Closing the Edge Saver account

fly-catchers

My 7% Edge saver account finishes its bonus part of the interest next month. I gather if you withdraw the money and close it you can then open a new one for another year at the current bonus rate. Can you close it via the app and if so how? Can’t see anything obvious.

wmb194

fly-catchers said:

My 7% Edge saver account finishes its bonus part of the interest next month. I gather if you withdraw the money and close it you can then open a new one for another year at the current bonus rate. Can you close it via the app and if so how? Can’t see anything obvious.

Tell the chat bot you want to close an account.

peter021072

Yes, ask the chat bot to close it.  Wait a few days for it to disappear then open up a new one. That procedure worked a few weeks ago for me.

ajphills

Quick question

When do you close it ? After the last payment goes in or is there a time when it should be done please ?

grumpy_codger

ajphills said:

Quick question

When do you close it ? After the last payment goes in or is there a time when it should be done please ?

What last payment? It's not a regular saver.

You close it when the 'bonus' rate drops or a little earlier.

Hal17

The process to close and open the Edge Savers was very straightforward. Used the chat option to close the accounts and 48 hours later I was able open two new accounts at 6%. Just funded the 4 accounts for my wife and I. Happy days. Just need to remember to withdraw the interest each month. 

fly-catchers

Hal17 said:

The process to close and open the Edge Savers was very straightforward. Used the chat option to close the accounts and 48 hours later I was able open two new accounts at 6%. Just funded the 4 accounts for my wife and I. Happy days. Just need to remember to withdraw the interest each month. 

Can you have two Edge Savers per Edge account? Or do you have two Edge accounts?

pfpf

one Edge Saver per individual (only one allowed) account plus one each on a joint account. 4 total.

Hal17

pfpf said:

one Edge Saver per individual (only one allowed) account plus one each on a joint account. 4 total.

Just as pfpf explained, we have 2 each, so 4 in total. 

Aidanmc

My Edge Saver bonus ends Sat 27th. 
Would it be better to close it a couple of days earlier?
Does the balance need to be zero before requesting closure and where does the remaining interest due be paid go? 

PixelPound

Aidanmc said:

My Edge Saver bonus ends Sat 27th. 
Would it be better to close it a couple of days earlier?
Does the balance need to be zero before requesting closure and where does the remaining interest due be paid go? 

When you close if it's not zero it asks where you want the money going, same with the interest. Usually one of the other accounts (e.g. Easy Access saver). Whether you want to move it out of the bank for a couple of days interest, up to you.

Difference between doing it early or waiting for it to drop is minimal. You are talking the 1.98% gross (0.005%/day) or roughly 21p on a £4K balance.