I wanted the edge saver but to get it I had to close my 123 lite, I looked at the numbers and decided to close the 123 lite for edge current to get the edge saver. I put the full £4k max @ 7% and as there is little interest on anything over the £4k and was told by santander customer services I would be better taking the interest out each month (as nothing being earned on it) I did this a few times - but after the 12 months my return was just over £200 including the interest taken out not £280! - on another front I opened up the first direct 7% saver @ £300 pm £3,600 total that paid a pitence of £136 after 12 months - found out it's a rolling month ie 2nd payment and so on each starts a new 12 month period not done the math but probably would of been better off putting both in a fixed bond - at the time around 4%
Can you have more than 1 of these accounts? Not sure if that's gonna work with the monthly fee, but probably have gas and electricity and water bills paid from lite account and earn the cash back and probably council tax and broadband from edge account.?? As there is 2 bills paid by DD, that criteria is met. Also pay in £500 and take it out the next day into the other account, so that criteria is alao met. Or am i being dumb here?
The fee is on the current account and not on the regular saver so there is no money to come off that, I doubt the bank got the maths wrong, the only thing I can think of was to have not taken the month on month interest but as Andy advises and customer services said you/I would be better off to take the interest out. I have no idea how Andy got £280 as I didn't and I actually left interest in at times. Felt conned with First Direct 7% only benefit was the switch- £175 then - that was greater than the return on £3600 in the savings account.
