Santander Edge 6.00% Saver

RG2015

masonic said:

It must have been confusing given you argued with the person giving the correct explanation and thanked the person who misinterpreted it in the same way as you.

To be fair I thanked you as well in my post, and I did not think I was arguing with you.

I also remain confused by Santander's communication, but am pleased that you know the correct explanation.

masonic

Argue was perhaps too strong a word, but you certainly disagreed it will not apply until your 12 months is up.

In the event you are willing to move from confusion to understanding, when you encounter a statement like... 

The interest rate on your Santander Edge Saver will go down to 3.50% AER /3.45% gross (variable) after the first 12 months on 5 January 2026.

...it helps to break it into parts

1. What is going to happen [The interest rate on your Santander Edge Saver will go down to 3.50% AER /3.45% gross (variable)]
2. When it is going to happen [after the first 12 months]
3. The effective date of the variation [on 5 January 2026]

Putting it all together, as of 5th January 2026, those customers with accounts reaching their 12 month anniversary will see the rate drop to 3.5% rather than 4%.

Which I think it is a much clearer way to phrase it.

fuzzzzy

RG2015 said:

Update.

I have just checked their website and the product is now showing an underlying rate of 3.50% with a bonus of 2.50% for 12 months. So it is still 6.00% for 12 months.

Rather poor communications from Santander, in my opinion.

I agree that Santander's communications are as clear as mud.

I would have interpreted the communication the same as you, that the underlying rate was reducing from 4% to 3.5% on the 5 Jan 2026 but the 2% bonus would be retained until the 12 month period from opening expired, although that would have been a guess as, as you say, the comment does not seem to make sense.

RG2015

@masonic, Thank you for taking the time to provide your comprehensive response.

It does make more sense the way you have explained it.

I am obviously pleased that the rate will remain at 6.00% until August 2026. Nevertheless Santander's Ts&Cs do allow for them to change the underlying rate at any time.

One more thing that Santander said in their message was the following.

Why is it going down?

Your account has a variable interest rate which means it can go up and down. We're reducing the interest rate because of changes in the interest rates we receive.

This may provide a better explanation of why I made my initial conclusion.

 

masonic

I can see why the phrasing they used is open to misinterpretation. But they would be obliged to explicitly tell you that the 6% rate was changing if they decided to make such a change.

Section62

fuzzzzy said:

RG2015 said:

Update.

I have just checked their website and the product is now showing an underlying rate of 3.50% with a bonus of 2.50% for 12 months. So it is still 6.00% for 12 months.

Rather poor communications from Santander, in my opinion.

I agree that Santander's communications are as clear as mud.
...

I wonder if they've given the school work experience students the job of writing their communications.  I got the "We’ve made changes to your Santander Edge saver" email today and was intrigued to read -

"Now, to have a Santander Edge saver you must: .... As this is an online account, you’ll need to have Online and Mobile Banking. So, we recommend signing up, if you haven’t already."

So you must have both 'Online and Mobile Banking' to be eligible for an Edge saver, one or the other isn't good enough.  That's an unusual requirement?

MACKEM99

masonic said:

RG2015 said:

I am pretty sure that Santander are telling me that the underlying rate of 4.00% will be reduced to 3.50% on 5th January 2026.

I am not surprised and my overall rate at 5.50% remains quite attractive. I am just confused by their introduction of the January 2026 date. 

So you are extrapolating that your 6% rate is going down to 5.5%? Then why haven't they said that?

Do the words "after the first 12 months" apply before August 2026 for you? What is your theory about why they included them?

Just got same message and I agree it is very confusing.  Glad to see folks on here explaining it much better thanks.

RG2015

I have just spoken to Santander and they have confirmed that I will get 6.00% for the 12 months from opening my account.

They said that the 5th January was the date this change takes effect.

I also said the 6.00% wasn't really guaranteed as the underlying rate was variable. They responded by agreeing but also saying that this account had been around for a few years and the full rate had always been paid for the full 12 months.

MACKEM99

Section62 said:

fuzzzzy said:

RG2015 said:

Update.

I have just checked their website and the product is now showing an underlying rate of 3.50% with a bonus of 2.50% for 12 months. So it is still 6.00% for 12 months.

Rather poor communications from Santander, in my opinion.

I agree that Santander's communications are as clear as mud.
...

I wonder if they've given the school work experience students the job of writing their communications.  I got the "We’ve made changes to your Santander Edge saver" email today and was intrigued to read -

"Now, to have a Santander Edge saver you must: .... As this is an online account, you’ll need to have Online and Mobile Banking. So, we recommend signing up, if you haven’t already."

So you must have both 'Online and Mobile Banking' to be eligible for an Edge saver, one or the other isn't good enough.  That's an unusual requirement?

They also go on to say "you dont need to do anything". 🤔. Lots of people have a mobile but no pc?

MACKEM99

I still dont understand the "after 12 months" part😶