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.