Santander Edge Saver down to 6% including 1.5% bonus for 12 months

where_are_we

 My ES is still showing 7% today. I am not sure if this rate will carry on as everything is variable. I wonder if this is the new rate for new applications only. I`m glad I renewed my ES last month to get another 12 months bonus interest at the old rate.

t1redmonkey

Interesting.  I think it may just be the reduced rate for new applicants, since the Key Features state the one now available is Issue 2 and effective from 2nd August 2024: https://www.santander.co.uk/assets/s3fs-public/AD_documents/Santander Edge Saver (Issue 2) Key Facts Document SAVEMC0323AUG24IPGCDT.pdf

allegro120

where_are_we said:

 My ES is still showing 7% today. I am not sure if this rate will carry on as everything is variable. I wonder if this is the new rate for new applications only. I`m glad I renewed my ES last month to get another 12 months bonus interest at the old rate.

Based on introduction of new issue, I'm guessing that they will leave already opened accounts at 7% at least for some time.
Mine runs out on 16th August.  I was going to renew it closer to the date... it's too late now.  I'll renew when the bonus runs out and get the new ES at 6%, which is still a very good rate.

phillw

I'm glad I didn't try to renew it yesterday, though I wish I'd thought to do it before 

Pkman

My rate was 7%, now 4.5% after 12 months.

How do I 'renew' this to 6% 

allegro120

Pkman said:

My rate was 7%, now 4.5% after 12 months.

How do I 'renew' this to 6% 

Close the existing account and then open a new one.

Pkman

How to 'close it'?

I can't see the option on my app. 

Is it on the desktop only? 

allegro120

Pkman said:

How to 'close it'?

I can't see the option on my app. 

Is it on the desktop only? 

Unfortunately it is not as quick&easy as one would expect from high street bank.  You have to do it via 'chat' and it takes a couple of working days for the account to be closed.  I don't have any recent experience with closing Santander accounts, but in the past I could do it on both, desktop and app.

zombie404

Pkman said:

How to 'close it'?

I can't see the option on my app. 

Is it on the desktop only? 

Write down the account number to close and account number to pay outstanding interest into

Empty edge saver account 

Using Chat Bot in  contact us section in the app

Type close Edge Saver account.

And its all automated asks which account to close and confirms the account number u wish to close 

And what account to pay any interest owed 

Takes about 2 minutes to do via chat bot

Pkman

Thanks, have done just that last night. Hopefully it will disappear off my online banking soon and I can apply for the new one tonight. 

wiseonesomeofthetime

Pkman said:

Thanks, have done just that last night. Hopefully it will disappear off my online banking soon and I can apply for the new one tonight. 

Mine took 48 hours when I closed the 7% one and reopened a fresh 7% one, rather than hope it would still be available 16 August. A decision correctly made, for once

ChatBot - Wednesday
Free to open new one - Friday