Santander 7% linked account

jameseonline

I have the Edge Current Account, there are NO direct debits setup & no £500 going in every month. I haven't been charged a £3 fee.

I also have the Edge Saver maxed out at £4000 and get interest added.

I didn't do this as part of a switch deal though & obviously Santander switch offers are designed to have direct debits etc setup & tie you in the cashback scheme etc, so £3 fee etc.

MQA

surreysaver said:

MQA said:

I had opened my Edge current account purely for the Santander edge saver  7% interest . I was told in order to get the 7% interest, I need to pay the £3 monthly fee, even though I do not need the cash back rewards.  On 31/05/24. Santander had told me again, that the £3 fee is not just for cash back but for other products eg the 7% interest rate.   I wanted to check how I can stop the £3 monthly fee but still get the 7% interest?

Who told you?  You're better off reading the T&Cs yourself, or asking on here, as most of the time staff at the banks are not trained properly, and don't know what they're talking about.

I thought it was just me not uinderstanding what the staff are saying. 

MQA

Jami74 said:

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.

May I clarify with my Edge current account (which was opened with a Switch offer), if  I move my 2 direct debits out of this account and stop making payments from this accounts and not pay in £500 each month,  is it correct in thinking it will stop the £3  monthly fee and the 7% interest will stilll be paid to my Santander edge saver ?

Middle_of_the_Road

No, the fee to maintain the account won't be stopped by either measure.

danny13579

MQA said:

May I clarify with my Edge current account (which was opened with a Switch offer), if  I move my 2 direct debits out of this account and stop making payments from this accounts and not pay in £500 each month,  is it correct in thinking it will stop the £3  monthly fee and the 7% interest will stilll be paid to my Santander edge saver ?

You'll still get the 7% AER rate on the Edge saver but the £3 fee will continue.

What you can do is downgrade your Edge current account to an Everyday current account (keep this as a burner account for a future switch offer) and then open a new Edge current account without any direct debits on it. 

BarGin

I've had the Edge Saver since last August. Is it possible to restart the bonus by closing the account and then immediately open another?

danny13579

BarGin said:

I've had the Edge Saver since last August. Is it possible to restart the bonus by closing the account and then immediately open another?

I can't see why not. There's nothing in the terms (that I can find) to prevent this. The terms simply say that you get it for the first 12 months from opening the account.

BigBlueSky

BarGin said:

I've had the Edge Saver since last August. Is it possible to restart the bonus by closing the account and then immediately open another?

Has anyone tried this and had any issues? - Such as not allowing you to open a new Edge Saver after just closing one?  I'm interested in doing the same.

Its_just_Barry

I have 2 edge savers going, opened up another edge account but not activated it to pay the £3 fee

schiff

BigBlueSky said:

BarGin said:

I've had the Edge Saver since last August. Is it possible to restart the bonus by closing the account and then immediately open another?

Has anyone tried this and had any issues? - Such as not allowing you to open a new Edge Saver after just closing one?  I'm interested in doing the same.

Nobody has responded!
I've had a message about the change in interest rate (expected) in August to 4.50%.
I suppose in order to test this, closing the Edge Saver account and re-applying might work. But if it doesn't you've lost access to the 4.50% account.
4.50% is not top drawer but it may suit some eg anyone using Santander as their main account - like me. The Easy Access account dropping to 4.20% at about the same time for example.