify for the Santander Edge cashback.

You need to ``pay at least £1,500 into your Santander account" and ``have at least two active Direct Debits in place on your Santander account". There's nothing that I can see saying these must be completed within the same month, only that they must be done within 60 days of telling Santander to start the switch.

So my reading is that if you satisfy the deposit £1.5k term but don't have any DDs set up on the account in the first month, then set up the 2 DDs in the second month (but don't pay in £500+ in this month), you would still be eligible for the £185 as you've met the terms of the switching offer but you do not met the conditions for the Edge cashback and thus won't pay a fee but will still get £185.

My head is starting to spin but I see what you're saying. Having had a think about it I think this would work and allow you to get the bonus and keep the Edge account without having to pay the fee at all, once you ensure you don't pay in £500 or more into the account from month 2 onwards and are OK with not getting cashback.