We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Santander Edge Current Account
I want to close one of my two accounts as the Cashback is less than the monthly fee.
Is the monthly fee only payable if you set up a direct debit (I’ve never used the second account)
Comments
-
We’ll start charging this fee after you meet the conditions for earning cashback for the first time.
To earn cashback, you must:
• pay £500 into your account in each monthly period, and
• have at least two active Direct Debits set up on your account.Once you have met the cashback condition you will be charged the monthly fee forever.
If you have "never used the account" you should not be charged a fee.
I have never paid the fee on my second account which has £1 sitting in it and a SO for £1 to bounce between it and my main account twice a month to keep the account "used" and not risk falling dormant.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
2 -
As above the easiest way to avoid is having 0 DD, I maintain 2 with 2 of the edge savers (apparently it's now limited to 1) and pay no fees, I have paid in more than £500 regularly, but no DD so doesn't trigger
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.
1 -
It's interesting that the latest switch offer says you have to have 2 DDs and pay in £1500, thus triggering the monthly fee.
0 -
Have a read of this guide I wrote a couple of years ago about how to get your incentive and avoid triggering the £3 monthly fee.
2 -
Back then I think the switch offer was restricted to the Edge Current Account. Now the Everyday Current Account is also eligible.
So another way to get around the £3 monthly fee is to open an Everyday Current Account and do your switch into that.
Then open an Edge Current Account ensuring you don't set up any direct debits on it, to avoid triggering the £3 monthly fee.
1 -
https://forums.moneysavingexpert.com/discussion/comment/82047997#Comment_82047997
Yes I did that myself and now have 2 fee-free Edge accounts!
My wife is trying to open one to get the 8% Regular Saver, but I can't see how to get the transfer bonus without triggering the fee as the transfer has to include the DDs. Probably best not to do a transfer at all and just have access to the 6% £4k saver and 8% Regular saver.
0 -
Yes.... Santander seem to be one of the few mainstream banks that have actually put themselves out and offer incentives to remain with them. In our case x3 6% 4K edge savers, x2 8% regular savers & a zero interest credit card until January 27. Well done Santander. Most banks just don't get it, they offer switch bonuses with little to nothing designed to retain those same customers.
1 -
Why only x3 6% 4K edge savers rather than x4?
1 -
We have x2 edge accounts..... x1 joint & x1 individual.
0 -
I understand. A second sole Edge current a/c would be needed for the 4th Edge saver.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.6K Banking & Borrowing
- 254.8K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.2K Work, Benefits & Business
- 605.8K Mortgages, Homes & Bills
- 179K Life & Family
- 263.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards