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Stop using Edge Current Account but keep Edge Saver Account?
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The £500 is only required to get the DD cashback. I keep £1 in the account and have a transfer set up for £1 between my main account and the second and back again a couple of times a month, keeps the account active and reduces the risk of having it flagged.
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The trick to avoid the monthly fee on your Edge current account only works if you never pay the fee in the first place. If you've ever paid the monthly fee, then it will always be charged even if you stop paying in £500 or paying out DDs. To stop being charged the fee you need to downgrade to an Everyday account, or close it.
The way you avoid paying the fee in the first place is to open a brand new account and make sure you never pay in £500+ and pay out 2x DDs in the same month. Most people just never set up DDs otherwise you're limited to paying in £499 each month.
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So if I open a new account I'm OK to put more than £500 in it as long as I never put any direct debits in there?
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Technically you could set up 1 DD, but yes, the safest bet would be to never set up any DDs. If you don't have any DDs then you can pay in as much as you want. This is what I do on both of my Edge accounts and I've never been charged fees on either of them.
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This is what I have on my 2 accounts, no DD and I normally only pay in to top up the saver back to £4000 when I dip in for bills, 1 of them has never had anything going through it as my bank transfers are all setup to the first account
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Similar, although I do have DDs set up on the first CA since the cashback is (just about) more than the £3/mth fee.
I push a quid or so in'n'out of the second CA every so often, heard tell of warnings of closure if the thing is utterly unused.
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