Another Santander Edge question

mon3ysav3r

I already have a Santander 123 account (I am happy with it and wish to keep it open, the cash back from my direct debits is more than the 4 pound charge, and I have a monthly saver that I pay into).

Can I ALSO open a Santander Edge Current account (for a Santander Edge Saver) or will they attempt to "upgrade" my 123 account? Will it use the same web login?

PloughmansLunch

Same web login / both visible in the app - I have both with a 123 Lite for council tax and bills so get cashback on that. I haven't added any direct debits on the Edge account so haven't ever been charged the monthly fee in 2+ years but have still made good use of the Edge Saver a few years on the trot.

Slinky

PloughmansLunch said:

Same web login / both visible in the app - I have both with a 123 Lite for council tax and bills so get cashback on that. I haven't added any direct debits on the Edge account so haven't ever been charged the monthly fee in 2+ years but have still made good use of the Edge Saver a few years on the trot.

We have the same as this. We (OH & I) have Edge Accounts each, a single each plus a joint account, and 2 Edge Savers each. None of our Edge Savers have DDs set up on them and we don't get charged. The only charges we have are the £4 on the 123 account.

ColdIron

mon3ysav3r said:

Can I ALSO open a Santander Edge Current account (for a Santander Edge Saver) or will they attempt to "upgrade" my 123 account? Will it use the same web login?

Yes, no and yes

I have my 123 Lite (£2) fee for DD cashback and the Edge account for the 6% Edge Saver. I leave the Edge current account dormant

There are dozens of threads on this subject so perhaps do a search

mon3ysav3r

Thanks, both Edge accounts now open and funded.

Final question (for now!), is it best to only pay in 3,980 to leave space for the approx 20 pounds monthly interest? (assuming I have calculated that correctly), or do you let it go over 4000 (and presumably lose any interest each day until you transfer the interest out).

ColdIron

I keep £4,000 in the account and transfer the interest out on the day it's paid

nottsphil

mon3ysav3r said:

Thanks, both Edge accounts now open and funded.

Final question (for now!), is it best to only pay in 3,980 to leave space for the approx 20 pounds monthly interest? (assuming I have calculated that correctly), or do you let it go over 4000 (and presumably lose any interest each day until you transfer the interest out).

But you're still going to have the same issue the following month! Why don't you just do as ColdIron? 
And as for the interest, it's primary school arithmetic you should be able to do in your head..
6% of £1000 = £60 x 4 = £240 ÷ 12 = £20.

Why not just set up a standing order for £20 out each month?

friolento

nottsphil said:

Why not just set up a standing order for £20 out each month?

Unfortunately, SOs are not possible from the Saver accounts.

It’s not very onerous to do a manual transfer once a month. Also not a big issue if you don’t get interest on  £20ish quid for a few days.  

NB. The monthly interest amount is rarely if ever exactly £20 even if you have a constant £4k in the account. 

sgthammer

is it best to only pay in 3,980 to leave space for the approx 20 pounds monthly interest? (assuming I have calculated that correctly), or do you let it go over 4000 (and presumably lose any interest each day until you transfer the interest out).

Unless I've grossly misunderstood, the account pays interest on amounts up to 4k, but it doesn't stop paying interest at all if you have more than that.

nottsphil

sgthammer said:

is it best to only pay in 3,980 to leave space for the approx 20 pounds monthly interest? (assuming I have calculated that correctly), or do you let it go over 4000 (and presumably lose any interest each day until you transfer the interest out).

Unless I've grossly misunderstood, the account pays interest on amounts up to 4k, but it doesn't stop paying interest at all if you have more than that.

Ah, I get it now. @mon3ysav3r thinks that if you exceed a balance of £4,000 then you don't get any interest at all. That's perfectly understandable considering Santander decided to word it like this, then idiotically confirmed it (in bold) near the foot!

mon3ysav3r

nottsphil said:

Ah, I get it now. mon3ysav3r thinks that if you exceed a balance of £4,000 then you don't get any interest at all. That's perfectly understandable, considering Santander idiotically decided to word it like this, then confirmed it near the foot!

Yes the T+C say 4000+ no interest rate, which I took to be 0% each day on the entire balance. Seemed a bit harsh, I take it that isn't the case then and they mean only the first 4000 pounds receive 6% interest, anything else no interest.

Must be a Santander thing as Cahoot Sunny Day saver T+C say "No interest paid on balances over £3,000", again presumably they actually mean you only receive interest on the first 3000.