Santander Edge Saver ended

20122013

Update: I called Santander (using the number on the back of my card). I made an account closure request over the phone and it usually takes 48 hours to close. I was told to check back by COB. 6 hours later my Edge Saver was closed and a new one was opened. Thanks to GeoffTF, I had closed my RS (5%) over the phone and have now also opened a RS 8%. I think the turn around differs.

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/82060669#Comment_82060669

The lady that I spoke to said that the account could take several days to close, but that it should close the next day. Santander seems to have had a problem. Hopefully it has been fixed. The interest used to be paid shortly before my main pension is paid in on the first of the month. I was able to collect the interest and adjust my balance to what was needed to pay my Direct Debits in one go. I expect that I will now have to login a second time to collect the interest, or (more likely) accept a loss of interest of about £1 per year.

MACKEM99

Can I call them or ask chatbot to close account on a date in the future and then open a new one. Mine matures on Aug 4

Thanks.

M99

where_are_we

I have just closed one of our Edge Savers. I called up and result was a quick closure - £4K balance was in my current account same day and interest a little bit later. I was able to open and fund my new Edge Saver the next day. Very impressed and we have 4 Edge Savers between us so I was pleased to be able to continue with 4, given Santander`s recent policy I believe of allowing only 3 per couple.

Calling is a more of a hassle than using chatbot but, for a different Santander account closure using chatbot on a previous occasion it took much longer than was acceptable - lesson learned.

Stargunner

https://forums.moneysavingexpert.com/discussion/comment/82081190#Comment_82081190

We have 5.. Solo each, joint each and one explorer

ThePlantMan

Not sure if this has already been mentioned elsewhere, but it looks like Santander has now implemented the same functionality as Cahoot to upgrade non-ISA savings accounts and therefore this could save the hassle of closing and reopening the Edge Saver account when the bonus rate expires

molerat

https://forums.moneysavingexpert.com/discussion/comment/82099686#Comment_82099686

Waits for first customer here to report back …………

friolento

https://forums.moneysavingexpert.com/discussion/comment/82099686#Comment_82099686

It's nice to see this option (online only, I think, not in the app) - but I don't think it helps much with renewing an Edge Saver, unless they release a new issue of this account.

molerat

https://forums.moneysavingexpert.com/discussion/comment/82099976#Comment_82099976

It does not "renew" the Edge Saver but changes it to another type of account leaving you free to open a new Edge Saver.

friolento

Oh right, I see, that might be an option, once the Edge Saver has changed to the lower interest rate. I would currently not be allowed to upgrade my Edge Savers (“you have no eligible accounts”), but I could close them via chat.