We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Stick with Santander 123 Current Account or Switch to Santander Edge Current Account?
Comments
-
I keep £1 in my second edge account and do a £1 transfer in and out between my main Edge account twice a month which keeps the account in a "used" state.
0 -
yes, skim off the interest once a month. I have diarised my skimoff dates, and also the "maturity" date, i.e. when the bonus rate stops after 12 months. Provided the Edge save rate is still good at the time, I then close the Edge Saver (via the ChatBot) and open a new one.
Glad to hear you managed to rearrange your funds for better profit 🖕1 -
Skim the interest in'n'out of the Edge current account if you like, just keeps a bit of activity showing on it.
0 -
Ah yeah okay, that makes sense. Is it a case of both requirements need to be met for the monthly fee to be activated? (2DD and £500 in) Not that I'd ever be moving £500+ into there, it's just be interest like you say
0 -
Haha yeah, wish I made this effort sooner!
0 -
Yes. The first time you qualify for DD cashback is when the fee gets activated. If you never qualify, by making sure to do both of those things in the same month, then you will never be charged the fee. I've got 2 Edge accounts which allows me to have 2 Edge savers, and neither Edge account gets charged the fee.
If you mess up and get charged the fee though, then it will always be charged even if you don't meet the criteria again in future. So make sure not to do that!
1 -
Cheers for the response. It'll just be an idle account for me then, won't attach any DD to it, that way I can't accidentally mess it up!
1 -
Since you're focused on interest and cashback rather than overdrafts, the key thing to consider is your spending patterns and account balances. The 123 gives decent cashback on bills but charges a monthly fee, while Edge offers interest on your balance without fees. If you're keeping reasonable amounts in current accounts and don't have massive utility bills, Edge often works out better mathematically. Worth also thinking about whether you're a basic rate or higher rate taxpayer, as that affects how much of any interest you'll actually keep. I came across this the other day which explains it better than I can - https://moneywiseuk.co.uk/tax-on-savings-interest-uk/
-1 -
You can move whatever amount you like into the Edge current account - I sometimes dip into 1 of the 2 savers I have when I run out of spare cash (have lots tied up in regular savers), then fill up at pay day, as others have said, it's the DD that activates the fee
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
1 -
I haven't setup any DDs on my edge account. So no fees have been triggered. I do however use it as my go to account for debit card use abroad as unlike the 123 and everyday accounts the edge current account has fee free spending and cash withdrawals at any atm (not just Santander ATMs).
So when I travel I transfer over money to the edge current account and use it as a travel card account
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards