Open new Santander Edge and Current accounts?

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/81974283#Comment_81974283

You can pay in more than £500 fine, it's the DD that is important as that will trigger the cashback and thus the fee - I have transferred more than that multiple times into 2 edge accounts to move to the saver and have no fee

danny13579

Nasqueron

You can pay in more than £500 fine, it's the DD that is important as that will trigger the cashback and thus the fee - I have transferred more than that multiple times into 2 edge accounts to move to the saver and have no fee

They're both important as to trigger the monthly fee you must deposit £500+ and have 2 direct debits set up in any month.

So you can deposit £500+, have one or no direct debits set up and this will avoid the fee, as you have done.

You can also have multiple direct debits set up and once you deposit less than £500 per month you will avoid the fee.

I think we may both be kind of saying the same thing in different ways? 🤔

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/81974418#Comment_81974418

All the evidence I have seen on the forum and elsewhere is that once you put 2 DDs on, you activate the fee.

The criteria to qualify for cashback is separate - you can have the fee without qualifying for the cashback by having 2 DDs on but failing to pay in £500 a month.

The difference is that there is no danger at all of triggering the fee by paying in £500 or more, there is by adding 2 DDs and once the fee is started, even if you remove the DD, you still pay the fee just don't get any cashback.

The MSE way to use the Edge account and saver is to simply open it, pay in the money for the saver and never add any DDs, unless you can earn more than the fee in cashback which would depend on the number and size of the DDs

danny13579

Nasqueron

All the evidence I have seen on the forum and elsewhere is that once you put 2 DDs on, you activate the fee.

The criteria to qualify for cashback is separate - you can have the fee without qualifying for the cashback by having 2 DDs on but failing to pay in £500 a month.

No, to be charged the fee you have to meet the conditions for earning cashback, which means you have to pay in £500+ and have 2+ active direct debits.

You could have 100 DDs set up and not activate the fee once the account never receives £500+ in any month.

Nasqueron

The MSE way to use the Edge account and saver is to simply open it, pay in the money for the saver and never add any DDs, unless you can earn more than the fee in cashback which would depend on the number and size of the DDs

It may be the MSE way but it is not the only way.