Santander Edge account without fees?

Northynorthy

I've seen a few times that it's theoretically possible to open an Edge account and not pay the fees. Reading through the details of the account I don't see how that is possible? There would be no DDs coming out of the account, but there would be more than £500 going in each month, I'd think the £500 would trigger the fees?

Thanks,

G

Mark_d

https://www.santander.co.uk/personal/current-accounts/santander-edge-offer

You get £36 so basically you don't have to pay fees for a year

ColdIron

So don't pay £500 in

The £500 only qualifies you for cashback, it's not a requirement for the account itself. If you only want the account for the Edge Saver and not the cashback (which you won't get as you have no DDs) then don't pay it in

No DDs or no £500 means no fees

danny13579

To pay the fee you need to satisfy the conditions for cashback, that is pay in £500+ per month into the account AND have 2 active direct debits on the account. Not doing this means no fee (and no cashback).

ThePirates

I've had mine running for 6 months now without triggering the fees - set up the DDs but don't pay in more than £500 in a month

Northynorthy

It would be a current account though, so wages would be paid into it.

Thanks,

G

PRAISETHESUN

Northynorthy said:

It would be a current account though, so wages would be paid into it.

Thanks,

G

Then don't set up any DDs on the account. AFAIK, you only pay the fee if you do both of the following: pay in £500+ and have 2x DDs paying out. If you only do one of those things (ie. £500+ and no DDs, or pay in <£500 and have 2x DDs), then you shouldn't pay the fee (as long as it's a brand new account which has never paid the fee before)

ColdIron

Most people around these parts only open the account to gain access to the 6% saver and keep their existing current accounts (wages paid in, bills paid etc). But it seems that you want to switch/close your existing current account and use Edge as your sole account

Is this really what you want to do?

If Edge was your only current account you would have to use it for your existing DDs and I would have thought you would want the cashback as it should offset the fee

It would help if you explained exactly what you are trying to achieve. Edge without the cashback or saver seems pretty pointless

Nasqueron

ColdIron said:

So don't pay £500 in

The £500 only qualifies you for cashback, it's not a requirement for the account itself. If you only want the account for the Edge Saver and not the cashback (which you won't get as you have no DDs) then don't pay it in

No DDs or no £500 means no fees

Just to be clear though, you cannot get the offer of the £36 freebie (plus any cashback from say TopCashBack) without paying in the £500. There is no requirement to have 2x DD

How does this offer work? 

You have until 7 October 2024 to open a Santander Edge current account and pay in £500 within 30 days of opening. If you meet the eligibility criteria, we’ll give you £36 which can cover the monthly fee to maintain the account for a whole year. To see full details read the terms and conditions

Are you eligible for this offer? 

• Yes, if you open a Santander Edge current account between 9 September and 7 October 2024 and this remains open on the day we make the £36 payment. 
• Yes, if you don’t hold a current account with Santander (as of 8 September 2024).

PRAISETHESUN

Nasqueron said:

ColdIron said:

So don't pay £500 in

The £500 only qualifies you for cashback, it's not a requirement for the account itself. If you only want the account for the Edge Saver and not the cashback (which you won't get as you have no DDs) then don't pay it in

No DDs or no £500 means no fees

Just to be clear though, you cannot get the offer of the £36 freebie (plus any cashback from say TopCashBack) without paying in the £500. There is no requirement to have 2x DD

How does this offer work? 

You have until 7 October 2024 to open a Santander Edge current account and pay in £500 within 30 days of opening. If you meet the eligibility criteria, we’ll give you £36 which can cover the monthly fee to maintain the account for a whole year. To see full details read the terms and conditions

Are you eligible for this offer? 

• Yes, if you open a Santander Edge current account between 9 September and 7 October 2024 and this remains open on the day we make the £36 payment. 
• Yes, if you don’t hold a current account with Santander (as of 8 September 2024).

Even better for OP then, since this is the permutation that seems to fit with their situation (will pay in salary, but not have any DDs).

Northynorthy

Hi all, thanks, I will explain more.

My OH currently has a 123 account that we would like to make our joint account as this currently has all our DD outgoings etc going out of it, so she would like another current account as hers.

The Edge account was suggested and I looked at the terms, but obviously not close enough.

It looks like she'll be able to set it up and use it as her current account and not pay fees as long as she is careful with any DDs.

Thanks,

G