Santander edge current account.

Bob2000

So this morning l converted my Everyday current account  to a Edge account  with the intention  of getting the Edge saver soon.

Because it's a online account can l still use my debit card that originally  came with the Everyday  account to deposit cash at the post office? 

Also if l do put the full £4000 in one go what interest would l received  monthly?

Finally could l transfer the interest  directly from the Edge saver to another non Santander current account or would it need to go the the Edge current account  then out to another account  that way?

eskbanker

In terms of interest, the account pays 6.00% AER / 5.84% gross in the first year, so if you left the interest in the account to compound, your £4K would earn £240 over the year, averaging £20 per month, but if you were withdrawing the interest you'd only get the 5.84%, i.e. £233.60 over the year, averaging £19.47/month.

Edit: see post below correcting the struck out wording, interest doesn't compound if fully funded, so the AER is only achievable on smaller balances.

danny13579

Bob2000 said:

So this morning l converted my Everyday current account  to a Edge account  with the intention  of getting the Edge saver soon.

Because it's a online account can l still use my debit card that originally  came with the Everyday  account to deposit cash at the post office? 

Yes.

Bob2000 said:

Also if l do put the full £4000 in one go what interest would l received  monthly?

Bob2000 said:

Finally could l transfer the interest  directly from the Edge saver to another non Santander current account or would it need to go the the Edge current account  then out to another account  that way?

Yes, you can transfer the interest to any other account directly from the Saver.

xylophone

In terms of interest, the account pays 6.00% AER / 5.84% gross in the first year, so if you left the interest in the account to compound,

https://www.santander.co.uk/personal/savings-and-investments/savings/santander-edge-saver

6.00% AER / 5.84% gross (variable) interest on balances up to £4,000 (includes 2.00% AER / 1.98% gross (variable) bonus rate for the first 12 months from opening)​​

You wouldn't earn interest on over £4000.

Bob2000

eskbanker said:

In terms of interest, the account pays 6.00% AER / 5.84% gross in the first year, so if you left the interest in the account to compound, your £4K would earn £240 over the year, averaging £20 per month, but if you were withdrawing the interest you'd only get the 5.84%, i.e. £233.60 over the year, averaging £19.47/month.

Edit: see post below correcting the struck out wording, interest doesn't compound if fully funded, so the AER is only achievable on smaller balances.

Thank you for the information.

Bob2000

danny13579 said:

Bob2000 said:

So this morning l converted my Everyday current account  to a Edge account  with the intention  of getting the Edge saver soon.

Because it's a online account can l still use my debit card that originally  came with the Everyday  account to deposit cash at the post office? 

Yes.

Bob2000 said:

Also if l do put the full £4000 in one go what interest would l received  monthly?

Bob2000 said:

Finally could l transfer the interest  directly from the Edge saver to another non Santander current account or would it need to go the the Edge current account  then out to another account  that way?

Yes, you can transfer the interest to any other account directly from the Saver.

Thank you for providing  the information.

Bob2000

xylophone said:

In terms of interest, the account pays 6.00% AER / 5.84% gross in the first year, so if you left the interest in the account to compound,

https://www.santander.co.uk/personal/savings-and-investments/savings/santander-edge-saver

6.00% AER / 5.84% gross (variable) interest on balances up to £4,000 (includes 2.00% AER / 1.98% gross (variable) bonus rate for the first 12 months from opening)​​

You wouldn't earn interest on over £4000.

Thanks for the link. 

surreysaver

If you convert your Everyday account, it will retain the same sort code and account number, so you will be able to do everything you currently can using the same details.
You could open an Edge Current Account alongside and have both accounts operating side by side.

35har1old

Bob2000 said:

So this morning l converted my Everyday current account  to a Edge account  with the intention  of getting the Edge saver soon.

Because it's a online account can l still use my debit card that originally  came with the Everyday  account to deposit cash at the post office? 

Also if l do put the full £4000 in one go what interest would l received  monthly?

Finally could l transfer the interest  directly from the Edge saver to another non Santander current account or would it need to go the the Edge current account  then out to another account  that way?

Could you have opened a joint account?
Edge Saver x 2  one fee
Could have opened new account keeping the old account and not have any DD setup on new account no fee

You can setup payee to another provider 

Bob2000

surreysaver said:

If you convert your Everyday account, it will retain the same sort code and account number, so you will be able to do everything you currently can using the same details.
You could open an Edge Current Account alongside and have both accounts operating side by side.

Ok, thank you.

Bob2000

35har1old said:

Bob2000 said:

So this morning l converted my Everyday current account  to a Edge account  with the intention  of getting the Edge saver soon.

Because it's a online account can l still use my debit card that originally  came with the Everyday  account to deposit cash at the post office? 

Also if l do put the full £4000 in one go what interest would l received  monthly?

Finally could l transfer the interest  directly from the Edge saver to another non Santander current account or would it need to go the the Edge current account  then out to another account  that way?

Could you have opened a joint account?
Edge Saver x 2  one fee
Could have opened a new account, keeping the old account and not have any DD setup on the new account no fee

You can set up payee to another provider 

You mean l could fund the Edge saver from an Everyday account and just leave the Edge current account  dormant?