Santander 7% linked account

Giraffe76

danny13579 said:

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.

If i tried doing what you suggest would this avoid the monthly fee for the lifetime of me having the account?

danny13579

Giraffe76 said:

If i tried doing what you suggest would this avoid the monthly fee for the lifetime of me having the account?

Yes. Once you ensure that less than £500 is deposited into the Edge Current Account every month (each month starts on the anniversary of you opening the edge account and resets on this date). 

To trigger the £3 fee you need to fulfil the conditions for cashback. In any month deposit £500 into the Edge Current Account and have 2 active direct debits. 

35har1old

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?

Because the terms state that you have to setup the DD to get the switch incentive.
As the account is only checked after 60 days and the possibility of the payment being made 30 days after this you can't say that you have received the payment for this current incentive but are you saying this from previous switch incentives.
The fee is going to be taken in the 30 day period after assessment.
If you have previously benefited from previous incentives you likely not receive this incentive

Giraffe76

A couple of things i should point out is that i already have a chase account that pays about 4.75% which i have been using and i do have a joint named santander everyday account and a joint ISA with my mum. Would having these make any difference to me potentially getting this santander edge account?
Using the 2 monthly method mentioned above would i be able to open an edge account, get the incentive and avoid paying the monthly fee as i can deposit the 1,500 into the account required straight away.
I also have a topcashback account so could look to get something there but trying to read through all the comments has confused me a bit so just need a bit of clarification
Thanks in advance Mark

danny13579

Giraffe76 said:

A couple of things i should point out is that i already have a chase account that pays about 4.75% which i have been using and i do have a joint named santander everyday account and a joint ISA with my mum. Would having these make any difference to me potentially getting this santander edge account?

No, you can have many Santander accounts. I currently have 5 (though some I don't use anymore as I can get a better rate elsewhere).

Giraffe76 said:

Using the 2 monthly method mentioned above would i be able to open an edge account, get the incentive and avoid paying the monthly fee as i can deposit the 1,500 into the account required straight away.

Yes. Just ensure that your donor account (the account you're switching over to your new Santander Edge Current Account) has no direct debits set up on it. Put your £1,500 in straight away if you wish (you can then move it into the Edge Saver Account), then wait until a couple of days (to be on the extra safe side) after the monthly anniversary of you opening the Edge Current Account to create your 2 direct debits. Do not deposit any money into the account.

Once the direct debits are set up on the Edge Current Account within 60 days of opening the account and you've fulfilled all the other conditions of the incentive offer, then you'll get your bonus.

Giraffe76 said:

I also have a topcashback account so could look to get something there but trying to read through all the comments has confused me a bit so just need a bit of clarification

The Top Cashback offer is separate to the switching offer. Just log into your TC account, search for the Edge Current Account and click on the link. I'm not sure how familiar you are with TC but it's the same procedure for getting any cashback offer through them.

overspender22

Had an everyday account, upgraded to the Edge and have the Edge saver. But I stupidly triggered the £3 monthly fee. 

Can I ‘change exiting account’ back to an everyday account, then just change it back immediately again to an edge? And not trigger the fee?

danny13579

overspender22 said:

Had an everyday account, upgraded to the Edge and have the Edge saver. But I stupidly triggered the £3 monthly fee. 

Can I ‘change exiting account’ back to an everyday account, then just change it back immediately again to an edge? And not trigger the fee?

You can downgrade, but as far as I know the account number is the same for the downgraded account, so if you upgrade the same account again and it has the same account number, would it not still be the same Edge account?
I'm not sure this would work, possibly.

I think maybe downgrade the Edge account (or switch it out) and open a new Edge account without any direct debits on it. Or maybe if you already have an Everyday Current Account upgrade that to an Edge account after downgrading the old one. You wouldn't have to pay the £3 fee on it. 

Also, it can be beneficial to some to trigger the £3 fee, if you have a lot of utility bills per month on direct debit and/or shopping bills on the debit card. You can make up to £20 in cashback per month (£10 direct debit and £10 debit card).

danny13579

35har1old said:

Because the terms state that you have to setup the DD to get the switch incentive.
As the account is only checked after 60 days and the possibility of the payment being made 30 days after this you can't say that you have received the payment for this current incentive but are you saying this from previous switch incentives.
The fee is going to be taken in the 30 day period after assessment.
If you have previously benefited from previous incentives you likely not receive this incentive

If you received a previous switching incentive from Santander then you're not entitled to another one from this offer.

Why will the fee still be taken in the 30 day period after assessment if you follow what I said previously? I don't think I quite understand what you're saying, sorry.

friolento

Giraffe76 said:

A couple of things i should point out is that i already have a chase account that pays about 4.75% which i have been using and i do have a joint named santander everyday account and a joint ISA with my mum. Would having these make any difference to me potentially getting this santander edge account?
Using the 2 monthly method mentioned above would i be able to open an edge account, get the incentive and avoid paying the monthly fee as i can deposit the 1,500 into the account required straight away.
I also have a topcashback account so could look to get something there but trying to read through all the comments has confused me a bit so just need a bit of clarification
Thanks in advance Mark

@Giraffe76 May I suggest you review what kind of accounts you have because it is not possible to have a joint ISA. It is an Individual Savings Account and can only be held in a sole name.

Giraffe76

friolento said:

Giraffe76 said:

A couple of things i should point out is that i already have a chase account that pays about 4.75% which i have been using and i do have a joint named santander everyday account and a joint ISA with my mum. Would having these make any difference to me potentially getting this santander edge account?
Using the 2 monthly method mentioned above would i be able to open an edge account, get the incentive and avoid paying the monthly fee as i can deposit the 1,500 into the account required straight away.
I also have a topcashback account so could look to get something there but trying to read through all the comments has confused me a bit so just need a bit of clarification
Thanks in advance Mark

@Giraffe76 May I suggest you review what kind of accounts you have because it is not possible to have a joint ISA. It is an Individual Savings Account and can only be held in a sole name.

Sorry its a bond not isa