Santander Edge £36 for new customers

Casper7

Bridlington1 said:

Casper7 said:

friolento said:

Casper7 said:

Just wondering, with these offers coming on and off and people start moving from here to there. It seems you will eventually end up with lots of accounts. I like the idea but I see it hard to manage monies scattered around.

You can record the accounts you have in a simple spreadsheet. You also don't need to keep any money in current accounts, so you can let them sit at a £0 balance. Better than that, if you are patient, you can CASS switch them to close them, and often get a bonus payment in the process.

Any idea of ready made spreadsheet for this purpose?

Bridlington1 can suggests one to download?

My way is I open a word document and create a table. First column is the name of the account and the bank, second is the amount of money in, and notes column to explain why I opened this account and the goal to achieve and when I should move to another bank.

But not sure if this will work or enough if I go serious into playing this bank accounts game! 

A spreadsheet would probably be better than a word document for this, purely because once you've got a lot of accounts it's useful to be able to perform calculations automatically rather than manually adding things up. If you've got 100 accounts, each with at least 1p in them, and you want to know how much you have between the accounts, in word you've got to manually add the balances up (which is more prone to human error if adding lots of numbers and time consuming), in a spreadsheet you can just type, say, =SUM(E3:E103) and it will do this calculation automatically in less than a second.

I just started off by listing all my accounts on a spreadsheet (in a similar way to what you've already done with the word document) and then built it up from there, recording whatever I thought was useful. I never bothered with a ready made spreadsheet.

I've uploaded a blanked version of the one I've ended up with onto a OneDrive if it's any use. Feel free to download and adapt it however you wish. It was created in OpenOffice so there could be some compatibility issues if opening in Microsoft Excel (you should be able to view it on a OneDrive without issues though)

https://1drv.ms/x/s!AlUKILxMFAjta57sjPncOD2q0wo?e=cZM0MT

You can then budget however you wish from there, personally I'd say the easiest way to do this is to treat your savings accounts as one item for budgeting purposes and divide things up on a separate sheet on the spreadsheet from there, though approaches inevitably will vary.

This is really amazing spreadsheet! I downloaded it and will start using it. Many thanks  

moneyworrier2021

Does the £500 need to be in the account for a period of time before moving it bank to my main account to trigger the £36?

friolento

moneyworrier2021 said:

Does the £500 need to be in the account for a period of time before moving it bank to my main account to trigger the £36?

Unless the terms of the offer state so, the answer is no

SilverGambit

Be careful moneyworrier2021 I opened Santander account for the offer put in £500 removed it 5 hours latter account got frozen transferred to fraud department 1 hour of phone calls and 40 mile round trip to bank and 20 mins of grilling questions latter was able to remove cash so be careful buddy 

Bridlington1

SilverGambit said:

Be careful moneyworrier2021 I opened Santander account for the offer put in £500 removed it 5 hours latter account got frozen transferred to fraud department 1 hour of phone calls and 40 mile round trip to bank and 20 mins of grilling questions latter was able to remove cash so be careful buddy 

Though for balance I've used Santander for 2 years and have never had a single payment blocked, and for well over a year of that I've used them as one of my main accounts. I've bounced 4 and even 5 figure sums in and out, including briefly keeping over £20k in their 2.75% exclusive EA accounts in 2022 (back when it was a market leading rate) before I shifted it to Al Rayan when they increased to 2.81%, all without issues. I currently keep £4k in their NLA 7% Edge Saver and skim the interest off each month.

Moreover all banks block payments and freeze accounts from time to time. I had a HSBC account frozen for 23 days and a Virgin account frozen for 5 days in early 2022. I've seen reports of people having payments blocked at Co-op, Barclays, LBG, the NatWest group, First Direct (part of HSBC group), TSB, Nationwide, the list goes on.

If you avoided using any banks that sometimes block payments you'd have to give up using banks altogether so I wouldn't let this put you off using Santander in the slightest.

Nasqueron

SilverGambit said:

Be careful moneyworrier2021 I opened Santander account for the offer put in £500 removed it 5 hours latter account got frozen transferred to fraud department 1 hour of phone calls and 40 mile round trip to bank and 20 mins of grilling questions latter was able to remove cash so be careful buddy 

This often happens with new accounts, send a 1p test and see what happens first, then do the transfer

Aidanmc

Just opened the Edge account today.

If i don't set up the 2 DD's do we still receive the £36 and not have to pay the £3 monthly fee?

Mainly just opened it for the linked 6% saver.

Bridlington1

Aidanmc said:

Just opened the Edge account today.

If i don't set up the 2 DD's do we still receive the £36 and not have to pay the £3 monthly fee?

Mainly just opened it for the linked 6% saver.

Nothing in the offer Ts&Cs say you have to set up the DDs, only that you have to ``meet the general terms and conditions of the Edge account". Not setting up the DDs is permitted in general Ts&Cs of the Edge account and thus will not prevent you getting the £36.

Nasqueron

I re-read the email they sent me when I opened it and realised they wanted me to complete a form and send ID copy to them as I was a returning customer and needed to verify me. They opened the account, I have a sort code and account number, plus the card but the details are not recognised on online banking, nor is my old customer number. Bit of a pain as I can't move the £500 in for the offer terms, hopefully will be sorted soon but just in case anyone else has this. Quite annoying as I used to have an account with them, when I got a Santander credit card I was able to get straight back into the app with all my details and Nationwide were able to find me and setup immediately! 

daveaspy

I've had an Edge Current account for 3 months now, got the 175 switching cash and have maxed out the 7% saver - but I don't have enough going through the current account so only getting about 90p cashback while being charged £3. Is there a straightforward way to get rid of the charge? I've seen mention of downgrading but not sure if this then loses the 7% saver?