Santander Edge Saver ending.

subjecttocontract

One of my Santander Edge savers is ending. My 6% interest will drop to 3.5%. What's the process ? Wait until it matures then close it and open a new 6% one ?

ToastLady

That's what I did recently, wait until day rate dropped to close, but thinking on it, as it takes a few days for it to close, might be better to close it around few days before maturity. That's just my thoughts for next time, would be interested in what others think/would recommend.
I instructed money to go into Edge current account. Checked daily and as soon as it disappeared and money in current account, I opened a new one. It took about 5 days, but that included a weekend. Quick transfer over to shiny new Edge Saver and job done.

flaneurs_lobster

Yep, you just ask the online help bot Sandi to close the account.

surreysaver

Ask the online help computer to close it. It'll take it about a week, as it's not as quick as a human, then you'll be able to open a new one.

cc123mm456

Yes, good advice by ToastLady and surreysaver, to start the close process early. I suggest about a week before it ends.

I closed mine recently, and I wish I had known that before hand.

I closed it with the Sandi bot, and that is easy and efficient. It displays account numbers to choose from. At the end the final message is:

We'll close your account and transfer any remaining money within 5 working days. You'll get confirmation in the post.

I requested the close of mine on Tues 31st March, as I mistakenly thought that would be in plenty of time before the Good Friday/Easter Monday. It was closed 9 calendar days later on Thursday 9th April, which of course is exactly 5 working days later.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81976161#Comment_81976161

I renewed my both Edge savers last year. One took 2 days and the other one 3 days. The same timing for the 2024 renewals.