Santander debit card cashback ending

Ayr_Rage

Couldn't see a thread on this, yet another reward down the drain.

Mark_d

Santander is not as good as it looks.  Whilst cashback rates look attractive, when you account for the monthly fees then your new gain is tiny.  You're possibly even losing money each month.

coey

moved to a santander edge acc about 18 months ago when it entitled you to an easy access savings acc paying 7% ish on max of £4k , this now down to 4.41%....withdrawal of cashback is final nail in coffin....time to move again. 

dr_adidas01

Full notice about changes. 

Ayr_Rage

@coey the Edge Saver is currently paying me 5.84% on my £4000

fun4everyone

coey said:

moved to a santander edge acc about 18 months ago when it entitled you to an easy access savings acc paying 7% ish on max of £4k , this now down to 4.41%....

This happened to me but I closed the edge saver that had decreased down to 4.4% then once it was gone I opened the new one that pays roughly 6%, no idea if its still allowed to do that.

As for the cashback going, thats a major rip .  The account is getting borderline now, the cashback on bills is really not that much more than the fee for me and its basically the attached savings account that's the reason to have it now, once that goes I will have to look into moving onto other providers accounts.

danny13579

coey said:

moved to a santander edge acc about 18 months ago when it entitled you to an easy access savings acc paying 7% ish on max of £4k , this now down to 4.41%....withdrawal of cashback is final nail in coffin....time to move again. 

Just close the old one and open a new one to get the 6% AER rate. I don't bother with the cashback as I don't pay the £3 monthly fee, so this change makes no difference for me.

SiliconChip

This is quite annoying as I switched my spending from Chase to Santander Edge when Chase changed their categories, I'll have to think about switching back.

coey

Ayr_Rage said:

@coey the Edge Saver is currently paying me 5.84% on my £4000

will drop after 12 months

danny13579

Ayr_Rage said:

@coey the Edge Saver is currently paying me 5.84% on my £4000

The 5.84% gross rate (6% AER) includes a bonus of 1.98% gross (2% AER) for the first year. After that you lose the bonus part unless you close it and open a new one.

Ayr_Rage

coey said:

Ayr_Rage said:

@coey the Edge Saver is currently paying me 5.84% on my £4000

will drop after 12 months

Which is precisely why I follow the advice above, close it and immediately open another at the prevailing rate which, so far, has always been above the rate to which it falls on maturity.

Haven't you been doing that?

The current rate available is still 6% AER