TSB or SANTANDER REGULAR SAVER?

Bob2000

I currently have two current accounts  with TSB  and Santander. The Santander  one is from a switch recently  completed (not in use), and the TSB  one is a spare that l never use.

If you had to pick one to use the regular saver attached to the current account, which would you use?

Both are fixed both currently at 5%.

Stargunner

Firstly, I would convert the unused santander account to an edge account. If you don’t meet the qualifying criteria to earn the cashback you will not be charged the £3 monthly fee. 

Then you can open an efge saver that pays 6% for balances up yo £4000.

jaypers

I’ve got both, although my TSB is still 6%. Nothing to choose between them.

What_time_is_it

Stargunner said:

Firstly, I would convert the unused santander account to an edge account. If you don’t meet the qualifying criteria to earn the cashback you will not be charged the £3 monthly fee. 

Then you can open an efge saver that pays 6% for balances up yo £4000.

Can you explain how the “not meeting the qualifying criteria” works? I thought they charged £3 a month regardless? Would be great if I can avoid that charge!

wmb194

What_time_is_it said:

Stargunner said:

Firstly, I would convert the unused santander account to an edge account. If you don’t meet the qualifying criteria to earn the cashback you will not be charged the £3 monthly fee. 

Then you can open an efge saver that pays 6% for balances up yo £4000.

Can you explain how the “not meeting the qualifying criteria” works? I thought they charged £3 a month regardless? Would be great if I can avoid that charge!

Just don't put two DDs on it.

surreysaver

What_time_is_it said:

Stargunner said:

Firstly, I would convert the unused santander account to an edge account. If you don’t meet the qualifying criteria to earn the cashback you will not be charged the £3 monthly fee. 

Then you can open an efge saver that pays 6% for balances up yo £4000.

Can you explain how the “not meeting the qualifying criteria” works? I thought they charged £3 a month regardless? Would be great if I can avoid that charge!

You don't meet the qualifying criteria by not setting up any direct debits. You then won't be charged the fee

What_time_is_it

wmb194 said:

What_time_is_it said:

Stargunner said:

Firstly, I would convert the unused santander account to an edge account. If you don’t meet the qualifying criteria to earn the cashback you will not be charged the £3 monthly fee. 

Then you can open an efge saver that pays 6% for balances up yo £4000.

Can you explain how the “not meeting the qualifying criteria” works? I thought they charged £3 a month regardless? Would be great if I can avoid that charge!

Just don't put two DDs on it.

Thanks! And that works does it?

I’m asking because I’ve just opened a second Edge Current account in joint names with my partner. It’s with the sole intension of having another Edge Saver account each to stick £4k x2 into. 

So, if I don’t set up the direct debits and don’t pay anything into the Edge current account we won’t be charged the £3 monthly fee and we will still be able to have the savers each too? 

surreysaver

What_time_is_it said:

wmb194 said:

What_time_is_it said:

Stargunner said:

Firstly, I would convert the unused santander account to an edge account. If you don’t meet the qualifying criteria to earn the cashback you will not be charged the £3 monthly fee. 

Then you can open an efge saver that pays 6% for balances up yo £4000.

Can you explain how the “not meeting the qualifying criteria” works? I thought they charged £3 a month regardless? Would be great if I can avoid that charge!

Just don't put two DDs on it.

Thanks! And that works does it?

I’m asking because I’ve just opened a second Edge Current account in joint names with my partner. It’s with the sole intension of having another Edge Saver account each to stick £4k x2 into. 

So, if I don’t set up the direct debits and don’t pay anything into the Edge current account we won’t be charged the £3 monthly fee and we will still be able to have the savers each too? 

We all do it. No one gets charged the fee.
https://www.santander.co.uk/assets/s3fs-public/AD_documents/Santander_Edge_current_account_Key_Facts_Document_BANKMC0315JAN25IPGCDT.pdf

Bob2000

Stargunner said:

Firstly, I would convert the unused santander account to an edge account. If you don’t meet the qualifying criteria to earn the cashback you will not be charged the £3 monthly fee. 

Then you can open an efge saver that pays 6% for balances up yo £4000.

Never occurred to me about converting the Santander account into another type.
The edge account fee is only active if you use two DDs and £500  per  month, is that correct. 

Also could you then fund their Regular saver  from the edge saver?

Thank you for the information. 

Bob2000

jaypers said:

I’ve got both, although my TSB is still 6%. Nothing to choose between them.

Fair enough. 

What_time_is_it

surreysaver said:

What_time_is_it said:

wmb194 said:

What_time_is_it said:

Stargunner said:

Firstly, I would convert the unused santander account to an edge account. If you don’t meet the qualifying criteria to earn the cashback you will not be charged the £3 monthly fee. 

Then you can open an efge saver that pays 6% for balances up yo £4000.

Can you explain how the “not meeting the qualifying criteria” works? I thought they charged £3 a month regardless? Would be great if I can avoid that charge!

Just don't put two DDs on it.

Thanks! And that works does it?

I’m asking because I’ve just opened a second Edge Current account in joint names with my partner. It’s with the sole intension of having another Edge Saver account each to stick £4k x2 into. 

So, if I don’t set up the direct debits and don’t pay anything into the Edge current account we won’t be charged the £3 monthly fee and we will still be able to have the savers each too? 

We all do it. No one gets charged the fee.

Amazing. Thanks!

do I have to pay in the £500 a
month? Or maintain a minimum balance? Or use the current account at all?
We put in £1 when we opened it. Can we just leave that and never touch the account again? And be fine to have the savings account each?