Check Santander Edge Saver 12 month bonus has come to an end

where_are_we

Many will have opened a Santander Edge Saver (SES) just over 12 months ago @7%, 2.5% of which was a 12 month bonus. The 12 months is up which means your bonus will end and your interest will drop to 4.5%.

The available SES has an interest rate of 6% including a 12 month bonus of 1.5%.

To achieve another 12 months of 1.5% bonus interest rate you can close your SES (empty it first) via chat (Sandi) online or App, wait at least a day and then apply for a new SES @6% (it opens almost immediately). Put your money back in the new SES @6%.

The savvy formumites will have done this proceedure a couple of months ago when the old SES was still 7% and locked into the 2.5% bonus for another 12 months.

WindfallWendy

I need to re-read this a couple of times I think (I'm new). But can this all be done by retaining your Santander current account?

WindfallWendy

OK, I have re-read it. 

I have just received my monthly £22 interest... I guess I might as well wait until November to do this, so I can get one more £22 payment, before doing this? 

And great advice to keep an eye on offers changing and doing this sooner! Thank you! My monitoring spreadsheet is getting bigger every week!!!!

35har1old

WindfallWendy said:

I need to re-read this a couple of times I think (I'm new). But can this all be done by retaining your Santander current account?

You need to have a edgeWindfallWendy said:

I need to re-read this a couple of times I think (I'm new). But can this all be done by retaining your Santander current account?

You need to have a Edge Current Account to apply for a Edge Saver but if you do close the current account the Edge Saver runs for another 2 months before being down graded

where_are_we

If you have an old SES and it was opened less than 12 months ago and still has the 2.5% bonus then wait until the 12 month period ends. If you then do nothing the old SES will lose its bonus and will attract at the moment 4.5% interest only and no bonus interest.

By closing the old SES @4.5% down and then a day or two later opening a new one you gain 1.5% bonus interest for another year making your new SES 6% and not the 4.5% you otherwise would have got.

Rheumatoid

where_are_we said:

If you have an old SES and it was opened less than 12 months ago and still has the 2.5% bonus then wait until the 12 month period ends. If you then do nothing the old SES will lose its bonus and will attract at the moment 4.5% interest only and no bonus interest.

By closing the old SES @4.5% down and then a day or two later opening a new one you gain 1.5% bonus interest for another year making your new SES 6% and not the 4.5% you otherwise would have got.

I've just had notification of reduction from 6.78 to 4.41 on 19/10/2024. are you saying I should close the 6.78 and open another SES before 19/10 to maintain the bonus?

soulsaver

Rheumatoid said:

where_are_we said:

If you have an old SES and it was opened less than 12 months ago and still has the 2.5% bonus then wait until the 12 month period ends. If you then do nothing the old SES will lose its bonus and will attract at the moment 4.5% interest only and no bonus interest.

By closing the old SES @4.5% down and then a day or two later opening a new one you gain 1.5% bonus interest for another year making your new SES 6% and not the 4.5% you otherwise would have got.

I've just had notification of reduction from 6.78 to 4.41 on 19/10/2024. are you saying I should close the 6.78 and open another SES before 19/10 to maintain the bonus?

Wouldn't cost you much to try it? 

PixelPound

Rheumatoid said:

where_are_we said:

If you have an old SES and it was opened less than 12 months ago and still has the 2.5% bonus then wait until the 12 month period ends. If you then do nothing the old SES will lose its bonus and will attract at the moment 4.5% interest only and no bonus interest.

By closing the old SES @4.5% down and then a day or two later opening a new one you gain 1.5% bonus interest for another year making your new SES 6% and not the 4.5% you otherwise would have got.

I've just had notification of reduction from 6.78 to 4.41 on 19/10/2024. are you saying I should close the 6.78 and open another SES before 19/10 to maintain the bonus?

Why before? You can't request to close and open straight away, you can open the day after the first closes and as the rate of the new is lower than the last (6% instead of 7% AER) best get as much of the old as possible. 

Rheumatoid

nic_c said:

Rheumatoid said:

where_are_we said:

If you have an old SES and it was opened less than 12 months ago and still has the 2.5% bonus then wait until the 12 month period ends. If you then do nothing the old SES will lose its bonus and will attract at the moment 4.5% interest only and no bonus interest.

By closing the old SES @4.5% down and then a day or two later opening a new one you gain 1.5% bonus interest for another year making your new SES 6% and not the 4.5% you otherwise would have got.

I've just had notification of reduction from 6.78 to 4.41 on 19/10/2024. are you saying I should close the 6.78 and open another SES before 19/10 to maintain the bonus?

Why before? You can't request to close and open straight away, you can open the day after the first closes and as the rate of the new is lower than the last (6% instead of 7% AER) best get as much of the old as possible. 

I thought I would need to do it before to maintain the bonus.  It looks to me that the rate post 19/10 is only 4.41 or will that also attract a bonus? 

ni_saver

Rheumatoid said:

nic_c said:

Rheumatoid said:

where_are_we said:

If you have an old SES and it was opened less than 12 months ago and still has the 2.5% bonus then wait until the 12 month period ends. If you then do nothing the old SES will lose its bonus and will attract at the moment 4.5% interest only and no bonus interest.

By closing the old SES @4.5% down and then a day or two later opening a new one you gain 1.5% bonus interest for another year making your new SES 6% and not the 4.5% you otherwise would have got.

I've just had notification of reduction from 6.78 to 4.41 on 19/10/2024. are you saying I should close the 6.78 and open another SES before 19/10 to maintain the bonus?

Why before? You can't request to close and open straight away, you can open the day after the first closes and as the rate of the new is lower than the last (6% instead of 7% AER) best get as much of the old as possible. 

I thought I would need to do it before to maintain the bonus.  It looks to me that the rate post 19/10 is only 4.41 or will that also attract a bonus? 

Santander Edge Saver Issue 1 is currently 7% AER variable for one year from opening, then it drops to 4.5% AER variable. It is no longer available to open.

Santander Edge Saver Issue 2 is currently 6% AER variable for one year from opening, then it drops to 4.5% AER variable. It is currently available to open.

You can only have 1 Edge Saver of any issue per Edge Current Account you hold with a maximum of 2 (e.g. 1 sole and 1 joint). So if you only have 1 Edge Current Account you can't have both Edge Saver Issue 1 and Edge Saver Issue 2 at the same time.

You currently have Santander Edge Saver Issue 1 and your 1 year will be up on 19/10/24. You might as well keep it until the interest rate drops so your money is earning 7% AER until then. Then you can close it and once the closure has fully processed (usually a day or 2 later) open an Issue 2 as long as it is still available. The only risk is if Issue 2 becomes no longer available in the meantime, which I think is unlikely (although of course I can't be sure).

Rheumatoid

ni_saver said:

Rheumatoid said:

nic_c said:

Rheumatoid said:

where_are_we said:

If you have an old SES and it was opened less than 12 months ago and still has the 2.5% bonus then wait until the 12 month period ends. If you then do nothing the old SES will lose its bonus and will attract at the moment 4.5% interest only and no bonus interest.

By closing the old SES @4.5% down and then a day or two later opening a new one you gain 1.5% bonus interest for another year making your new SES 6% and not the 4.5% you otherwise would have got.

I've just had notification of reduction from 6.78 to 4.41 on 19/10/2024. are you saying I should close the 6.78 and open another SES before 19/10 to maintain the bonus?

Why before? You can't request to close and open straight away, you can open the day after the first closes and as the rate of the new is lower than the last (6% instead of 7% AER) best get as much of the old as possible. 

I thought I would need to do it before to maintain the bonus.  It looks to me that the rate post 19/10 is only 4.41 or will that also attract a bonus? 

Santander Edge Saver Issue 1 is currently 7% AER variable for one year from opening, then it drops to 4.5% AER variable. It is no longer available to open.

Santander Edge Saver Issue 2 is currently 6% AER variable for one year from opening, then it drops to 4.5% AER variable. It is currently available to open.

You can only have 1 Edge Saver of any issue per Edge Current Account you hold with a maximum of 2 (e.g. 1 sole and 1 joint). So if you only have 1 Edge Current Account you can't have both Edge Saver Issue 1 and Edge Saver Issue 2 at the same time.

You currently have Santander Edge Saver Issue 1 and your 1 year will be up on 19/10/24. You might as well keep it until the interest rate drops so your money is earning 7% AER until then. Then you can close it and once the closure has fully processed (usually a day or 2 later) open an Issue 2 as long as it is still available. The only risk is if Issue 2 becomes no longer available in the meantime, which I think is unlikely (although of course I can't be sure).

V helpful thanks