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

where_are_we

Don`t pay in £500 in each month and don`t have 2 direct debits going out each month.

surreysaver

samal said:

Hi
So what triggers Edge monthly fee ?

Just don't set up any direct debits. The T&Cs say you have to fund the Edge Saver from the Edge Current Account, so in theory you cannot avoid funding the current account. But in practice I fund the saver from my Lite account without any issue 

grumpy_codger

samal said:

So what triggers Edge monthly fee ?

The cashback. Make sure you don't meet the cashback criteria. 

And beware, once triggered, the fee remains indefinitely regardless of the cashback.

goatfaced

wallofbeans said:

. 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?

Based on cashback, you would lose £1.76 as your 2% cash would would go down to 1%, and lose 62p as your 3% cashback would go down to 1% then you would pay an extra £1 in account fee so you would lose £3.38 on what you get now. You would get £3.85 cashback and pay £3 fee, leaving you 85p up. 

The difference is you could get 1% back on supermarket and travel. You can get this for free if you have a Chase account etc.

As has been said by others, you are better off keeping 123lite, and opening an Edge account if you want access to the savings account but not setting up direct debits on it so you avoid the monthly fee. 

friolento

goatfaced said:. 

The difference is you could get 1% back on supermarket and travel. You can get this for free if you have a Chase account etc.

Chase cashback has ended

goatfaced

I was under the impression Chase cashback is continuing for supermarkets and travel, but ending for other types of purchase. I'm still getting cashback from them. I have to pay in 1500 a month but I transfer it back out straight away, then transfer some in when I've got a transaction that pays cashback. 

I'm also in my first year with Nationwide so I get 1% cashback on all card spending and 5% interest on my balance. It's capped at a fiver a month so the Chase is good for the grocery spend if I'm likely to get up to the fiver limit with Nationwide. 

Others get more than 1% back through buying  discounted supermarket vouchers through employer schemes or sites like jam doughnut  but that doesn't give cashback on Aldi. 

For the OP it depends on where you spend and how much faffing you're prepared to do to make savings. If you just want to compare the 2 bank accounts then the 123lite is the better payer. 

flaneurs_lobster

friolento said:

goatfaced said:. 

The difference is you could get 1% back on supermarket and travel. You can get this for free if you have a Chase account etc.

Chase cashback has ended

It hasn't ended, just become more restrictive. Still pays out on most supermarket shops, bus/train fares & fuel.

friolento

flaneurs_lobster

friolento said:

goatfaced said:. 

The difference is you could get 1% back on supermarket and travel. You can get this for free if you have a Chase account etc.

Chase cashback has ended

It hasn't ended, just become more restrictive. Still pays out on most supermarket shops, bus/train fares & fuel.

Oh, I stand corrected. Apologies

GeoffTF

I have just received an email from Santander saying that, with my usage, I could earn more cashback with and Edge account, which is not true. I expect that they are sending the same email to all their 123 Lite customers. The 123 Lite is a generous deal. I wonder how long it will last.

TheBanker

GeoffTF said:

I have just received an email from Santander saying that, with my usage, I could earn more cashback with and Edge account, which is not true. I expect that they are sending the same email to all their 123 Lite customers. The 123 Lite is a generous deal. I wonder how long it will last.

I suspect 123 Lite's days are numbered and the campaign email you've received is the first step in trying to move customers to Edge.

Did the email say why you'd earn more cashback? Was it based on an assumption that you'd use the other Edge features like moving all your supermarket shopping to that account to get the 1% debit card cashback as well?