@@BeCleverWithYourCash yes, I appreciate you having the patience to explain all the catches, but honestly the way banks mess us about gets my goat! Funny to see Santander having to display the results of customer satisfaction surveys … and they are off the bottom of every one !
Its just more bull, i just put my savings into the highest sttaight up fixed 1 or 2 year at 6% and im done, banks need to stop playing stupid games and just give a decent interest rate ideally in an isa ( which they gove even less on ). They are very quick to put rates up on mortgages....
I got the edge account last November/December but I downgraded it into a standard current account a few months later as it didn't seem worth it after I opened a chase account. However, I still retained access to the edge savings account without paying the fee. So getting 7% for the next few months without paying a fee.
That is pretty decent, especially for me not having any 123 Santander account. One DD for slightly above £300 will wipe out the fee. I have just opened joint adding family member. Thus, two Savers are sweet without fee. The only thing is how easy at the moment is to reach the limit of PSA. Once, the PSA has been reached, I should put money into ISA. But what would be the best way to avoid paying the tax after reaching ISA £20k? Premium Bonds or Gold/Silver or maybe something else? Thanks Andy for your videos, I have learnt so much from them. All the best!
Hi Andy great video. I think you forgot to mention that you need to have 2 direct debits too to have the account and move £500 into the account each month.
Yeah, that’s the current account itself, and if you want to earn the cashback. But the edge saver itself, once you have the Edge current account, doesn’t require exteaa
@@BeCleverWithYourCash MSE has wrote "The Santander Edge Saver account pays 7% on up to £4,000, though this includes a 2.5% bonus for the first 12 months. To get it, you need a Santander Edge current account - a bills cashback account with a £3 monthly fee. And to keep the current account you must deposit at least £500 a month and have two or more active direct debits." I have set up this account to get the saver access and popped £36 in there to cover the annual fee. It wasn't emphasised about the £500 / 2 direct debits. Will they close the account if I don't set these up?
Is interest paid only on balances up to £4k, or is the interest only applied to the first £4k in the account? E.g. If I had £5k in the account, would I still receive interest on the £4k, and just not on the £1k, or would I not get any interest at all? Asking because my balance is very close to the threshold now.
Debating on opening one but its only an extra 200+ a year with 4k I think also monthly fees to consider also do you have access to switch money from ISA to your standard bank account ? is it fixed or not fixed ? what is the point if you end up dipping into it that money you could earn would go down and its a small amount lets be honest.
I have a question that I don't think is made clear in the documentation of the account. Is interest paid only on balances up to £4k, or is the interest only applied to the first £4k in the account? E.g. If I had £5k in the account, would I still receive interest on the £4k, and just not on the £1k, or would I not get any interest at all? Asking because my balance is very close to the threshold now. Thanks for the informative video!
@@richard180961I discovered that interest drops to 0% as soon as the balance is above £4,000. If you get your next interest payment, as soon as possible transfer it to another account to keep your balance at £4k or lower. Hope this helps!
No mention of what happens with your Santander cashback credit card that was only available with a Santander 123 account. Currently paying a £3/pm fee for the card and earning an average of £4 cashback. Not a biggie but if you switch from 123 to Edge do you become ineligible for the cashback Santander credit card, would you drop the fee and the cashback on that element?
Did this w my personal and got £25 cashback from top.. Q - does my already running ' easy access saver' effect offer term on this edge saver? And does the £36 per year fee not apply if i now apply to ioen a joint account?
Hi Andy, i have a 123 lite account that i opened for a switch a while ago, i only pay currently council tax and pay no other bills but planned on keeping the 123 lite until i pay more bills when i move out. Is it worth keeping the 123 lite or should i swap to an edge, i’d get the same cashback currently on the council tax and obvs 7% on 4k
Informative video thanks. I opened an edge saver last month and for a couple of weeks had over 4k in the account. Will this mean I'll get absolutely nothing for those weeks or would I still get the 7% on the 4k but just not on the extra money that was paid in? Cheers!
Thanks Andy, wasn't going to get this account but now I've seen the figures im gonna open one and put in the full 4k for a year. Great work
Glad I could help
it only adds an extra 200+ been looking at it is it fixed does anyone know ? would you have access to it ?
I got to you saying “the third catch” and switched off. I’m sick of banks playing these games trying to make out they are doing us a favour 😠
They’re all manageable - you just need to be aware
@@BeCleverWithYourCash yes, I appreciate you having the patience to explain all the catches, but honestly the way banks mess us about gets my goat! Funny to see Santander having to display the results of customer satisfaction surveys … and they are off the bottom of every one !
The banks are only in it for themselves and what they can profit... I agree with your frustration
@@nuttyoncrypto9863 It’s just Complete Madness 😉 🎵👍
Its just more bull, i just put my savings into the highest sttaight up fixed 1 or 2 year at 6% and im done, banks need to stop playing stupid games and just give a decent interest rate ideally in an isa ( which they gove even less on ).
They are very quick to put rates up on mortgages....
I got the edge account last November/December but I downgraded it into a standard current account a few months later as it didn't seem worth it after I opened a chase account. However, I still retained access to the edge savings account without paying the fee. So getting 7% for the next few months without paying a fee.
Good to know!
Have just done this, very helpful comment thanks!
Chase its very good ?
That is pretty decent, especially for me not having any 123 Santander account. One DD for slightly above £300 will wipe out the fee. I have just opened joint adding family member. Thus, two Savers are sweet without fee. The only thing is how easy at the moment is to reach the limit of PSA. Once, the PSA has been reached, I should put money into ISA. But what would be the best way to avoid paying the tax after reaching ISA £20k? Premium Bonds or Gold/Silver or maybe something else? Thanks Andy for your videos, I have learnt so much from them. All the best!
stocks and shares isa are good also little risky or just gold and let it build long term
Hi Andy great video. I think you forgot to mention that you need to have 2 direct debits too to have the account and move £500 into the account each month.
Yeah, that’s the current account itself, and if you want to earn the cashback. But the edge saver itself, once you have the Edge current account, doesn’t require exteaa
@@BeCleverWithYourCash MSE has wrote "The Santander Edge Saver account pays 7% on up to £4,000, though this includes a 2.5% bonus for the first 12 months.
To get it, you need a Santander Edge current account - a bills cashback account with a £3 monthly fee. And to keep the current account you must deposit at least £500 a month and have two or more active direct debits."
I have set up this account to get the saver access and popped £36 in there to cover the annual fee. It wasn't emphasised about the £500 / 2 direct debits. Will they close the account if I don't set these up?
@@BeCleverWithYourCash In that case could someone open a santander edge without direct debits or cash in and just open the edge saver?
Is interest paid only on balances up to £4k, or is the interest only applied to the first £4k in the account? E.g. If I had £5k in the account, would I still receive interest on the £4k, and just not on the £1k, or would I not get any interest at all? Asking because my balance is very close to the threshold now.
Ahh I opened one up in Jan23 and put in £4K. Have been earning circa £13 a month. 6 months at 7% is good but would have preferred the full 12 months.
Yeah it’s disappointing the rate is so much lower without the bonus
In short, this is a good account to have for one year only if you already hold a Santander Edge.
5:15 spot on 😅
With the high inflation, is it not time for the government to review and increase the personal savings allowance?
Sadly I don’t think they will. It’s effectively another stealth tax hike (like freezing the income tax thresholds)
Thanks Andy!🙌🏾
Debating on opening one but its only an extra 200+ a year with 4k I think also monthly fees to consider also do you have access to switch money from ISA to your standard bank account ? is it fixed or not fixed ? what is the point if you end up dipping into it that money you could earn would go down and its a small amount lets be honest.
Alot of hoops and headache especially when i have the 123 lite allready. All for 7% of 4k (£280). Thanks for sharing anyway Andy youre great 👍
I have a question that I don't think is made clear in the documentation of the account.
Is interest paid only on balances up to £4k, or is the interest only applied to the first £4k in the account? E.g. If I had £5k in the account, would I still receive interest on the £4k, and just not on the £1k, or would I not get any interest at all? Asking because my balance is very close to the threshold now. Thanks for the informative video!
I have the same question... You have explained the scenario very well. The info on Santander website is not very clear to me
@@richard180961I discovered that interest drops to 0% as soon as the balance is above £4,000. If you get your next interest payment, as soon as possible transfer it to another account to keep your balance at £4k or lower. Hope this helps!
you need 2 direct debits for this!
No mention of what happens with your Santander cashback credit card that was only available with a Santander 123 account. Currently paying a £3/pm fee for the card and earning an average of £4 cashback. Not a biggie but if you switch from 123 to Edge do you become ineligible for the cashback Santander credit card, would you drop the fee and the cashback on that element?
Did this w my personal and got £25 cashback from top..
Q - does my already running ' easy access saver' effect offer term on this edge saver?
And does the £36 per year fee not apply if i now apply to ioen a joint account?
Shame there isn't a switch offer
appreciate the sumary Andy
Hi Andy, i have a 123 lite account that i opened for a switch a while ago, i only pay currently council tax and pay no other bills but planned on keeping the 123 lite until i pay more bills when i move out. Is it worth keeping the 123 lite or should i swap to an edge, i’d get the same cashback currently on the council tax and obvs 7% on 4k
Informative video thanks. I opened an edge saver last month and for a couple of weeks had over 4k in the account. Will this mean I'll get absolutely nothing for those weeks or would I still get the 7% on the 4k but just not on the extra money that was paid in? Cheers!
Just on the £4k
You have to disrespect yourself very much to contact Bank Santander!
Seems like alot of hassle for only 10s of pounds vs other accounts
but there are catches = mickey mouse account to excite the plebs who have next to nothing
Even with the catches I think it’s worth it, but only for a year