Closing the Edge Saver account

allegro120

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? 

It would be more advantageous for you to close it on 25th. 
Yes, you need to empty your account prior to closure.  I don't know what happens if you don't, I always followed this rule.

Aidanmc

allegro120 said:

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? 

It would be more advantageous for you to close it on 25th. 
Yes, you need to empty your account prior to closure.  I don't know what happens if you don't, I always followed this rule.

Yes, thats what i was thinking.
But even if i withdraw the balance on 25th, there will be almost a months interest still due.
I'm sure the system would ask where i want it sent? 

allegro120

Aidanmc said:

allegro120 said:

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? 

It would be more advantageous for you to close it on 25th. 
Yes, you need to empty your account prior to closure.  I don't know what happens if you don't, I always followed this rule.

Yes, thats what i was thinking.
But even if i withdraw the balance on 25th, there will be almost a months interest still due.
I'm sure the system would ask where i want it sent? 

Yes, it will ask you this.

Aidanmc

allegro120 said:

Aidanmc said:

allegro120 said:

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? 

It would be more advantageous for you to close it on 25th. 
Yes, you need to empty your account prior to closure.  I don't know what happens if you don't, I always followed this rule.

Yes, thats what i was thinking.
But even if i withdraw the balance on 25th, there will be almost a months interest still due.
I'm sure the system would ask where i want it sent? 

Yes, it will ask you this.

Thanks, so it would also be possible to leave the full balance in the Edge saver and request closure.
Once the account is closed and balance moved to another Santander account, i would be able to open a new Edge saver and transfer the funds back in.
Just don't understand why most say to empty the Edge saver before requesting closure? Suppose if bonus term had ended this would be the best way to do it.

clivep

Aidanmc said:

allegro120 said:

Aidanmc said:

allegro120 said:

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? 

It would be more advantageous for you to close it on 25th. 
Yes, you need to empty your account prior to closure.  I don't know what happens if you don't, I always followed this rule.

Yes, thats what i was thinking.
But even if i withdraw the balance on 25th, there will be almost a months interest still due.
I'm sure the system would ask where i want it sent? 

Yes, it will ask you this.

Thanks, so it would also be possible to leave the full balance in the Edge saver and request closure.
Once the account is closed and balance moved to another Santander account, i would be able to open a new Edge saver and transfer the funds back in.
Just don't understand why most say to empty the Edge saver before requesting closure? Suppose if bonus term had ended this would be the best way to do it.

I've always emptied the Edge savers before closure but I think it's the Cahoot ones that require you to do this (which you can then close by secure message).

I find it normally takes 2 working days to close the Edge a/c. A new one can then be opened straight away. Consequently it's better to close earlier in the week so the new one gets opened before the weekend.

allegro120

Aidanmc said:

allegro120 said:

Aidanmc said:

allegro120 said:

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? 

It would be more advantageous for you to close it on 25th. 
Yes, you need to empty your account prior to closure.  I don't know what happens if you don't, I always followed this rule.

Yes, thats what i was thinking.
But even if i withdraw the balance on 25th, there will be almost a months interest still due.
I'm sure the system would ask where i want it sent? 

Yes, it will ask you this.

Thanks, so it would also be possible to leave the full balance in the Edge saver and request closure.
Once the account is closed and balance moved to another Santander account, i would be able to open a new Edge saver and transfer the funds back in.
Just don't understand why most say to empty the Edge saver before requesting closure? Suppose if bonus term had ended this would be the best way to do it.

Neither do I.  I think it has been mentioned in this forum several times as a requirement for closure, but i can't find it in t&c.  I follow this just in case I'm missing something to avoid any complications.   

Nasqueron

pfpf said:

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

You can have 2 individual edge savers with 2 current accounts (I have this)

Aidanmc

Just to update in case its helpful to someone.
On Monday around 12 noon i requested closure of Edge Saver via online chat, without withdrawing the 4k and requesting the balance to my Edge current account.
The Edge saver was not due to expire until Sat 27th.
Nothing happened on Tuesday, Edge Saver still showing 
Today the Edge saver disappeared, and the balance + interest was in my Edge current account.
Opened a new Edge Saver and replaced the 4k.

friolento

Nasqueron said:

pfpf said:

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

You can have 2 individual edge savers with 2 current accounts (I have this)

The second one must now be a joint one. They appear to have blocked the backdoor by which you could have two sole ones - but they do allow you to keep existing ones.

masonic

Aidanmc said:

Just to update in case its helpful to someone.
On Monday around 12 noon i requested closure of Edge Saver via online chat, without withdrawing the 4k and requesting the balance to my Edge current account.
The Edge saver was not due to expire until Sat 27th.
Nothing happened on Tuesday, Edge Saver still showing 
Today the Edge saver disappeared, and the balance + interest was in my Edge current account.
Opened a new Edge Saver and replaced the 4k.

As it happens, I did exactly the same, but didn't request closure until ~8pm Monday. But got the same result - opened and funded the replacement just now, but weirdly isn't yet visible in the app (even after stopping and reopening), only online banking.

Edit: Now visible in app