santander edge avoid £3 fee?

guestman

is there any way to avoid the monthly fee on the edge account? i have one of the 5% savers which are dropping to 4% so want to divert some money to another savings account but right now i only have the standard account and in order to open the 7% £4000 limit savings account it says i need the edge current account which comes with a £3 fee, if i really have to i could move some bills over lime council tax ect which would cover the fee but id like to see if there is any other tricks first


thanks

Bridlington1

From the terms:




Essentially don't set up any DDs and you won't meet the conditions for earning cashback. If you don't meet the conditions for earning cashback for the first time you won't pay the fee but can still open the 7% Edge Saver.

dcs34

I can't recall exactly without digging into the T&Cs but I believe that, provided you never make yourself eligible for the cashback, you don't get charged the fee. I think in practise this means never setting up the direct debits IIRC.

They'll email you to say you're being charged a fee and missing out on cashback, but the fee isn't charged. The T&Cs suggest you're not charged the fee until the cashback is earned, so if they do redesign the system then there is scope to contest it.

Petriix

Obviously you won't qualify for the switching bonus if you don't trigger the cashback. Presumably you pay council tax and utility bills so it's likely to work out cost-neutral at worst whatever. 

overspender22

Would cancelling the direct debits after already paying the £3 monthly fee a few times count? Would it still give interest?

guestman

i only had the instant 5% saver to start with, but recently did the switch for the free £185 which i got yesterday. so now looking at options because the 5% going down to 4% is going to be quite abit less each month because i stuff alot of money into that account

danny13579

Petriix said:

Obviously you won't qualify for the switching bonus if you don't trigger the cashback. 

There is a way of qualifying for the switching bonus and not triggering the cashback.

1: Ensure your donor account (the account you’re switching out) does not have any direct debits on it.

2: Open your Edge account and start your switch.

3: In the first month that your Edge account is open deposit your £1,500. Do not create any direct debits.

4: In the second month that your Edge account is open create your 2 direct debits. Do not deposit £500 or more into the account.

You have now qualified for the switching bonus without triggering the cashback requirement (and £3 monthly fee).

If you want to keep the Edge account without paying the £3 monthly fee, make sure not to deposit £500 or more into the account every month. This will prevent the cashback requirement from triggering.

overspender22 said:

Would cancelling the direct debits after already paying the £3 monthly fee a few times count? Would it still give interest?

No, the only way I can think of stopping the £3 monthly fee after it's been triggered is to close (or switch out) your existing Edge account and once closed open a new one without any direct debits on it.

guestman

well, i just switched to an edge account, then opened a 7% edge saver all within 3-4 mins and moved 4k over, when my instant 5% saver goes down to 4% in 2 days time ill open one of the monthly saver 5% ones aswell

ThePirates

danny13579 said:

1: Ensure your donor account (the account you’re switching out) does not have any direct debits on it.2: Open your Edge account and start your switch.

3: In the first month that your Edge account is open deposit your £1,500. Do not create any direct debits.

4: In the second month that your Edge account is open create your 2 direct debits. Do not deposit £500 or more into the account.

You have now qualified for the switching bonus without triggering the cashback requirement (and £3 monthly fee).

If you want to keep the Edge account without paying the £3 monthly fee, make sure not to deposit £500 or more into the account every month. This will prevent the cashback requirement from triggering.

No, the only way I can think of stopping the £3 monthly fee after it's been triggered is to close (or switch out) your existing Edge account and once closed open a new one without any direct debits on it.

Just trying this now - thanks for the tip! It's a good depository for my now defunct HSBC Advance account!

danny13579

ThePirates said:

Just trying this now - thanks for the tip! It's a good depository for my now defunct HSBC Advance account!

To be on the extra safe side, give it a day or two after your first month-iversary to set up the direct debits, to ensure they're set up in month 2.

Also, remember that at the end of month 2 (or possibly early in month 3) your £175 bonus will be paid into your Edge Current Account so if depositing money into it in this month make sure it's less than £325 so as not to tip you over the £500 monthly limit, thereby triggering the £3 fee.
Easiest thing is just not to deposit any money into the account at all after month 1.

Good luck!

ThePirates

I only want it for the savings account so nowt planning on putting more than a few £ in.