Regular saver from Santander Edge account

fly-catchers

I currently have a Santander Edge account which I solely use to fund the Edge Saver account. As I have not set up any DD I am not charged the £3 monthly fee. If I also set up their monthly regular saver I assume I still wouldn’t have to pay the £3 monthly fee? Am I correct?

ThePirates

Nope! I don't.

DRS1

I thought the £3 fee was for maintaining the account.  Nothing to do with direct debits.

ThePirates

DRS1 said:

I thought the £3 fee was for maintaining the account.  Nothing to do with direct debits.

It is but you don't pay it if you don't pay more than £500 into the account each month.

DRS1

Oh I never knew that.

They give the impression you have to pay £3 pm fee and have 2 direct debits and pay £500 pm in to the account.

WillPS

DRS1 said:

Oh I never knew that.

They give the impression you have to pay £3 pm fee and have 2 direct debits and pay £500 pm in to the account.

Clearly they'd prefer it if customers did that, but the option to do neither is there and always has been:
https://www.santander.co.uk/assets/s3fs-public/AD_documents/Santander_Edge_current_account_Key_Facts_Document_BANKMC0315JAN25IPGCDT.pdf

As an aside - you don't even need a paid current account to get the Regular Saver; a fee free Everyday or even a Basic current account does the trick.

allegro120

fly-catchers said:

I currently have a Santander Edge account which I solely use to fund the Edge Saver account. As I have not set up any DD I am not charged the £3 monthly fee. If I also set up their monthly regular saver I assume I still wouldn’t have to pay the £3 monthly fee? Am I correct?

Yes, you are correct. Having monthly saver won't make any difference.

where_are_we

As has been posted if you do not have 2 direct debits the £3 monthly fee will not be taken from your Edge Current account. After making your initial deposit you can fund by setting up a 11 Standing orders for the first of each subsequent month of £200 from your Edge Current account. These payments are not Direct Debits. Alternatively you can fund it manually each month.

I believe the Santander Monthly saver is becoming more worthwhile as the interest rate on easy access accounts drops  - it is 5% fixed which means the rate will not reduce for 12 months after opening one. It is also easy access so you can withdraw any time.

clivep

Just to further clarify...

The ability to avoid the fee is only if you have never triggered it. If it has been triggered then cancelling the DDs won't stop you continuing to be charged the fee.

35har1old

ThePirates said:

DRS1 said:

I thought the £3 fee was for maintaining the account.  Nothing to do with direct debits.

It is but you don't pay it if you don't pay more than £500 into the account each month.

You don't pay the fee even if you do pay more than £500 a month as long as you don’t have any DD

Cobbler_tone

Can you have both regular saver products? i.e. a regular saver from the standard current account (5%) and Edge saver from an Edge account (6%)?