Stick with Santander 123 Current Account or Switch to Santander Edge Current Account?

WSB

I have had a Santander 123 Current Account for years and am wondering whether to switch to  a Santander Edge Current Account instead?

I don't need an overdraft and am more interested in interest rates and cashback.

What would be the best move? 

MisterMotivated

Their website has a cashback calculator that used to show a comparison between the Edge Current Account and 123/123 Lite account, though I couldn't say if it still shows the 123 accounts now.  You should still be able to see how much cashback/interest you'd get from the Edge account and compare to what you're getting now with 123.

I had both for a while, but binned the 123 Lite account when I binned my Santander mortgage as the subsequent cashback was only about 19p a month.  I still have Edge but not used for any DD's so it doesn't trigger the monthly fee

ZeroSum

For me 123 the cashback is greater than I'd get if I went to Edge

surreysaver

123 Lite is better for me, as I've got a Santander mortgage.
If you did switch, you'd keep the same account number and overdraft anyway.
Although I've got an Edge account as well for the Saver, but I don't get charged the fee as theres no direct debits coming out of it.

where_are_we

Why not have both. We have a 123 lite which pays about £6 cashback minus the £2 account fee each month. I also have an Edge current account which gives access to the easy access 6% Edge Saver for up to £4000. You do not pay a £3 fee on the Edge current account if you do not have 2 direct debits. If you have a partner you can also have a joint Edge current account as well as your sole Edge current account which gives you access to another £4000 Edge Saver.

My OH and I have a joint 123 lite, a sole Edge current account each along with a joint Edge current account which gives access to 4 Edge Savers@6% (2 each) with a total of £16000.

Do your calculations on cashback for 123 lite versus Edge current account to see which is better.

For us 123 lite is better.

Remember that 123 current accounts are no longer available so there is no going back if you ditch it.

You can run the Edge current accounts with almost zero balance.

ColdIron

where_are_we said:

You can run the Edge current accounts with almost zero balance.

I've been running mine at £0 since 2023

friolento

where_are_we said:

  

You can run the Edge current accounts with almost zero balance.

I have 2 Edge accounts with zero balance, alongside a 123 Lite which has a balance when payments are due

GeoffTF

MisterMotivated said:

Their website has a cashback calculator that used to show a comparison between the Edge Current Account and 123/123 Lite account, though I couldn't say if it still shows the 123 accounts now.

I have a 123 Lite account. I tried putting my numbers into the calculator and it greatly underestimated the cashback that I was receiving. That could have been my mistake, but I would not rely on the calculator. The 123 Lite is clearly the best deal for me. I do not want to do my everyday payments from my current account or place savings with the same bank.

wallofbeans

Hi All,

This is exactly what I'm looking at right now. Do I stick with my 123 Lite account or switch to the Edge? I don't have a mortgage with Santander, but would fill up the 6% saver and have all my bills coming out of my 123 Lite account at the moment.

I'm not sure how to figure out which will be better. I'm not sure what I get cashback from currently or if there is more with the Edge. Currently the monthly cashback I am getting is as follows - £1.88 (1%), £3.52 (2%) £0.93 (3%) and paying a £2.00 account maintenance fee.

Any advice on this?

grumpy_codger

wallofbeans said:

Hi All,

This is exactly what I'm looking at right now. Do I stick with my 123 Lite account or switch to the Edge? I don't have a mortgage with Santander, but would fill up the 6% saver and have all my bills coming out of my 123 Lite account at the moment.

I'm not sure how to figure out which will be better. I'm not sure what I get cashback from currently or if there is more with the Edge. Currently the monthly cashback I am getting is as follows - £1.88 (1%), £3.52 (2%) £0.93 (3%) and paying a £2.00 account maintenance fee.

Any advice on this?

Did you read this thread? Cashback (minus the fee) is easy to calculate. And for Edge Saver you can have Edge current account without any fee (and without cashback). So, for many people, myself included, a combination of 123 Lite (for cashback) and Edge (for Edge Saver) works better - just make sure you know what you are doing and don't trigger Edge monthly fee accidentally.

samal

Hi
So what triggers Edge monthly fee ?