Santander Edge no fee?

GoodInfoToKnow

Hi All
I've opened an Edge account to get the 6% (inc bonus) savings account. Looking at the Edge T&Cs I can't see why I need to pay the fee if I don't pay in £500 and setup 2 DDs, no cash back I know, but for me that's marginal.
Good idea? Or will they close the account? Any thoughts?

ThePirates

Absolutely, I have 2 and 2 6% Savers. 
Don't set up any DDs, don't pay anything into them! Mine have a token £1 in each!

Slinky

ThePirates said:

Absolutely, I have 2 and 2 6% Savers. 
Don't set up any DDs, don't pay anything into them! Mine have a token £1 in each!

Same with me.

35har1old

ThePirates said:

Absolutely, I have 2 and 2 6% Savers. 
Don't set up any DDs, don't pay anything into them! Mine have a token £1 in each!

If you do pay in it makes no difference the fee is only charged if you have direct debits as well.
Actually using the account occasionally by using the debit card may be best

If you don't use it you loose it and then you can't use it as a burner account

surreysaver

ThePirates said:

Absolutely, I have 2 and 2 6% Savers. 
Don't set up any DDs, don't pay anything into them! Mine have a token £1 in each!

Mine has a token £0 in it

ThePirates

35har1old said:

ThePirates said:

Absolutely, I have 2 and 2 6% Savers. 
Don't set up any DDs, don't pay anything into them! Mine have a token £1 in each!

If you do pay in it makes no difference the fee is only charged if you have direct debits as well.
Actually using the account occasionally by using the debit card may be best

If you don't use it you loose it and then you can't use it as a burner account

Never used mine in the 2 years over had them...

World never use them as burners as I need them for the savers. Use Chase for burners.

danny13579

35har1old said:

If you don't use it you lose it and then you can't use it as a burner account

I have never heard of Santander doing this. I've had some accounts with them that haven't been used in years and I had to get Santander to close them for me.

PRAISETHESUN

The monthly fee is not charged until you qualify for cashback for the first time (ie. pay in £500 AND pay out 2+ DDs in a single statement month). If you never qualify for cashback then the fee is never charged, but if you mess up and qualify even once then it will be charged forever from that point. No way to get the fee waived unless you downgrade/close the account.

Easiest way is to just never set up any DDs and you can transfer as much in/out as you want. Never heard of anyone having issues operating the account like this.

jadex

PRAISETHESUN said:

The monthly fee is not charged until you qualify for cashback for the first time (ie. pay in £500 AND pay out 2+ DDs in a single statement month). If you never qualify for cashback then the fee is never charged, but if you mess up and qualify even once then it will be charged forever from that point. No way to get the fee waived unless you downgrade/close the account.

Easiest way is to just never set up any DDs and you can transfer as much in/out as you want. Never heard of anyone having issues operating the account like this.

Regarding "If you never qualify for cashback then the fee is never charged".
Not always the case.
I upgraded my old obsolete standard account to Edge and the following month fee was charged despite not paying in £500 and not paying any DDs so not being eligible for any cashback.
The reason was there were 2 very old inactive direct debits from the time the account was switched from another bank (a number of years ago). It could be argued that I technically met fee criteria 3 years ago... but then such old DDs should have been marked as inactive (13 months is the standard) and subsequently cancelled by bank.