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

youngretired

When you upgrade from a Everyday acc (previously a 123 lite), is the fee and cashback paid on the anniversary of the upgrade?
Only asking as my sisters 123 lite changed today and cashback was paid yesterday and the fee was paid end off August, but her ddr's came out today and yesterday too. So just wondering the best time for her to upgrade, next lot off ddr would be 13th?

youngretired

I upgraded my acc (converted everyday) to an Edge on the 28th after receiving my cashback and statement for my 123 lite. I've received a statement for the 28th - 3rd Sept with 1 cashback of 39p for 1 ddr! Has anyone else had this happen to them, that have upgraded as the T&C's clearly say monthly on anniversary of opening so was expecting similar date as original 123 lite! 

GeoffTF

I converted immediately after the monthly fee was taken and the cash back was paid, later on the same day. My monthly fee and cashback now appear on the next day of the month, so I have slipped one day in the process.

Nebulous2

I've had a strange email from Santander today, welcoming me to my new everyday current account, and telling me how to get it setup. 

The other thing I've noticed, since being switched to the everyday account, is that updated balances are taking longer. On the 1st of each month I use my 123 lite as a hub to switch money in and out of other accounts to meet funding requirements, and to fund regular savers. It has always been ideal for that. This month the list of transactions was about 5 or 6 behind while I was doing my normal admin. The balance was more up to date, though not always current, but it was more difficult to keep an eye on what I was doing than previously. 

Maybe Santander have implemented some additional steps behind the scenes, that delay showing the balance. 

Nasqueron

I found with the app it sometimes lags a little when you do moves but a quick refresh from the top sorts it, it's hit and miss so could well be client side not server

JEM55

where_are_we said:

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.

I’m joining this party a bit late - but this post caught my attention as we are in a similar situation of having a 123 current account (the original one before the Lite) and now no longer have a mortgage so although we get a decent cashback amount months on the utilities and phone bills,  it no longer pays a decent savings interest rate on the attached saver options.  So I was trying to work out which one to shift to when I saw this comment that you can keep the original 123 open and just open new Edge Accounts - many thanks for providing the “lightbulb moment".  I wonder if you could clarify though 8 months on, that it’s still the case that if you don't want the cashback - just the savers, you do not have to transfer any DD’s or pay in any fixed monthly amount (thereby making sure the monthly fee is not triggered) - but you can just transfer £4000 directly into each Saver.  If we open sole account each and a joint account that would be £12k @6% for the first 12 months from opening presumably? - not sure how you got 4 Edge Savers unless the joint account allows you to have one Saver each?  I am asking because you are obviously jolly knowledgeable about all things Santander so thanks in advance  

friolento

Yep you could still get 1 x sole each and one joint, free of charge so long as you don't set up DDs on them. You missed the £100 bonanza but you should still be able to get £20 for each current  account application, via TopCashback.

Once you have the current accounts, you can also open Edge Savers. Not sure whether you can get 4 but 3 definitely. The interest rate on these is variable. You can probably also recycle the Edge Savers after a year - check again closer to the time.

It used to be possible to get 2 sole Edge current accounts per person but they have closed that loophole. Only those who already have them can continue to keep them, unless Santander closes / downgrades one of them. Which they haven't done so far.

where_are_we

Are you saying you still have a 123 Santander Current account? If that is the case then you have two options. (1) Keep the 123 CA. Then you and your partner can each open a new sole Edge Current account and a new joint Edge Current account. Remember to not set up 2 Direct Debits on any of these Edge CA`s and you will not be charged the £3 monthly fee. Keep just £1 in each CA. Then you and your partner can each open an Edge Saver associated with your sole Edge CA and also each a further 2 Edge savers associated with the joint Edge CA. Then you have 4 Edge savers into which you can deposit up to £4000 (total £16000) @6% interest paid monthly so you have to remember to withdraw the interest payment each month on each account because anything over £4000 earns zero interest. Edge saver has a 1 year bonus interest but you can close it down after 1 year and reopen a new one with another 1 year bonus interest applied.
Option (2) Switch your joint 123 CA to a joint Edge CA and also open 2 new Edge CA`s. As explained above the 2 new Edge CA`s must not have 2 direct debits. Then open 4 Edge Savers. Whether you choose this option depends on what cashback minus fees you would receive on a joint 123 CA v joint Edge CA.
In my case I was forced to change from a joint 123 lite CA to a joint Edge CA in August. I`m not sure if the same fate applied to the 123 CA?
TopCashBack are offering £20 cashback for opening a new Santander Edge Current account.