TSB or SANTANDER REGULAR SAVER?

surreysaver

What_time_is_it said:

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?

If you strictly go by the T&Cs, it says transfers into the Edge Saver have to come from the Edge Current Account. However, I pay into mine from another Santander account with no ill effect.
You don't have to pay any money into the Edge Current Account. You just have to have an Edge Current Account. I keep mine at zero.
Santander did send me a letter saying they wouldn't send me a new debit card if I didn't use mine before it expired, so I used it once.

What_time_is_it

surreysaver said:

What_time_is_it said:

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?

If you strictly go by the T&Cs, it says transfers into the Edge Saver have to come from the Edge Current Account. However, I pay into mine from another Santander account with no ill effect.
You don't have to pay any money into the Edge Current Account. You just have to have an Edge Current Account. I keep mine at zero.

But using it (and paying in over £500 a month) wouldn’t trigger the £3 monthly fee? It’s just the direct debits that do that?

PRAISETHESUN

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.
https://www.santander.co.uk/assets/s3fs-public/AD_documents/Santander_Edge_current_account_Key_Facts_Document_BANKMC0315JAN25IPGCDT.pdf

Just to clarify with this that you need to make sure you never meet the requirements for cashback (pay in £500+ AND have 2x DDs come out of the account). If you do this even once then the fee starts being charged, and will continue to be charged even if you stop meeting the requirements in subsequent months.

surreysaver

What_time_is_it said:

surreysaver said:

What_time_is_it said:

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?

If you strictly go by the T&Cs, it says transfers into the Edge Saver have to come from the Edge Current Account. However, I pay into mine from another Santander account with no ill effect.
You don't have to pay any money into the Edge Current Account. You just have to have an Edge Current Account. I keep mine at zero.

But using it (and paying in over £500 a month) wouldn’t trigger the £3 monthly fee? It’s just the direct debits that do that?

You have to do both to trigger the fee - direct debits and pay £500 in. If you don't set the direct debits up, you won't trigger the fee, even if you pay £500 in.

What_time_is_it

Well this is all great news. Thanks!

We’ll be setting up our Edge Savers tomorrow and I’ll see how it goes. Fingers crossed!

Bobblehat

Does the Edge Saver have an external "regular payment out" facility, e.g. monthly? If it does, can you have more than one, to regularly fund the Santander and external RS's? 

How do savvy forumites use the Edge Saver in conjunction with RS's?

ColdIron

Bobblehat said:

Does the Edge Saver have an external "regular payment out" facility, e.g. monthly? If it does, can you have more than one, to regularly fund the Santander and external RS's? 

Why would you fund RS accounts paying 5% from an account that pays 6%?

Stargunner

Bobblehat said:

Does the Edge Saver have an external "regular payment out" facility, e.g. monthly? If it does, can you have more than one, to regularly fund the Santander and external RS's? 

How do savvy forumites use the Edge Saver in conjunction with RS's?

If they can, savvy formuites leave £4000 in each edge saver and siphon off the interest each month on the day that it is paid.
They also have other RS accounts that they fund each month. 

Bobblehat

ColdIron said:

Bobblehat said:

Does the Edge Saver have an external "regular payment out" facility, e.g. monthly? If it does, can you have more than one, to regularly fund the Santander and external RS's? 

Why would you fund RS accounts paying 5% from an account that pays 6%?

I wouldn't, but I have RS's that pay over 6%! I probably worded the query badly!

I'm still interested to know if the Edge Saver has a monthly regular payment out facility, and if it does, can you have more than one set up?

Bob2000

Well, l started this thread to ask about which regular saver was the best out of the two current accounts to use, and it's morphed  into an edge saver discussion.

So l'm adding  to it.....

Still don't know if you can fund the edge saver from a non-santander  account. 

None the wiser if paying in £500 per month triggers  the fee either.