Regular saver from Santander Edge account

friolento

Cobbler_tone said:

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%)?

You can have both. 

But only one is a Regular Saver, i.e. where your deposits are limited to a monthly maximum of £200. It matures after 12 months, meaning the maximum balance is £2,400 plus interest. Once the matured balance has been withdrawn, you can start again depositing £200 a month at the end of the 12 month period.

The other one is a normal easy access saver.which doesn't mature and which allows unlimited deposits. The interest rate on the Edge saver drops after 12 months, which is why people close the account and open another one

Cobbler_tone

friolento said:

Cobbler_tone said:

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%)?

You can have both. 

But only one is a Regular Saver, i.e. where your deposits are limited to a monthly maximum of £200. It matures after 12 months, meaning the maximum balance is £2,400 plus interest. Once the matured balance has been withdrawn, you can start again depositing £200 a month at the end of the 12 month period.

The other one is a normal easy access saver.which doesn't mature and which allows unlimited deposits. The interest rate on the Edge saver drops after 12 months, which is why people close the account and open another one

Thanks. So if I open an Edge account for the sole purpose of accessing the saving element (to £4k) there will be no £3 fee taken? I can't see reference to this in the blurb and on the application it cites a £3 monthly/£36 annual fee

Stargunner

Cobbler_tone said:

friolento said:

Cobbler_tone said:

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%)?

You can have both. 

But only one is a Regular Saver, i.e. where your deposits are limited to a monthly maximum of £200. It matures after 12 months, meaning the maximum balance is £2,400 plus interest. Once the matured balance has been withdrawn, you can start again depositing £200 a month at the end of the 12 month period.

The other one is a normal easy access saver.which doesn't mature and which allows unlimited deposits. The interest rate on the Edge saver drops after 12 months, which is why people close the account and open another one

Thanks. So if I open an Edge account for the sole purpose of accessing the saving element (to £4k) there will be no £3 fee taken? I can't see reference to this in the blurb and on the application it cites a £3 monthly/£36 annual fee

That is correct.

You can also open a joint edge account, which allows you and the joint applicant to both be able to open an edge saver each. This is in addition to your sole edge saver. 

My wife and I have 4 edge saver accounts between us.

grumpy_codger

clivep said:

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.

To clarify even further...
You can downgrade the account from Edge to normal, remove all DDs, wait a little and then upgrade back to Edge.
I've done this after triggering the fee accidentally. Don't remember how long was "a little", but not more than a month and we were able to keep both fully funded Edge savers all this time.

Cobbler_tone

Thank you. I don't use the current account. I have just upgraded to an Edge and it was instant with the saver appearing 10 mins later.

ThePirates

35har1old said:

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

Interesting! I do have DDs going out every month, but only pay £15 in. I have never paid the fee.

friolento

Cobbler_tone said:

Thank you. I don't use the current account. I have just upgraded to an Edge and it was instant with the saver appearing 10 mins later.

I never upgraded my 123 Lite because its cashback is still rather precious to me. I have only opened an additional Edge current account, back in August 2023, to get access to the Edge Saver. The Edge account was opened near instantly, and so was my first Edge Saver (I am now on my second one). I never used the The Edge current account for anything and am not getting charged for holding it.