Santander 7% linked account

Giraffe76

Can Anyone tell me with the monthly 7% account if I get the 7% every month so if I can put 4k in  straight away I'd get 7% on that 4k every month?

friolento

7% is the AER, where the A stands for annual.

Your monthly interest on £4,000 kept in the account every day of a month is 7% of £4,000 divided by 365 multiplied by the number of days in the month. For example, £23.01 for June

Giraffe76

So would that be compound interest and for July the interest would be on 4,023 and so on for Tue following months?

danny13579

friolento said:

7% is the AER, where the A stands for annual.

Your monthly interest on £4,000 kept in the account every day of a month is 7% of £4,000 divided by 365 multiplied by the number of days in the month. For example, £23.01 for June

6.78%, £22.29 for June (if you started the Edge account on or after 1st March 2024, i.e. a normal 365 day year).

danny13579

Giraffe76 said:

So would that be compound interest and for July the interest would be on 4,023 and so on for Tue following months?

No, interest in July is on £4000.

quicksilverfox

Giraffe76 said:

So would that be compound interest and for July the interest would be on 4,023 and so on for Tue following months?

The 7% applies up to a maximum of £4000 so it wouldn't compound if you have £4k in the account. You would get roughly the same interest payment each month, a little variation for 30/31 days

dcs34

As a rule withdraw the interest each month because it isn't earning 4% and can earn more elsewhere. I setup an alert to tell me every time the balance went over £4k.

Giraffe76

dcs34 said:

As a rule withdraw the interest each month because it isn't earning 4% and can earn more elsewhere. I setup an alert to tell me every time the balance went over £4k.

Hi, thanks for your reply. is there any chance you could tell me how to do this please

friolento

Giraffe76 said:

dcs34 said:

As a rule withdraw the interest each month because it isn't earning 4% and can earn more elsewhere. I setup an alert to tell me every time the balance went over £4k.

Hi, thanks for your reply. is there any chance you could tell me how to do this please

You can set up alerts on your acconts in online banking (not in the app). Use Santander Help if you are stuck

BigBlueSky

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?

I was just thinking about the exact same thing.

Was hoping that would work, but reading some of the comments I'm not sure.

Has anyone already tried this?