Upgrading from Santander 123 to Edge

Sweg

I have a Santander 123 account with a balance of over £30,000, which earned me £395.00 interest in year 2024/2025 @ 2% interest. (It was a higher balance during that year)

I was considering upgrading to the Santander Edge until I realised that there is no interest, only via the Edge Saver and only on a balance of £4,000.

I pay in c.£850+ per month, but cannot do £1.500 for Edge Up without jeopardising other funds.

I pay out Direct Debits for:

Gas, electricity & broadband 12/12, Council tax 10/12, Water & sewerage 2/12, TV License 1/12

I am retired with no mortgage.

I can see no logical reason to upgrade to the Santander Edge unless somebody else can see an advantage. Shall I stay where I am?

Thank you in advance ....

born_again

Thought 123 acc was dropped to 0.3% in 2021. Much better rates elsewhere.

https://www.moneysavingexpert.com/news/2021/01/santander-cuts-123-interest-rate-again/

Given 123 lite is being demised 
https://forums.moneysavingexpert.com/discussion/6608329/santander-123-lite-conversion-to-everyday-account-from-21-august-2025#latest

So would fully expect to full fat 123 to have gone the same way.

As a lite user my DD bonus is £6.60. Edge would be 49p.

Just waiting for a good switch & by by Santander.

grumpy_codger

born_again said:

Much better rates elsewhere.

...

https://moneyfactscompare.co.uk/savings-accounts/

Top savings accounts

And there is no need to switch to get these rates.

soulsaver

Sweg said:

I have a Santander 123 account with a balance of over £30,000, which earned me £395.00 interest in year 2024/2025 @ 2% interest. (It was a higher balance during that year)

I was considering upgrading to the Santander Edge until I realised that there is no interest, only via the Edge Saver and only on a balance of £4,000.

I pay in c.£850+ per month, but cannot do £1.500 for Edge Up without jeopardising other funds.

I pay out Direct Debits for:

Gas, electricity & broadband 12/12, Council tax 10/12, Water & sewerage 2/12, TV License 1/12

I am retired with no mortgage.

I can see no logical reason to upgrade to the Santander Edge unless somebody else can see an advantage. Shall I stay where I am?

Thank you in advance ....

I'm not suggesting EdgeUp is the best solution for you, but just saying the £1500 pm is easy - bounce £750 in an out from/to another account twice... 

steven141

Probably better to stay where you are for now but the other option is the Zopa Bank Biscuit current account 2% interest, 2% cashback on bills, 7.1% regular saver. 

born_again

grumpy_codger said:

born_again said:

Much better rates elsewhere.

...

https://moneyfactscompare.co.uk/savings-accounts/

Top savings accounts

And there is no need to switch to get these rates.

Saving acc, no use as a daily bank account 👍

OP was getting 0.3%, even this site has a good list of better paying savings acc. & I certainly would not want to carry over £30K in a current account.

soulsaver

born_again said:.

OP was getting 0.3%, even this site has a good list of better paying savings acc. & I certainly would not want to carry over £30K in a current account.

As OP said, 123 ac pays 2.0% on balances up to £20k.