Santander 7% linked account

adindas

danny13579 said:

adindas said:

I just switched my account to Santander Everyday account about a month ago, so it no longer visible to switch it to Santander edge account. After getting switching reward, is it possible to upgrade it to Santander Edge to benefit 7% interest up to £4k?? Is it possible to maintain Edge account without paying the monthly fee and if yes how ? thx

Did you do the current switching offer (began 14th May) or previous switching offer (18th March to 4th April)?

I ask because the current switching offer doesn't include the Everyday account, but the previous one did.

You can change the Everyday account to an Edge current account through online banking, not through the (old) app.

One way to maintain the Edge current account without paying the £3 fee is to ensure that less than £500 is deposited into the account every month (a month starts on the month-iversary of you opening the Edge current account), thereby never satisfying the the conditions for receiving cashback.

Yes At that time it was £185 reward and Everyday account was included

monkeyman613

Is it possible to avoid the £3 fee if you already switched in an account which had 2 direct debits?

Can you cancel the direct debits, put in £1000 to get the switch reward and avoid the £3 fee?

BigBlueSky

monkeyman613 said:

Is it possible to avoid the £3 fee if you already switched in an account which had 2 direct debits?

Can you cancel the direct debits, put in £1000 to get the switch reward and avoid the £3 fee?

I was thinking it maybe possible to downgrade the account and then upgrade it afterwards - I'm not sure if this would work.

danny13579

monkeyman613 said:

Is it possible to avoid the £3 fee if you already switched in an account which had 2 direct debits?

Can you cancel the direct debits, put in £1000 to get the switch reward and avoid the £3 fee?

The direct debits need to be active when they assess your account after 60 days of requesting the switch. 

danny13579

BigBlueSky said:

monkeyman613 said:

Is it possible to avoid the £3 fee if you already switched in an account which had 2 direct debits?

Can you cancel the direct debits, put in £1000 to get the switch reward and avoid the £3 fee?

I was thinking it maybe possible to downgrade the account and then upgrade it afterwards - I'm not sure if this would work.

The Everyday account (which you would presumably downgrade to) isn't part of this current switching offer.

BigBlueSky

danny13579 said:

BigBlueSky said:

monkeyman613 said:

Is it possible to avoid the £3 fee if you already switched in an account which had 2 direct debits?

Can you cancel the direct debits, put in £1000 to get the switch reward and avoid the £3 fee?

I was thinking it maybe possible to downgrade the account and then upgrade it afterwards - I'm not sure if this would work.

The Everyday account (which you would presumably downgrade to) isn't part of this current switching offer.

That wouldn't matter.  You'd stay on the Edge current account to get your switching offer, and when it pays out, downgrade to Everyday account with no monthly fee.

What I was saying is, I'm not sure if you could then upgrade again to Edge current account and not fulfill the requirements for the £3 monthly fee, in order to get the 7% savings account.

danny13579

BigBlueSky said:

That wouldn't matter.  You'd stay on the Edge current account to get your switching offer, and when it pays out, downgrade to Everyday account with no monthly fee.

What I was saying is, I'm not sure if you could then upgrade again to Edge current account and not fulfill the requirements for the £3 monthly fee, in order to get the 7% savings account.

Someone else asked this a couple of weeks ago and I'm not sure of the answer. If you downgrade you would still have the same account number so when you upgrade again it's the same as the old Edge account.

What you could do after getting the bonus is downgrade the Edge account to an Everyday account and open a new Edge current account without any direct debits on it. 

danny13579

adindas said:

I understand that to avoid the £3 monthly fee in the Edge account and still benefit from the 7% saving interest on up to £4,000 you need to bypass the cashback condition. So, if you neither set up direct debits nor deposit £500 monthly, you could maintain the Edge current account indefinitely as a condition to get 7% saving variable interest. My questions are

1. Is my understanding correct ? 

Sometimes what stated in the TCs is not what really implemented in the execution of the program. 

Yes, though the 7% AER includes a 2.5% AER bonus for the first 12 months. After 12 months you get the 4.5% AER variable rate.

adindas said:

2. About the way around to trigger this £3 fee is this based on real experience or a hypothetical scenario based on TCs interpretation? TIA?

Real experience, many on here have benefitted from it. 

steven141

So if I transfer money into my Santander Edge current account that hasn’t been triggered yet and it ends up being more than £500 but I don’t have any direct debits on it. Will I still be charged the £3 fee?

Jami74

steven141 said:

So if I transfer money into my Santander Edge current account that hasn’t been triggered yet and it ends up being more than £500 but I don’t have any direct debits on it. Will I still be charged the £3 fee?

No.
To be eligible for cash back and therefore get charged £3 fee a month, you need to transfer £500 and have 2 direct debits.
If you don't do both of those things, you will not meet the criteria for receiving cashback, therefore you will not be charged the fee.