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

GeoffTF

TheBanker said:

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?

The email said: "Based on your bills and monthly spending, you could earn more cashback on the Santander Edge current account." I use my Santa account to pay my direct debits and move money around. They have visibility of my Barclaycard DD, but not the debit card that I use for day to day spending, which is with another bank and funded from my Skipton account. They have no idea what my monthly spending is, and I do not imagine they have spent any time thinking about it.

phillw

TheBanker said:
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.

They already stopped sending me a debit card.

Did they do that to anyone else?

GeoffTF

phillw said:

TheBanker said:
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.

They already stopped sending me a debit card.

Did they do that to anyone else?

Do you use the debit card?

surreysaver

phillw said:

TheBanker said:
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.

They already stopped sending me a debit card.

Did they do that to anyone else?

They said they wouldn't send me a debit card for my Edge if I didn't use it.

nottsphil

grumpy_codger said:

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.

So if you inadvertently spent a pound in a supermarket using its debit card, the penny cashback generated would trigger the fee until the account is closed?
I'm now thinking of getting the Edge account just to have the 6% regular saver. I have a disused Everyday Current Account, so could I just get this converted?

Middle_of_the_Road

nottsphil said:

grumpy_codger said:

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.

So if you inadvertently spent a pound in a supermarket using its debit card, the penny cashback generated would trigger the fee until the account is closed?
I'm now thinking of getting the Edge account just to have the 6% regular saver. I have a disused Everyday Current Account, so could I just get this converted?

No,
the fee is only triggered by having two DDs and paying in £500

Yes

grumpy_codger

nottsphil said:

grumpy_codger said:

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.

So if you inadvertently spent a pound in a supermarket using its debit card, the penny cashback generated would trigger the fee until the account is closed?

No.

First, you have to meet all criteria to qualify for cashback:

To earn cashback, you must:
• pay £500 into your account in each monthly period, and
• have at least two active Direct Debits set up on your account.
If you don’t do this, you won’t earn any cashback in a particular monthly period.

Secondly, you can convert Edge to some other current account instead of closing it. Then, in a while, you can convert it back to Edge. I've done this without losing my Edge Saver.

I'm now thinking of getting the Edge account just to have the 6% regular saver. I have a disused Everyday Current Account, so could I just get this converted?

Yes

friolento

nottsphil said:

grumpy_codger said:

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.

So if you inadvertently spent a pound in a supermarket using its debit card, the penny cashback generated would trigger the fee until the account is closed?
I'm now thinking of getting the Edge account just to have the 6% regular saver. I have a disused Everyday Current Account, so could I just get this converted?

It is Direct Debits which are one of the two triggers for the fees. Nothing to do with the debit card. Not that it matters, but you could cut up the debit card if you think you would use it by mistake in the shops. I keep my Edge debit cards at home in the safe, and have DO NOT USE scribbled on them with a sharpie, to help me remember not to use them.

nottsphil

nottsphil said:

grumpy_codger said:

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.

I'm now thinking of getting the Edge account just to have the 6% regular saver. I have a disused Everyday Current Account, so could I just get this converted?

It's just a simple upgrade achievable in seconds on the browser website. The Edge Saver isn't a regular saver as I thought; you just put up to £4,000 
 in and that's it, so even better.

Nasqueron

nottsphil said:

nottsphil said:

grumpy_codger said:

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.

I'm now thinking of getting the Edge account just to have the 6% regular saver. I have a disused Everyday Current Account, so could I just get this converted?

It's just a simple upgrade achievable in seconds on the browser website. The Edge Saver isn't a regular saver as I thought; you just put up to £4,000 
 in and that's it, so even better.

Interest is paid monthly on the anniversary of the account opening if you need to track it for tax purposes