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schiff

What is the routine for closing the Santander 7% account early and opening it afresh? TIA

MisterMotivated

schiff said:

What is the routine for closing the Santander 7% account early and opening it afresh? TIA

I did this last week.

1. I moved my money out of the account into one elsewhere
2. Used the Santander chat bot to close the account and tell it where I wanted the residual interest paid
3. Checked online the next afternoon and the Edge Saver had been closed
4. I clicked the Savings linke under the "Apply Online" section to open a new account that day
5. Logged out and back in so I could see the account, then moved funds back into it
   

savethepandas

schiff said:

What is the routine for closing the Santander 7% account early and opening it afresh? TIA

Last Monday I closed the account (money moved for me to my current account). use:

For Mobile Banking: 

• log on to Mobile Banking
• click 'Help centre' from the shortcuts in the top of the screen
• choose 'Chat with Sandi'
• ask to close your account and follow the steps.

 For Online Banking:

• Log on to your account
• Click the ‘Chat with us’ button on the right-hand side of the page
• Type ‘Close my account’.

Account shut on Wednesday.

Opened new account on Wednesday.

Moved money into new account on Thursday.

Surprised it took so long, thought it would be quicker. Checked several times on the Monday for it to be shut, was less keen on checking on other days, so might have been able to do it slightly quicker.

Itskarma

I didn’t realise it was possible to close and reopen the Edge saver. I opened mine in November last year, how far in advance of the opening anniversary do you need to close and reopen? Does it mean you get another year with the bonus rate? Thank you

BigBlueSky

Itskarma said:

I didn’t realise it was possible to close and reopen the Edge saver. I opened mine in November last year, how far in advance of the opening anniversary do you need to close and reopen? Does it mean you get another year with the bonus rate? Thank you

You can do it at any time.  I'm thinking of doing mine shortly, due to expire in August.

qsk

BigBlueSky said:

Itskarma said:

I didn’t realise it was possible to close and reopen the Edge saver. I opened mine in November last year, how far in advance of the opening anniversary do you need to close and reopen? Does it mean you get another year with the bonus rate? Thank you

You can do it at any time.  I'm thinking of doing mine shortly, due to expire in August.

Just curious: why the hurry? Why not wait for it to expire in a month time?

Rheumatoid

qsk said:

BigBlueSky said:

Itskarma said:

I didn’t realise it was possible to close and reopen the Edge saver. I opened mine in November last year, how far in advance of the opening anniversary do you need to close and reopen? Does it mean you get another year with the bonus rate? Thank you

You can do it at any time.  I'm thinking of doing mine shortly, due to expire in August.

Just curious: why the hurry? Why not wait for it to expire in a month time?

I guess people are nervous about it getting withdrawn without notice

Bridlington1

Rheumatoid said:

qsk said:

BigBlueSky said:

Itskarma said:

I didn’t realise it was possible to close and reopen the Edge saver. I opened mine in November last year, how far in advance of the opening anniversary do you need to close and reopen? Does it mean you get another year with the bonus rate? Thank you

You can do it at any time.  I'm thinking of doing mine shortly, due to expire in August.

Just curious: why the hurry? Why not wait for it to expire in a month time?

I guess people are nervous about it getting withdrawn without notice

Also another advantage is that interest is paid on the monthaversary of account opening so it could be advantageous to refresh it early so that interest is paid at a more convenient time of the month. E.g. if interest is currently paid on 2nd of the month and you are wanting to have as much of your savings interest paid after the end of the tax year, refreshing it so that interest is paid on 6th of the month could be helpful as it will push an interest payment into the next tax year and so on.

Bridlington1

@soulsaver
Chase Saver 'Boosted' 5.10% until Nov/Jan to go NLA tomorrow.

Middle_of_the_Road

Bridlington1 said:

@soulsaver
Chase Saver 'Boosted' 5.10% until Nov/Jan to go NLA tomorrow.

MSE published an article yesterday. The link was only posted in the active Chase thread.

https://www.moneysavingexpert.com/news/2024/07/chase-boosted-saver-last-chance/