Santander 7% linked account

Giraffe76

Hi all

I'm a serial bank switcher and am interested in switching to the Santander edge account as I have a small lump sum that I could also move to the linked 7% account that you get access to with the edge account but I don't know how long I would be with the Santander because if another switch offer became available I would move again so I was wondering if it's worth switching to get the 7% linked account.
Does anyone know if the interest is monthly or yearly and is it worth moving the money to this account?
Hope I haven't waffled and this post makes sense
Kind regards Mark 

Digital_Payback

The San. Edge Saver pays interest monthly. 

I opened mine on 27th of the month, interest paid on 28th each month. 

I reckon the 7% is certainly worth it at present, but is variable, so could change.  

jameseonline

Giraffe76 said:

Hi all

I'm a serial bank switcher and am interested in switching to the Santander edge account as I have a small lump sum that I could also move to the linked 7% account that you get access to with the edge account but I don't know how long I would be with the Santander because if another switch offer became available I would move again so I was wondering if it's worth switching to get the 7% linked account.
Does anyone know if the interest is monthly or yearly and is it worth moving the money to this account?
Hope I haven't waffled and this post makes sense
Kind regards Mark 

It pays monthly, the rate is variable but worth it.

I have the Edge Current Account & Edge Saver. (Along with other Santander accounts)

However I don't have any direct debits etc setup so don't pay the account fee so ineligible for the account cashback.

Serial switcher huh?, surely you could setup a spare account and keep Santander active?.

I like to keep accounts I put the effort in to get, that way should anything new come up I can more easily get things, move money around etc.

Also you can get cashback from TopCashback/Quidco for opening a Santander Edge/Edge Up account 

Rawrzy

You should probably consider getting a Chase account or something which you can switch out of multiple times if you're a serial switcher. That way you can keep some accounts around for their bonuses. That said, even if you switch out of Santander, they do let you keep the 7% saver for 2 months until converting it to their lower tier easy access acount.

noh

Don't switch to the Edge account. Switch to a non fee paying current account such as the Everday Account. That will earn you your switch bonus.
After your Everday current account is set up open an Edge current account but do not set up any DDs on it that way you will avoid the fee and can open the 7% linked saver.
If another switch offer comes up elsewhere you can switch out your Everyday current account and keep the Edge Account and its saver.

Edit: My mistake. The Everyday current account is not eligible for the switch offer as pointed out below

danny13579

noh said:

Don't switch to the Edge account. Switch to a non fee paying current account such as the Everday Account. That will earn you your switch bonus.

No it won't, the Everyday Current Account is excluded from this switching offer.

noh said:

After your Everday current account is set up open an Edge current account but do not set up any DDs on it that way you will avoid the fee and can open the 7% linked saver.

Just open the Edge Current Account and read my guide here (second last post) if you want to avoid the £3 monthly fee.

35har1old

noh said:

Don't switch to the Edge account. Switch to a non fee paying current account such as the Everday Account. That will earn you your switch bonus.
After your Everday current account is set up open an Edge current account but do not set up any DDs on it that way you will avoid the fee and can open the 7% linked saver.
If another switch offer comes up elsewhere you can switch out your Everyday current account and keep the Edge Account and its saver.

Everyday account isn't eligible for the current switch payment offer

35har1old

danny13579 said:

noh said:

Don't switch to the Edge account. Switch to a non fee paying current account such as the Everday Account. That will earn you your switch bonus.

No it won't, the Everyday Current Account is excluded from this switching offer.

noh said:

After your Everday current account is set up open an Edge current account but do not set up any DDs on it that way you will avoid the fee and can open the 7% linked saver.

Just open the Edge Current Account and read my guide here (second last post) if you want to avoid the £3 monthly fee.

If you take the avoid the fee route you won't receive the switch bonus 

danny13579

35har1old said:

If you take the avoid the fee route you won't receive the switch bonus 

Can you explain why you think this?

TheBanker

danny13579 said:

35har1old said:

If you take the avoid the fee route you won't receive the switch bonus 

Can you explain why you think this?

The Edge account fee is triggered when you qualify for account cashback (i.e. the direct debit/card spend related cashback) - i.e. you have two active Direct Debits and have deposited at least £500. If you don't meet these conditions, you don't pay a fee but don't get the account cashback. You can still have the Edge Saver.

The account switching incentive requires two active Direct Debits and a deposit of £1,500 to qualify. 

I'm not sure how you can meet the switching incentive criteria without triggering the Edge Account monthly fee? Once the fee triggers it's charged every month - they don't waive it for months where you don't meet the conditions.

There might be a convoluted way involving opening more than one Edge Account I suppose. 

danny13579

TheBanker said:

danny13579 said:

35har1old said:

If you take the avoid the fee route you won't receive the switch bonus 

Can you explain why you think this?

The Edge account fee is triggered when you qualify for account cashback (i.e. the direct debit/card spend related cashback) - i.e. you have two active Direct Debits and have deposited at least £500. If you don't meet these conditions, you don't pay a fee but don't get the account cashback. You can still have the Edge Saver.

The account switching incentive requires two active Direct Debits and a deposit of £1,500 to qualify. 

I'm not sure how you can meet the switching incentive criteria without triggering the Edge Account monthly fee? 

Month 1 of Edge account: Deposit £1,500 into Edge account. No direct debits are on the account. Edge account fee not triggered.

Month 2 of Edge account: 2 direct debits set up. No money deposited into account. Edge account fee not triggered.

Now your direct debits and deposit of £1,500 are completed within 60 days. So you qualify for the incentive and haven't triggered the monthly fee.