£12 a year from Santander Edge account

JohnSwift10

Due to reducing direct debit bills and no longer getting 1% on debit card purchases I am now only getting £12 a year in cashback after paying £36 a year for maintaining the account.

I am now thinking of switching that account to gain a switching bonus.

However I have two edge savings accounts paying appro £19.84 each a month.

So is there a way to switch my edge current account and still keep the two edge savings accounts?

The current account is a joint account.

Bridlington1

Downgrade the Edge account to an Everyday account and open a new Edge account without DDs. You're then free to switch the old account elsewhere.

Alternatively open a new Everyday account, switch the Edge out and then upgrade the Everyday to Edge.

dealyboy

Hi John ... so do you have just one Edge current account, it being a joint one with someone and you both have an Edge Saver, but you consider both savers as yours? Or, do you have a joint Edge current account and a sole Edge current account both having an Edge Saver?

If the joint account is switched, Santander may write to you giving notice that the associated Saver(s) will be downgraded to Everyday Savers, but you (and the other person) can apply for a new Edge current account to satisfy the Edge Saver condition.

Of course not fulfilling the cashback criteria will mean the monthly fee is not triggered.

PRAISETHESUN

The Edge saver requires you to hold an Edge account. There's a way to have an Edge account without paying the monthly fee, but it involves opening a new Edge account and never triggering the criteria for cashback (ie. never set up DDs on the account). Your existing accounts will always require you to pay a fee, so your best bet would be to downgrade them to the fee-free Everyday account.

JohnSwift10

dealyboy said:

Of course not fulfilling the cashback criteria will mean the monthly fee is not triggered.

So all I need to do is transfer all my direct debits to another bank?

danny13579

JohnSwift10 said:

So all I need to do is transfer all my direct debits to another bank?

If you want to switch one of your Edge current accounts to another bank and receive a switching bonus, then you need to use the Current Account Switching Service (CASS). This process will move all your direct debits across for you.

Once your switch completes, your Edge current account (the one you chose to switch) will be closed and Santander will write to you telling you that if you want to keep the Edge Saver associated with the closed Edge current account, you need to open a new one within 60 days. There will be a date in the letter by which you need to do this. Otherwise the Edge saver is downgraded to an Everyday saver.

With the new Edge current account, just don't set up any direct debits on it and you won't trigger the cashback requirement and the £3 per month fee.

PRAISETHESUN

JohnSwift10 said:

dealyboy said:

Of course not fulfilling the cashback criteria will mean the monthly fee is not triggered.

So all I need to do is transfer all my direct debits to another bank?

You need a brand new Edge account, which has NEVER had DDs on it before. Simply removing your DDs from your existing Edge account is not enough.