Santander Edge Explorer

mta999

Just about to.open one if these but before I do can anyone see a downside ??

I already have a Nationwide £18 a month Flexplus account which I would close

**edit: Just found one - all cover ceases at 75 not that it affects me but may be important for some people

friolento

Make sure you get enough cover - most of what I would consider Explorer travels cost more than £5k. It's probably ok for shorthaul vacations if you are younger than 74, good for family shorthaul trips, and if you don't need to fear your travel company goes out of business, as there is no cover for that. 

Nice touch with the cashback though

gt94sss2

https://www.santander.co.uk/personal/current-accounts/santander-edge-explorer-current-account

35har1old

friolento said:

Make sure you get enough cover - most of what I would consider Explorer travels cost more than £5k. It's probably ok for shorthaul vacations if you are younger than 74, good for family shorthaul trips, and if you don't need to fear your travel company goes out of business, as there is no cover for that. 

Nice touch with the cashback though

If you take a internal flight to connect to a international flight and it is delayed you lose the curtailment and abandonment section of the policy.

Lloyds Premier account has similar benefits the only benefit that is additional is the cash back on direct debits but you have to weigh up if this is going to cover the fee

Lloyds Premier account fee is £15 but this is waived if you deposit £5000 per month

Lloyds do pay interest
Not sure if Explorer does

TwiceNightly

Lloyds Premier doesn't include any of those insurances though, you'd need Lloyds Platinum (£22 per month) for that. Both Premier and Platinum pay interest on your balance, but only Premier gives you cashback.

There is no way to combine Premier with Platinum, you need to have both accounts separately.

figgyc

I got an email from Santander reminding me that the Edge saver exists (having just renewed mine!) but I noticed the terms of the Edge saver have been updated and it looks like you can have 2 (+1 joint) if you have both the Edge and Edge Explorer.

https://www.santander.co.uk/assets/s3fs-public/AD_documents/Santander_Edge_saver_%28Issue%204%29_Key_Facts_Document_SAVEMC0323SEP25IPGCDT.pdf

You can have a maximum of three accounts – one for each Santander Edge current account you
have (in your sole name or that you hold jointly with someone else) and Edge Explorer current
account you hold (in your sole name).

That's £8k at 6%, and you can get the cashback on bills on the Explorer while leaving the Edge account without any DDs to keep it fee-free which is a well known forum hack. (Or if you have big bills you could spread them across both as an alternative to the Edge Up)

If you gain 1% extra interest (eg vs a 5% Cahoot saver) on £4k that's (I think? might be less due to no compounding) £40 over the year or £3.33 a month, not a lot but between the saver and the cashback it could tip the scales vs other packaged accounts for those who want one (not me personally but worth pointing out). And of course depends on your tax situation and other savings accounts like regular savers.

Nasqueron

You can have 2x edge accounts and 2x edge savers without the Explorer

s71hj

Nasqueron said:

You can have 2x edge accounts and 2x edge savers without the Explorer

If I openedan Explorer joint account could me and my wife each have a 3rd Edge saver? 

figgyc

Nasqueron said:

You can have 2x edge accounts and 2x edge savers without the Explorer

Yeah I agree, before the Explorer it was possible to have 2 accounts/savers but only 1 individual 1 joint. With it though it is now possible for a solo individual to have 2 accounts/savers, or as has been asked 3 savers each for joint.

s71hj said:

If I openedan Explorer joint account could me and my wife each have a 3rd Edge saver? 

The Edge explorer account page  (archive, in case they change it) says ("Santander Edge saver" section, emphasis mine)

You can have one Santander Edge saver for each Santander Edge or Santander Edge Explorer current account you have.

The Santander Edge saver can only be held in a single name. If you have a joint Santander Edge Explorer current account, you can each have a Santander Edge saver in your own name.

The Edge saver terms, which I quoted above, don't mention having an Edge saver based on a joint Explorer account, which is a bit weird. It's probably just a poorly thought out sentence edit because you can only have one Explorer account total (joint or individual, not both, which is different from the base Edge. Makes sense though to stop people doubling up on the fee/insurance). So you certainly can indeed only have 3 Edge savers, not 4, but IMO the second half of the sentence makes no sense. 

But based on the above wording I would say it should be possible - you could always call and double check, or just try it and if it doesn't work frankly I would complain about it and you'd probably win based on the above.

The maximum savers/accounts situation is basically (per person)

• Edge saver 1 with an individual Edge account
• Edge saver 2 with a joint Edge account
• (new) Edge saver 3 with an edge Explorer account (individual or joint). Individual is stated to work in the Edge saver terms, joint is where it's contradictory between the Edge Explorer website and the Edge Saver terms

So 3 Edge Savers per person (6 total if you repeat for your wife, since Edge savers are all sole name accounts)

s71hj

mta999 said:

Just about to.open one if these but before I do can anyone see a downside ??

I already have a Nationwide £18 a month Flexplus account which I would close

**edit: Just found one - all cover ceases at 75 not that it affects me but may be important for some people

I was thinking about doing this. I have existing conditions so was wondering how they would be treated for the travel insurance however I suspect the Nationwide cover would also be effected as the conditions came on since the Flex Plus was opened. I couldn't really find a way online in advance of applying to establish if I'd be covered with Santander 

friolento

Has anyone downgraded their Explorer to a normal Edge when they already had one sole Edge (i.e. managed to get 2 sole Edges that way)?