Santander 7% linked account

lr1277

I am under the impression Santander is one of the banks that says the money in the savings account can only be moved to one of their linked (Edge) accounts.

If you switch to Santander and fund the savings account, would you be happy to withdraw the savings to your current account before you switch away from Santander?

ThePirates

lr1277 said:

I am under the impression Santander is one of the banks that says the money in the savings account can only be moved to one of their linked (Edge) accounts.

You can set up multiple payees from your edge saver and transfer the money to any bank.

overspender22

Can confirm I was able to ‘downgrade’ my edge to an everyday current account. Transferred money from edge saver to everyday account. I then went on live chat and and requested to close the edge saver (the bot/AI thing took the instruction which was impressive) and a day or so later it disappeared from the app. I then reopened a new edge account and edge saver. All worked fine. 

pfpf

for all those asking about closing/opening a 7% saver.....

https://forums.moneysavingexpert.com/discussion/6474787/santander-edge-saver-renewal/p1

Over62

My OH and I had four 7% savers with the rates due to expire in July.  We have closed them all one by one and reopened them and the rates are now valid until May/June next year.  It took two or three days for the accounts to disappear but once this happened, a new one could be opened.  No issues at all.

friolento

Over62 said:

My OH and I had four 7% savers with the rates due to expire in July.  We have closed them all one by one and reopened them and the rates are now valid until May/June next year.  It took two or three days for the accounts to disappear but once this happened, a new one could be opened.  No issues at all.

The rate is still variable though

BigBlueSky

overspender22 said:

Can confirm I was able to ‘downgrade’ my edge to an everyday current account. Transferred money from edge saver to everyday account. I then went on live chat and and requested to close the edge saver (the bot/AI thing took the instruction which was impressive) and a day or so later it disappeared from the app. I then reopened a new edge account and edge saver. All worked fine. 

I assume this will also avoid the £3 monthly fee if you are only using the Edge current account for the purpose of the Edge saver, and no longer fulfilling the requirements for the monthly fee ?

overspender22

BigBlueSky said:

overspender22 said:

Can confirm I was able to ‘downgrade’ my edge to an everyday current account. Transferred money from edge saver to everyday account. I then went on live chat and and requested to close the edge saver (the bot/AI thing took the instruction which was impressive) and a day or so later it disappeared from the app. I then reopened a new edge account and edge saver. All worked fine. 

I assume this will also avoid the £3 monthly fee if you are only using the Edge current account for the purpose of the Edge saver, and no longer fulfilling the requirements for the monthly fee ?

Yep this was my reasoning for doing it. Worked!

luverlyjuberly

I opened one of these accounts last night to start today. Checking my emails I was annoyed to note that they want me to print out a form and fill it in and also to send them proof of ID (Passport details or Drivers Licence, etc. I don't have any of these. Rather ridiculously they state that I can use a letter off the HMRC instead (which again I don't have).  

Santander also state that I can use my Santander card and PIN (which will be arriving shortly) but can't do online banking.

Will I still be able to transfer the required £1,500 into the account using another online bank account ? Does anyone know?

If so I can get a new Drivers Licence form from the post office and send the ID at a later date.

danny13579

luverlyjuberly said:

I opened one of these accounts last night to start today. Checking my emails I was annoyed to note that they want me to print out a form and fill it in and also to send them proof of ID (Passport details or Drivers Licence, etc. I don't have any of these. Rather ridiculously they state that I can use a letter off the HMRC instead (which again I don't have).  

Santander also state that I can use my Santander card and PIN (which will be arriving shortly) but can't do online banking.

Will I still be able to transfer the required £1,500 into the account using another online bank account ? Does anyone know?

If so I can get a new Drivers Licence form from the post office and send the ID at a later date.

You say you opened an account (I assume an Edge or Edge Up current account for the switch offer as you mention the £1,500) and that Santander state that you can use your debit card and PIN which will be arriving shortly. If they are requiring proof of ID it sounds like the account hasn't been opened yet until they receive this proof.

Have Santander confirmed that the account is open and sent you your account number?