Cahoot savings rate reduction

MiserlyMartin

Snapelover wrote:

Do you plan to leave £1 in and close the account after you have transferred the £1 plus your interest paid on its anniversary date? Is that the best option in your opinion?

Yes. I'm waiting until July for that. I just set up the transfer myself (leaving just £1 balance) to go off on Monday. Cahoot is a bit of a swizz - their withdrawals take 4 working days minimum - thats 4 days of interest lost for us, but cahoot have the money in some clearing account robbing us of interest and making them a packet. Then we have to wait until after the weekend before transferring it to our other savings accounts.

Whereas Nationwide take only 2 days to move money.

smudgie2

Might be of interest MiserlyMartin.

I became aware in the last few months that when a BACS payment is in process, as right now from Cahoot to my current account expected arrival on Friday, that HSBC can 'see' the payment coming !! before it is in my account.
So where is it and who is it with and who is earning the interest on it ?

Only benefit to me is that I cleared with HSBC writing substantial cheque yesterday to secure the Cov B S Bond 1 year at 5.10%, it closes at end of business today.

This is the third time I have asked HSBC to use their 'crystal ball' and gaze into the ether.

Interesting eh !

sloughflint

Why are people saying leave £1 in account? If I have read paperwork correctly, you can leave it as £0.

mary

Well I have transferred all the money except £1 into the Cahoot Bonus Savings Account which has 5.25% with me until May 25th. However, if you close the Introductory 5.65 - 5.3 - 5 - 4.55 account, don't you get the interest added immediately upon closure - do you have to wait until July?
Annoyingly I had just opened the First Direct 5%, with its withdrawal limitations, but fortunately hadn't transferred yet any money. So now rethinking where to put it, as it's around £70K.

Snapelover

mary wrote:

WellHowever, if you close the Introductory 5.65 - 5.3 - 5 - 4.55 account, don't you get the interest added immediately upon closure - do you have to wait until July?

Yes but what we are saying is if we transfer all our monies now before our interest anniversary date we can have the interest paid straight away but it will be in the form of a cheque - whereas if we leave the account open but with £1 or, as someone has suggested, £0 in it, come the interest anniversary date the interest will be added directly into the account - therefore less time will be wasted moving it from one account to another hence less interest lost.

Stompa

MiserlyMartin wrote:

Cahoot is a bit of a swizz - their withdrawals take 4 working days minimum - thats 4 days of interest lost for us

FWIW I've just done a withdrawal from Cahoot which took 3 days.

Stompa

Snapelover

alared wrote:

Update
Well I just did it!
Went to Cahoot set up to withdraw all but £1 on Monday 24th April to M.Harborough B/S,should take four days.

Thanks to MiserlyMartin and Snapelover

Got my details for my new Birmingham Midshires account through today and have arranged to transfer all but £1 on 24th.:j
:beer:('cos it's Friday)

PoorPaul

Snapelover wrote:

Got my details for my new Birmingham Midshires account through today and have arranged to transfer all but £1 on 24th.:j
:beer:('cos it's Friday)

I'm about to do a move from Cahoot to BM too, and yesterday had the details allowing me to log on to the new BM account.

I have requested a direct payment from Cahoot into the new BM account of just £10 to make sure it goes through ok before shifting the rest. However, time is now tight for the rate drop with Cahoot.

As the rate drops on the 28th, have you arranged it for the 24th to ensure it doesn't lose out by another couple of days transferring over the weekend ? Doubtful my test £10 will have completed by Monday - will it be 'safe' to transfer the rest or should I wait it out ?

Just making sure I get this right !!!!!

Stompa

Does anybody know if there's a limit on how much you can transfer out of Cahoot per day?

(I know they have a £100k limit per day when transferring between Cahoot accounts - goodness knows why).

Thanks

Stompa

smudgie2

Dont know if there are actual limits but I transferred out 50K and 30K from the two accounts I had with them on Tuesday and it arrived in my current account this morning.