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Open new Santander Edge and Current accounts?
Hi, my 6% on the Edge saver accounts expired today so I closed them via chatbot. I noticed that if you open new current accounts you also get Amazon vouchers. However, you need to use the current accounts for purchases to qualify for the voucher, which I imagine would trigger the monthly maintenance fee, wouldn't it.
Is it more advantageous to also close the current accounts and just reopen two new opens for the voucher? Can you avoid triggering the maintenance fee for the current accounts?
Here's are the conditions for the voucher
IMPORTANT: To be eligible for the Gift Card you must have been accepted for and activated a Santander Edge, Edge up, Edge Explorer or Everyday Current Account and make 10 debit card transactions each with a minimum value of £5 in each of the consecutive months of May, June and July 2026 (30 or more in total) and the account has not been closed.
You will not be eligible if you have previously received, or are due to receive, a switch incentive or Amazon.co.uk Gift Card in the last 12 months.
Comments
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You get charged the monthly fee the first time you qualify for DD cashback. If you never qualify, then the fee is never charged. So as long as you never pay in £500+ and pay out 2x DDs, in a single month then you are okay. However if you do this even once, then the fee will be then always be charged until you downgrade/close the account.
Debit card transactions for these offers are not DDs, so you can make as many debit card purchases as you need to qualify for the offer.
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Thanks! I couldn't remember the details in the T&Cs on what specifically triggers the fee.
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Makes no difference if you do pay over £500 in
Just don't have any DD
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You can apply for a new saver account
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Agree that's the easiest way.
Not relevant to this particular offer, but for switch incentives which require you to set up multiple DDs and make a large deposit within a certain time frame to qualify, then it does become important to make sure you do not do both in the same statement month
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Just a heads up that if you're churning multiple savings accounts and getting decent interest rates, you might want to keep track of your total interest earnings across all accounts. The personal savings allowance means basic rate taxpayers can earn up to a certain amount tax-free, but if you're maximising various high-rate accounts it can add up quicker than expected. Worth doing the maths on whether the Amazon voucher value minus any fees actually beats just keeping things simple with your existing setup.
Oh and this is worth a look - covers the current thresholds and what counts towards your allowance.
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There is no benefit to trying to reduce the amount of interest you earn just because you'll pay some tax on a bit of it
My total last tax year was about £1250, I'll pay £50 in tax as lower rate taxpayer , but I'm still £200 better off than trying to keep interest under £1000 to avoid tax.
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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There certainly is a benefit in reducing the interest earned, but it will very much depend on individual circumstances. For me, once I have got to the £500 savings interest allowance, a cash ISA provides better rates than anything taxable. YMMV.
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The Santander Edge paying 6% on £8k (over 2 free accounts) gives £480 a year near enough, with £5k in the NatWest and RBS regular saver at 5.5% that's another £250-270 (forget when they lowered the interest) before anything else but it also depends how quickly you need the money and how easy it is to get the money from the ISA. I suck up a small amount of tax for that flexibility but I keep more long term in an S&S ISA for better growth
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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