Santander edge 3£ maintenance fee

harz99

Newly_retired said:

harz99 said:

Newly_retired said:

I have had another email threatening to close my Edge account, even though I put £1 in. Maybe it needs to be £1 per month?

Do you have any other current accounts with Santander that are actually used, or not? 

Yes, my main current account is 123 and I have various other accounts with Santander. I worked out that I get the best deal from the 123 rather than the Edge. I want to keep theEdgesaver, but not pay a fee for the Edge c/a.
i cannot find any T&C that specify any minimum usage to keep it open for free. Maybe just a few £1 movements in and out? 

Probably a good idea from an external account.

I asked because my wife and I also have Edge accounts with a £1 balance and Edge Savers but haven't heard a thing.

We also had switched our joint 123 lite out when they closed that, and then switched back to a joint Edge with 2 more Edge Savers, so now have 2 Edge Savers each. 

friolento

seriously said:

friolento said:

seriously said:

flaneurs_lobster said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Got a nasty feeling that if you stop the £500 (why, it only needs to be there for a moment) then they will stop cashback being earned on the DDs but still charge the fee.

Any chance you can make the cashback be more than the £3 fee (add council tax, utilities, internet+TV, mobile bills)?

Otherwise open another Edge CA with no DDs and no payments in, open an Edge Saver and transfer.

I have already have two Edge CAs and two Savers, one joint with my wife and one personal. All of our bills are in the joint account and we don't pay enough (fortunately) to cover back the fee, which is fine as the Saver is more than worth it for the interest anyways!

PRAISETHESUN said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Once you qualify to be charged the monthly fee then Santander will continue to charge it, even if you stop meeting the cash back criteria in future. The only way that I'm aware of to stop the fee being charged is to downgrade to an Everyday account, or failing that, to close the account.

You could open a new Edge account and set it up to avoid being charged the monthly fee. If you never qualify for cashback (ie. never pay in £500+ and have 2x DDs pay out in a single month), then the monthly fee is never charged. Importantly, you still qualify for the Edge saver.

Thanks, I think I will wait until the Saver matures in April and then I downgrade the Edge CA and do as you say. Thank you very much! 

You don’t need to wait. You can request closure of the Edge Saver straight away - just ask in the chat. It takes a few days for them to action the closure. Once it’s gone, and once you have your new Edge current account, you can open a new Edge Saver again.

 

Oh I should have been clearer, when I meant mature, I mean it my 12 months will end in April but I do get my interest monthly anyways. 

Would be it wise to wait until I get the interest for the next payment and then close it my Edge CA after that? Then open a new CA without paying in the £500 + 2 DDs and apply for a new Edge Saver that way? It'll save me 2-3 months of the £3 fee but just wondering would I be allowed to open another one having not completed my 12 month term.

Thanks!

You can close your existing Edge Saver whenever you like. You will get interest right up to the date of closure. 

In chat, just type “close account” and follow the prompts. It takes a couple of working days for the account to vanish, and the balance plus interest to be paid into an account you specify. I move the balance myself before requesting closure, so just have the remaining interest to receive.

You also close the existing Edge current account in chat. When it’s gone, apply for a new Edge CA. Consider doung this via Topcashback as they promise £25 for it. Keep the OLA number you get given by Santander during the application as you might need it in case of queries.

When the new Edge CA is set up, apply for your new Edge Saver, again via Topcashback, as they also promise £25 for the saver.

It takes a few weeks for the cashback to be paid but you should eventually be up by £50, and save your Edge CA monthly fee.

Whilst you are at it, have a look at all the other Santander and Cahoot cashback offers currently on Topcashback 😉. Right now, Santander really like to pay you plenty for opening accounts. Strike before they stop these offers.

Nasqueron

crumpet_man said:

Nasqueron said:

seriously said:

flaneurs_lobster said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Got a nasty feeling that if you stop the £500 (why, it only needs to be there for a moment) then they will stop cashback being earned on the DDs but still charge the fee.

Any chance you can make the cashback be more than the £3 fee (add council tax, utilities, internet+TV, mobile bills)?

Otherwise open another Edge CA with no DDs and no payments in, open an Edge Saver and transfer.

I have already have two Edge CAs and two Savers, one joint with my wife and one personal. All of our bills are in the joint account and we don't pay enough (fortunately) to cover back the fee, which is fine as the Saver is more than worth it for the interest anyways!

PRAISETHESUN said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Once you qualify to be charged the monthly fee then Santander will continue to charge it, even if you stop meeting the cash back criteria in future. The only way that I'm aware of to stop the fee being charged is to downgrade to an Everyday account, or failing that, to close the account.

You could open a new Edge account and set it up to avoid being charged the monthly fee. If you never qualify for cashback (ie. never pay in £500+ and have 2x DDs pay out in a single month), then the monthly fee is never charged. Importantly, you still qualify for the Edge saver.

Thanks, I think I will wait until the Saver matures in April and then I downgrade the Edge CA and do as you say. Thank you very much! 

I have 2 personal edge accounts and 2x savers, a third one is also now possible I believe

Don't pay the fees on either

Don't think you can get three Edge current accounts.  You can have two and then have an Edge Explorer current account but don't think there is a way to avoid the monthly fee on that one.

That sounds about right thank you, I haven't looked at the Explorer so didn't know it had a fee, just saw it mentioned you could have the 3x savers. That said, with £4000 in the account, I earn £20 a month average so it might be worth it if the packaged account was useful, a net £3 gain and all the perks?

Nasqueron

friolento said:

seriously said:

friolento said:

seriously said:

flaneurs_lobster said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Got a nasty feeling that if you stop the £500 (why, it only needs to be there for a moment) then they will stop cashback being earned on the DDs but still charge the fee.

Any chance you can make the cashback be more than the £3 fee (add council tax, utilities, internet+TV, mobile bills)?

Otherwise open another Edge CA with no DDs and no payments in, open an Edge Saver and transfer.

I have already have two Edge CAs and two Savers, one joint with my wife and one personal. All of our bills are in the joint account and we don't pay enough (fortunately) to cover back the fee, which is fine as the Saver is more than worth it for the interest anyways!

PRAISETHESUN said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Once you qualify to be charged the monthly fee then Santander will continue to charge it, even if you stop meeting the cash back criteria in future. The only way that I'm aware of to stop the fee being charged is to downgrade to an Everyday account, or failing that, to close the account.

You could open a new Edge account and set it up to avoid being charged the monthly fee. If you never qualify for cashback (ie. never pay in £500+ and have 2x DDs pay out in a single month), then the monthly fee is never charged. Importantly, you still qualify for the Edge saver.

Thanks, I think I will wait until the Saver matures in April and then I downgrade the Edge CA and do as you say. Thank you very much! 

You don’t need to wait. You can request closure of the Edge Saver straight away - just ask in the chat. It takes a few days for them to action the closure. Once it’s gone, and once you have your new Edge current account, you can open a new Edge Saver again.

 

Oh I should have been clearer, when I meant mature, I mean it my 12 months will end in April but I do get my interest monthly anyways. 

Would be it wise to wait until I get the interest for the next payment and then close it my Edge CA after that? Then open a new CA without paying in the £500 + 2 DDs and apply for a new Edge Saver that way? It'll save me 2-3 months of the £3 fee but just wondering would I be allowed to open another one having not completed my 12 month term.

Thanks!

You can close your existing Edge Saver whenever you like. You will get interest right up to the date of closure. 

In chat, just type “close account” and follow the prompts. It takes a couple of working days for the account to vanish, and the balance plus interest to be paid into an account you specify. I move the balance myself before requesting closure, so just have the remaining interest to receive.

You also close the existing Edge current account in chat. When it’s gone, apply for a new Edge CA. Consider doung this via Topcashback as they promise £25 for it. Keep the OLA number you get given by Santander during the application as you might need it in case of queries.

When the new Edge CA is set up, apply for your new Edge Saver, again via Topcashback, as they also promise £25 for the saver.

It takes a few weeks for the cashback to be paid but you should eventually be up by £50, and save your Edge CA monthly fee.

Whilst you are at it, have a look at all the other Santander and Cahoot cashback offers currently on Topcashback 😉. Right now, Santander really like to pay you plenty for opening accounts. Strike before they stop these offers.

My edge saver took 6 days to close after the bonus interest rate expired and open a new one if useful?

I know as I track all the monthly interest out of the saver into another pot, as it were, and it went from the 13th of the month to the 20th (interest seems to be paid on the day after opening each month)

crumpet_man

Nasqueron said:

crumpet_man said:

Nasqueron said:

seriously said:

flaneurs_lobster said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Got a nasty feeling that if you stop the £500 (why, it only needs to be there for a moment) then they will stop cashback being earned on the DDs but still charge the fee.

Any chance you can make the cashback be more than the £3 fee (add council tax, utilities, internet+TV, mobile bills)?

Otherwise open another Edge CA with no DDs and no payments in, open an Edge Saver and transfer.

I have already have two Edge CAs and two Savers, one joint with my wife and one personal. All of our bills are in the joint account and we don't pay enough (fortunately) to cover back the fee, which is fine as the Saver is more than worth it for the interest anyways!

PRAISETHESUN said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Once you qualify to be charged the monthly fee then Santander will continue to charge it, even if you stop meeting the cash back criteria in future. The only way that I'm aware of to stop the fee being charged is to downgrade to an Everyday account, or failing that, to close the account.

You could open a new Edge account and set it up to avoid being charged the monthly fee. If you never qualify for cashback (ie. never pay in £500+ and have 2x DDs pay out in a single month), then the monthly fee is never charged. Importantly, you still qualify for the Edge saver.

Thanks, I think I will wait until the Saver matures in April and then I downgrade the Edge CA and do as you say. Thank you very much! 

I have 2 personal edge accounts and 2x savers, a third one is also now possible I believe

Don't pay the fees on either

Don't think you can get three Edge current accounts.  You can have two and then have an Edge Explorer current account but don't think there is a way to avoid the monthly fee on that one.

That sounds about right thank you, I haven't looked at the Explorer so didn't know it had a fee, just saw it mentioned you could have the 3x savers. That said, with £4000 in the account, I earn £20 a month average so it might be worth it if the packaged account was useful, a net £3 gain and all the perks?

Where would that £4000 come from to deposit into the third Edge Saver?  Not under a mattress, it will be earning some interest.  For me, I would have to take it from regular savers earning over 6% so would be a loss.  If your £4000 is in a 4% account then you are only getting an extra 2% to offset the Edge Explorer fee.

Nasqueron

crumpet_man said:

Nasqueron said:

crumpet_man said:

Nasqueron said:

seriously said:

flaneurs_lobster said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Got a nasty feeling that if you stop the £500 (why, it only needs to be there for a moment) then they will stop cashback being earned on the DDs but still charge the fee.

Any chance you can make the cashback be more than the £3 fee (add council tax, utilities, internet+TV, mobile bills)?

Otherwise open another Edge CA with no DDs and no payments in, open an Edge Saver and transfer.

I have already have two Edge CAs and two Savers, one joint with my wife and one personal. All of our bills are in the joint account and we don't pay enough (fortunately) to cover back the fee, which is fine as the Saver is more than worth it for the interest anyways!

PRAISETHESUN said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Once you qualify to be charged the monthly fee then Santander will continue to charge it, even if you stop meeting the cash back criteria in future. The only way that I'm aware of to stop the fee being charged is to downgrade to an Everyday account, or failing that, to close the account.

You could open a new Edge account and set it up to avoid being charged the monthly fee. If you never qualify for cashback (ie. never pay in £500+ and have 2x DDs pay out in a single month), then the monthly fee is never charged. Importantly, you still qualify for the Edge saver.

Thanks, I think I will wait until the Saver matures in April and then I downgrade the Edge CA and do as you say. Thank you very much! 

I have 2 personal edge accounts and 2x savers, a third one is also now possible I believe

Don't pay the fees on either

Don't think you can get three Edge current accounts.  You can have two and then have an Edge Explorer current account but don't think there is a way to avoid the monthly fee on that one.

That sounds about right thank you, I haven't looked at the Explorer so didn't know it had a fee, just saw it mentioned you could have the 3x savers. That said, with £4000 in the account, I earn £20 a month average so it might be worth it if the packaged account was useful, a net £3 gain and all the perks?

Where would that £4000 come from to deposit into the third Edge Saver?  Not under a mattress, it will be earning some interest.  For me, I would have to take it from regular savers earning over 6% so would be a loss.  If your £4000 is in a 4% account then you are only getting an extra 2% to offset the Edge Explorer fee.

Regular savers are never more profitable than savers that pay interest on the full balance from the start

First Direct 7%, max £300 a month but call it £333.33 for comparison = £150 interest
Santander 6% £4000 from day one = £240 interest

Where is 4% from?? The edge saver is 6% and you can close it and open a new one after the bonus ends

crumpet_man

Nasqueron said:

crumpet_man said:

Nasqueron said:

crumpet_man said:

Nasqueron said:

seriously said:

flaneurs_lobster said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Got a nasty feeling that if you stop the £500 (why, it only needs to be there for a moment) then they will stop cashback being earned on the DDs but still charge the fee.

Any chance you can make the cashback be more than the £3 fee (add council tax, utilities, internet+TV, mobile bills)?

Otherwise open another Edge CA with no DDs and no payments in, open an Edge Saver and transfer.

I have already have two Edge CAs and two Savers, one joint with my wife and one personal. All of our bills are in the joint account and we don't pay enough (fortunately) to cover back the fee, which is fine as the Saver is more than worth it for the interest anyways!

PRAISETHESUN said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Once you qualify to be charged the monthly fee then Santander will continue to charge it, even if you stop meeting the cash back criteria in future. The only way that I'm aware of to stop the fee being charged is to downgrade to an Everyday account, or failing that, to close the account.

You could open a new Edge account and set it up to avoid being charged the monthly fee. If you never qualify for cashback (ie. never pay in £500+ and have 2x DDs pay out in a single month), then the monthly fee is never charged. Importantly, you still qualify for the Edge saver.

Thanks, I think I will wait until the Saver matures in April and then I downgrade the Edge CA and do as you say. Thank you very much! 

I have 2 personal edge accounts and 2x savers, a third one is also now possible I believe

Don't pay the fees on either

Don't think you can get three Edge current accounts.  You can have two and then have an Edge Explorer current account but don't think there is a way to avoid the monthly fee on that one.

That sounds about right thank you, I haven't looked at the Explorer so didn't know it had a fee, just saw it mentioned you could have the 3x savers. That said, with £4000 in the account, I earn £20 a month average so it might be worth it if the packaged account was useful, a net £3 gain and all the perks?

Where would that £4000 come from to deposit into the third Edge Saver?  Not under a mattress, it will be earning some interest.  For me, I would have to take it from regular savers earning over 6% so would be a loss.  If your £4000 is in a 4% account then you are only getting an extra 2% to offset the Edge Explorer fee.

Regular savers are never more profitable than savers that pay interest on the full balance from the start

First Direct 7%, max £300 a month but call it £333.33 for comparison = £150 interest
Santander 6% £4000 from day one = £240 interest

Where is 4% from?? The edge saver is 6% and you can close it and open a new one after the bonus ends

Regular savers are never more profitable than savers that pay interest on the full balance from the start

That's wrong isn't it?  It depends completely on the accounts you are comparing, the interest rates and the maximum monthly deposit.  A regular saving paying 10% with monthly deposit of £4k (I know this account does not exist) will pay more interest than £4k in a standard savings account earning 6%

Ignoring my made up 10% account, I have £4k in a range of regular savers which are all over 6%  and that will earn more interest than £4000 in a an Edge Saver at 6%.  For example, I have £4k in a 7% Monmouthshire regular saver. 

If you open a new Edge saver and want to deposit £4000, that money is currently in some other account, correct?  What is the interest rate you are currently earning on that account?  4% is just an example of an easy access savings account.  You move £4000 from the account earning 4% (or more, I don't know what accounts you have) to an Edge saver at 6% which means you are getting 2% more interest than you were.  The interest on the Edge saver account will pay for the £17 Explorer fee plus a couple of quid extra, but you should have been earning at least £13 a month interest anyway.  Your net gain is not £3 per month, you are paying about £10 per month for the Explorer account if the £4k was previously earning 4%.  

PRAISETHESUN

Nasqueron said:

crumpet_man said:

Nasqueron said:

crumpet_man said:

Nasqueron said:

seriously said:

flaneurs_lobster said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Got a nasty feeling that if you stop the £500 (why, it only needs to be there for a moment) then they will stop cashback being earned on the DDs but still charge the fee.

Any chance you can make the cashback be more than the £3 fee (add council tax, utilities, internet+TV, mobile bills)?

Otherwise open another Edge CA with no DDs and no payments in, open an Edge Saver and transfer.

I have already have two Edge CAs and two Savers, one joint with my wife and one personal. All of our bills are in the joint account and we don't pay enough (fortunately) to cover back the fee, which is fine as the Saver is more than worth it for the interest anyways!

PRAISETHESUN said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Once you qualify to be charged the monthly fee then Santander will continue to charge it, even if you stop meeting the cash back criteria in future. The only way that I'm aware of to stop the fee being charged is to downgrade to an Everyday account, or failing that, to close the account.

You could open a new Edge account and set it up to avoid being charged the monthly fee. If you never qualify for cashback (ie. never pay in £500+ and have 2x DDs pay out in a single month), then the monthly fee is never charged. Importantly, you still qualify for the Edge saver.

Thanks, I think I will wait until the Saver matures in April and then I downgrade the Edge CA and do as you say. Thank you very much! 

I have 2 personal edge accounts and 2x savers, a third one is also now possible I believe

Don't pay the fees on either

Don't think you can get three Edge current accounts.  You can have two and then have an Edge Explorer current account but don't think there is a way to avoid the monthly fee on that one.

That sounds about right thank you, I haven't looked at the Explorer so didn't know it had a fee, just saw it mentioned you could have the 3x savers. That said, with £4000 in the account, I earn £20 a month average so it might be worth it if the packaged account was useful, a net £3 gain and all the perks?

Where would that £4000 come from to deposit into the third Edge Saver?  Not under a mattress, it will be earning some interest.  For me, I would have to take it from regular savers earning over 6% so would be a loss.  If your £4000 is in a 4% account then you are only getting an extra 2% to offset the Edge Explorer fee.

Regular savers are never more profitable than savers that pay interest on the full balance from the start

First Direct 7%, max £300 a month but call it £333.33 for comparison = £150 interest
Santander 6% £4000 from day one = £240 interest

Where is 4% from?? The edge saver is 6% and you can close it and open a new one after the bonus ends

The bit you're missing, and that @crumpet_man expands on in his post above, is that your savings doesn't exist in a vacuum. A higher rate is a higher rate and will always pay more than a lower rate.

If you have money sitting in your Edge saver earning 6%, and then over the course of the term of the RS account you drip feed it from your 6% savings account into a RS account earning more than 6%, then the overall interest earnt between both accounts will be more than if you had it sitting in only your 6% account. There's plenty of calculators online that will do the maths for you, but using your example of an Edge saver at 6% and FD RS at 7%, then you will earn approx. £234 leaving it in Edge saver for a year compared to £259 from the drip feed strategy (£135 from FD RS and £124 from the remaining portion in the Edge saver). If you're saving brand new money (eg. from income) then it makes even more sense to put it into the highest rate % account you have access to.

And that's also not counting any monthly fee you might be paying, which eats into your effective interest rate on the Edge saver.

friolento

crumpet_man said:

Nasqueron said:

crumpet_man said:

Nasqueron said:

seriously said:

flaneurs_lobster said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Got a nasty feeling that if you stop the £500 (why, it only needs to be there for a moment) then they will stop cashback being earned on the DDs but still charge the fee.

Any chance you can make the cashback be more than the £3 fee (add council tax, utilities, internet+TV, mobile bills)?

Otherwise open another Edge CA with no DDs and no payments in, open an Edge Saver and transfer.

I have already have two Edge CAs and two Savers, one joint with my wife and one personal. All of our bills are in the joint account and we don't pay enough (fortunately) to cover back the fee, which is fine as the Saver is more than worth it for the interest anyways!

PRAISETHESUN said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Once you qualify to be charged the monthly fee then Santander will continue to charge it, even if you stop meeting the cash back criteria in future. The only way that I'm aware of to stop the fee being charged is to downgrade to an Everyday account, or failing that, to close the account.

You could open a new Edge account and set it up to avoid being charged the monthly fee. If you never qualify for cashback (ie. never pay in £500+ and have 2x DDs pay out in a single month), then the monthly fee is never charged. Importantly, you still qualify for the Edge saver.

Thanks, I think I will wait until the Saver matures in April and then I downgrade the Edge CA and do as you say. Thank you very much! 

I have 2 personal edge accounts and 2x savers, a third one is also now possible I believe

Don't pay the fees on either

Don't think you can get three Edge current accounts.  You can have two and then have an Edge Explorer current account but don't think there is a way to avoid the monthly fee on that one.

That sounds about right thank you, I haven't looked at the Explorer so didn't know it had a fee, just saw it mentioned you could have the 3x savers. That said, with £4000 in the account, I earn £20 a month average so it might be worth it if the packaged account was useful, a net £3 gain and all the perks?

Where would that £4000 come from to deposit into the third Edge Saver?  Not under a mattress, it will be earning some interest.  For me, I would have to take it from regular savers earning over 6% so would be a loss.  If your £4000 is in a 4% account then you are only getting an extra 2% to offset the Edge Explorer fee.

Naturally, not everyone has £12k, or even £8k or £4k spare cash kicking about, to put into an Edge Saver. But those that have the readies could do worse than putting it into Edge Savers. 

You would  need a 7.5+% RS, dripfed with £333/mth from a 4% easy access account, to pay you the same or more than keeping £4k in an Edge Saver for a year. It would be hard / impossible to find such an RS right now. Plus there is currently the £25 TCB cashback for opening an Edge Saver. 

crumpet_man

friolento said:

crumpet_man said:

Nasqueron said:

crumpet_man said:

Nasqueron said:

seriously said:

flaneurs_lobster said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Got a nasty feeling that if you stop the £500 (why, it only needs to be there for a moment) then they will stop cashback being earned on the DDs but still charge the fee.

Any chance you can make the cashback be more than the £3 fee (add council tax, utilities, internet+TV, mobile bills)?

Otherwise open another Edge CA with no DDs and no payments in, open an Edge Saver and transfer.

I have already have two Edge CAs and two Savers, one joint with my wife and one personal. All of our bills are in the joint account and we don't pay enough (fortunately) to cover back the fee, which is fine as the Saver is more than worth it for the interest anyways!

PRAISETHESUN said:

seriously said:

I have an Edge current and Saver account but I've always had 2 x direct debits and transfer in at least £500 so I get charged the £3 fee. If I stop doing this, would they stop charging the fee? 

It wouldn't hurt to try right, as in I won't lose my Saver account and it's 6% interest?

Once you qualify to be charged the monthly fee then Santander will continue to charge it, even if you stop meeting the cash back criteria in future. The only way that I'm aware of to stop the fee being charged is to downgrade to an Everyday account, or failing that, to close the account.

You could open a new Edge account and set it up to avoid being charged the monthly fee. If you never qualify for cashback (ie. never pay in £500+ and have 2x DDs pay out in a single month), then the monthly fee is never charged. Importantly, you still qualify for the Edge saver.

Thanks, I think I will wait until the Saver matures in April and then I downgrade the Edge CA and do as you say. Thank you very much! 

I have 2 personal edge accounts and 2x savers, a third one is also now possible I believe

Don't pay the fees on either

Don't think you can get three Edge current accounts.  You can have two and then have an Edge Explorer current account but don't think there is a way to avoid the monthly fee on that one.

That sounds about right thank you, I haven't looked at the Explorer so didn't know it had a fee, just saw it mentioned you could have the 3x savers. That said, with £4000 in the account, I earn £20 a month average so it might be worth it if the packaged account was useful, a net £3 gain and all the perks?

Where would that £4000 come from to deposit into the third Edge Saver?  Not under a mattress, it will be earning some interest.  For me, I would have to take it from regular savers earning over 6% so would be a loss.  If your £4000 is in a 4% account then you are only getting an extra 2% to offset the Edge Explorer fee.

Naturally, not everyone has £12k, or even £8k or £4k spare cash kicking about, to put into an Edge Saver. But those that have the readies could do worse than putting it into Edge Savers. 

You would  need a 7.5+% RS, dripfed with £333/mth from a 4% easy access account, to pay you the same or more than keeping £4k in an Edge Saver for a year. It would be hard / impossible to find such an RS right now. Plus there is currently the £25 TCB cashback for opening an Edge Saver. 

We've gone completely off track now.  The beginning of the side track was the question around a third Edge saver, which may be possible if you have an Edge Explorer current account with a £17 monthly fee.  I am not disputing the first two Edge savers which can be obtained with zero fee.

Nasqueron commented that the interest from the third Edge saver (approx £20 per month) would offset the £17 monthly fee for the Explorer account, with a couple of pounds extra to spare.  Thus getting a free packaged current account.

I disputed this as you would be sacrificing whatever interest you could be earning on that £4k if it was not in the third Edge saver, i.e. a 4% easy access savings account which would pay around £13 a month interest.  

Therefore, the interest from the third Edge saver does not offset the £17 Explorer fee, you would still be about £10 a month down when taking into account the interest no longer received from the donor account of the £4k deposit.