Santander edge saver

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82170329#Comment_82170329

Yes indeed, I misread it about the regular saver

ccluedo

Am I correct in thinking that the Edge Saver doesn't pay interest on the interest if it takes it over £4k?

friolento

https://forums.moneysavingexpert.com/discussion/comment/82172372#Comment_82172372

Correct, anything above £4k gets 0% interest. It doesn't matter how your balance grew to over £4k.

where_are_we

If, like me you keep a constant £4000 balance, and only dip into that occasionally, you can diarise the same date each month that the interest is added and then do a manual transfer of interest to your best paying easy access account. Remember interest is paid out on non banking days - I had a pay out today.

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/82172471#Comment_82172471

My interest payment date moved from the 1st of the month to the 3rd of the month when I renewed my Edge Saver. Logging in to move just under £20 is a little extreme. I have come up with a better idea. I am going to set the balance to £3,980 on the 1st of the month. That means that I am getting 4.25% in the Skipton rather than 6.5% in the Edge Saver on £20 for 3 days. I make that a loss of about 0.37p per month in interest (before tax). It is well worth that for the saving in effort.

Bobblehat

https://forums.moneysavingexpert.com/discussion/comment/82172471#Comment_82172471

You can even get Santander to set up something similar to a "Standing Order" on the Edge Saver account to pay out the monthly interest (approximately) to your current account (be it Edge or Everyday CA etc). It's best if you ring up and explain what you want and they will set it up for you (you can't do it via Online or App banking).

I have it set up on my two Edge Savers and I requested £19 be paid out to the CA on the same day(s) that interested is credited to the Edge Saver(s). The account only goes over the £4000 by pennies, but you could request the transfer for any amount you choose …. say £19.50 or £20 pm.

Mrs Bobble has it set up on her two Edge Savers too and it has worked faultlessly over the year. You do have to request the regular monthly transfer again on the new Edge saver if you "renew" your Edge Saver once the rate drops.

One tip … don't ask the agent if they can set up a Standing Order on your Edge Saver, they will say "NO". Instead, ask if they can set up a regular monthly transfer! I only ever got one agent saying it can't be done, but I rang back the next day and got a more helpful agent …. Bobbles your Uncle … as they say, Job Done!

slinger2

Or I can put £3760 in the account at the start (£4k-6%) and it won't reach £4k. On average I'm investing £120 less than the max. Given that I can get 5% in Cahoot that's a loss of 1%=£1.20 over the year, £1 after tax.

Bobblehat

https://forums.moneysavingexpert.com/discussion/comment/82172705#Comment_82172705

Or I could do both …. and Oxbury @ 5.01% …. and …. and …. 😈

Stargunner

https://forums.moneysavingexpert.com/discussion/comment/82172535#Comment_82172535

it is of no effort to me to log in to my app and skim the interest off each month.

slinger2

https://forums.moneysavingexpert.com/discussion/comment/82173066#Comment_82173066

I went into the kitchen and turned the light off. I'm going to do that once a month instead. No effort for me to do that

Interest lost on £20 works out at 1/3 of a penny a day (even at 6%) or 1/4p if you're paying tax.