Santander Edge + Nationwide Flex limits plus interest.

Darkesh

Hello, I have 4k in the Edge Saver and £1500 in the Flex. Do I need to transfer the interest out the day it is credited to the account? so I don't lose my right to the higher rate of interest. Also the day the interest is credited to the accounts, it would take me above the stated limit of the accounts. Do I lose a days interest. Thanks 

Middle_of_the_Road

No need to worry about loosing interest. It will still be paid, but only on the 4K. Same with Nationwide.

easyasonetwothree

With Santander you can have more than £4k, you just don't earn interest on anything above £4k. 

FIREmenow

You won't lose interest on the £4k and £1.5k, but the interest itself won't earn any interest. So ideally you should still move it out to somewhere that will pay interest on it - then it can compound.

I move my Edge Saver interest out on the day it is paid, into a different savings account.

where_are_we

Optimum plan is to move interest out of your Edge Saver to your most suitable high interest paying account. Do this on the day the interest is added. Remember the interest is paid out monthly one month after account was opened and can be on a non banking day eg Saturday or Sunday. You can set up an alert to your mobile for when the balance exceeds £4K.

Darkesh

Thank you all.