Santander Edge 6.00% Saver

Section62

MACKEM99 said:

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?

I think you can use their online banking platform using a mobile device, but (at present) you can't use mobile banking on a PC.

I assume they mean "online or mobile banking", but the whole thing is daft because you can't open the account unless you already have either online or mobile banking, so the "now" doesn't make sense unless they also mean you have to regularly use/log in to online/mobile banking... but then they don't say that, nor indicate how often you might have to use/log in to qualify.

And as you say, "you don't need to do anything".

So that's OK then. 

GeoffTF

Section62 said:

MACKEM99 said:

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?

I think you can use their online banking platform using a mobile device, but (at present) you can't use mobile banking on a PC.

I assume they mean "online or mobile banking", but the whole thing is daft because you can't open the account unless you already have either online or mobile banking, so the "now" doesn't make sense unless they also mean you have to regularly use/log in to online/mobile banking... but then they don't say that, nor indicate how often you might have to use/log in to qualify.

And as you say, "you don't need to do anything".

So that's OK then. 

Yes, it is confusing: "As this is an online account, you’ll need to have Online and Mobile Banking." That is factually incorrect, because I am using an Edge Saver online without installing the Santander app on a mobile phone. That phrase is echoed in the current Key Facts document under "Eligibility". Could it be new requirement to use both online and mobile banking in order to retain an Edge Saver? I hope not. There are too many stories about people having their mobile phones stolen and their bank accounts drained.

masonic

MACKEM99 said:

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

If your account isn't 12 months old on 5th January, then your rate will continue until it is 12 months old.

where_are_we

Confusing is an understatement!
Is there a case for renewing all Edge Savings accounts at the end of December to gain another 12 months bonus, to ensure maximum return?
It takes 2 working days once you close an Edge saver before old one disappears and you can open a new one. Leaving it to beginning of January may not work as the1st is a bank holiday and 3rd and 4th are the weekend. The 5th of January is the last day for 12 months before the reduction of .5%.
Or have I got it all wrong!

Ed-1

where_are_we said:

Confusing is an understatement!
Is there a case for renewing all Edge Savings accounts at the end of December to gain another 12 months bonus, to ensure maximum return?
It takes 2 working days once you close an Edge saver before old one disappears and you can open a new one. Leaving it to beginning of January may not work as the1st is a bank holiday and 3rd and 4th are the weekend. The 5th of January is the last day for 12 months before the reduction of .5%.
Or have I got it all wrong!

The rate is remaining 6% on new applications after 5th January, it's just the split of the rate that has altered from 4/2 to 3.5/2.5.

where_are_we

I suppose the rationale behind reducing the basic account rate from 4% to 3.5% is that most mature Edge Savers do not know that they can close and open a new one after the 12 months bonus has expired. I presume lots carry on with what is a 4% rate at present and will be 3.5% next year.
Hopefully next year we are able to carry on with the same "trick" and keep a 6% rate.

Boogie83e

Thank you all I received the same message, read and reread a few times, and came here looking for answers!   

allegro120

where_are_we said:

I suppose the rationale behind reducing the basic account rate from 4% to 3.5% is that most mature Edge Savers do not know that they can close and open a new one after the 12 months bonus has expired. I presume lots carry on with what is a 4% rate at present and will be 3.5% next year.
Hopefully next year we are able to carry on with the same "trick" and keep a 6% rate.

I'm sure most people just fire and forget.  The same rationale is behind the RSs morphing into EAs.  It's an established strategy.  Providers always send reminders, but many customers are too busy or simply don't bother to take actions.  

where_are_we

Boogie83e said:

Thank you all I received the same message, read and reread a few times, and came here looking for answers!   

Basically just sit tight. Your 6% Edge Saver will continue. Remember after 12 months you lose the bonus it will go down to 4%. I presume after January 5 when your 12 month bonus expires it will go down to 3.5%. You can avoid this by closing your 4% Edge Saver via Sandi (sending the proceeds to your Santander current account) and after 2 working days once the old one has disappeared you can open a new Edge Saver with a renewed 12 month bonus rate. You get a warning before your 12 month bonus expires but it is a idea to check what your current interest rate is occasionally in case you forget.

RedImp_2

Have had the message sent for a 2nd time today.  If I wasn’t reading on here I would assume it’s telling me something different