Santander Edge Up account. 2 cashbacks but no choice where they come from.

AtleastItried

Yesterday I upgraded from a Santander 123 account!
I now only have two of the three cash backs that I had with the 123 account. (£3 down) I am left with 0.72p cash back for my water bill, £24 as one of them. This is my lowest cost utility bill!

I spent some considerable time on the phone to a pleasant young lady who couldn't help me, when I asked if I could have 3% cashback on my council tax, £245 or energy bill, £136 for example and 1% on my combined TV/ telephone, £68. A much better financial outcome as the Edge Up account financial questionnaire said I would be in profit if I switch, but now I'm not so sure.
I am not impressed with this automated switchover when there is no opportunity to fine tune the details on the original current account which hasn't been updated for probably 20 years.

Thank you for listening.

eskbanker

Surely the Edge Up proposition is simply a standard 1% of all of these bills, whereas 123 has a tiered tariff of 1/2/3% according to bill type?

To the best of my knowledge there's never been any opportunity to nominate or adjust anything - the Edge Up offer also has 1% on other spend, which is how it can be more beneficial overall than 123, but you can't get any more than 1% on the utility bills.

moneytorques

From what youve explained youve had £473 in bills from the account which is £4.73 cashback less the £3 monthly fee so £1.73 Profit.
All of the Edge Bills that are valid are paid at 1% flatrate upto £1000 worth hence the £10 cap.
The account isnt an upgrade per say but a different scheme altogether which is saving Santander money no doubt but such is the industry, all you can do is make sure you are getting the best value from the offer criteria.

danny13579

OP, is it definitely the Edge Up you have and not the Edge?

Edge Up fee is £5 per month. The cap is £15 for eligible direct debits and £15 for eligible debit card payments per month.

Cashback operates in the same way on both, 1% on eligible transactions.

AtleastItried

Thanks for the replies. These are two cash back receipts that I have received:

Edge Up 04/06/24
1 Direct Debit Payment at 3,00% Cashback  £0.72
3 Direct Debit Payments at 1,00% Cashback £3.13

123 23/05/24
1 Direct Debit Payment at 3,00% Cashback £0.72
1 Direct Debit Payment at 2,00% Cashback £2.72
4 Direct Debit Payments at 1,00% Cashback £3.26

Thank you

danny13579

AtleastItried said:

Edge Up 04/06/24
1 Direct Debit Payment at 3,00% Cashback  £0.72

Was this payment made before you upgraded to the Edge Up account?

AtleastItried

Hi Danny

Yes, this Cashback was being paid in my 123 account and is identical in Edge Up.

eskbanker

But if you only migrated from 123 to Edge Up the day before yesterday, have any of the DDs actually paid out since then?  My suspicion is that the "cash back receipts" you quote may be misleadingly presented and the Edge Up one simply reflects what you'd already earned when the account was still a 123, but if you clarify exactly when each of the DDs last paid out then that might help pinpoint any issue....

danny13579

AtleastItried said:

Hi Danny

Yes, this Cashback was being paid in my 123 account and is identical in Edge Up.

Any eligible payments made up until you upgraded on 3rd June will receive the 123 account rates. Any eligible  payments made after you upgraded will receive the Edge Up account rate (1%).

Why they have listed the 3% transaction under Edge Up I do not know. It should be under 123. All further eligible  payments you make will be 1%.

AtleastItried

I'll see what happens next month. I still think they are using the lowest option of my £24 Water bill when any of the others would pay more.

Thanks for helping.

eskbanker

AtleastItried said:

I still think they are using the lowest option of my £24 Water bill when any of the others would pay more.

I still think you're misunderstanding that Edge Up doesn't have the variable cashback rates that 123 has, and that all of the cashback on utility bills is at a flat rate of 1%, so there's no concept of them choosing to put a bill in a disadvantageous category.