Cahoot Sunny Day Saver 5.2%

ThePirates

It's taken a month but I've finally got this account opened...

Can anyone answer a question? Their wesbite states:

• 5.20% AER*/gross** variable rate interest for 1 year on balances between £1 and £3,000.
• No interest paid on balances over £3,000.

Does that mean if I have £3001 in the account I'll get no interest or I'll only get interest on the £3000?

Any help appreciated!

gravel_2

ThePirates said:

It's taken a month but I've finally got this account opened...

Can anyone answer a question? Their wesbite states:

• 5.20% AER*/gross** variable rate interest for 1 year on balances between £1 and £3,000.
• No interest paid on balances over £3,000.

Does that mean if I have £3001 in the account I'll get no interest or I'll only get interest on the £3000?

Any help appreciated!

You'll get 5.2% on £3k and 0% on £1.

youngretired

I opened one of these accounts in July with the full £3000 and have had my August interest paid. I hadn't moved the interest out and when I just looked at the account it shows 0% interest and not the 5.08%. 

I understand that there isn't interest above the £3000 limit, but didn't expect the percentage rate to change on the account due to going over the £3000. 

Has anyone else had this happen to them and can they confirm they did still get the 5.08% on the £3000.

masonic

youngretired said:

I opened one of these accounts in July with the full £3000 and have had my August interest paid. I hadn't moved the interest out and when I just looked at the account it shows 0% interest and not the 5.08%. 

I understand that there isn't interest above the £3000 limit, but didn't expect the percentage rate to change on the account due to going over the £3000. 

Has anyone else had this happen to them and can they confirm they did still get the 5.08% on the £3000.

This is normal and also happens for other Santander group accounts with tiered interest, such as the Edge Saver.

jamfren999

I opened the 5.08% account with 3000 on 18/08. I was expecting some interest on the first or second working day of September but nothing is there. Anyone else have this problem?

jaypers

jamfren999 said:

I opened the 5.08% account with 3000 on 18/08. I was expecting some interest on the first or second working day of September but nothing is there. Anyone else have this problem?

It’s paid a calendar month after your opening date and same from there onwards.

where_are_we

I have 2 Cahoot Sunny Day Saver 1 accounts (one sole one joint) @5.2% variable. I see this is NLA. They are now offering CSDS 2 @5%.

In T&C`s they say they will give 2 months notice of a rate reduction.

I hope not to get notice of a rate reduction too soon!

t1redmonkey

where_are_we said:

I have 2 Cahoot Sunny Day Saver 1 accounts (one sole one joint) @5.2% variable. I see this is NLA. They are now offering CSDS 2 @5%.

In T&C`s they say they will give 2 months notice of a rate reduction.

I hope not to get notice of a rate reduction too soon!

Hate to break it to you, but they've already announced issue 1 is reducing from 18th November, as first mentioned here: https://forums.moneysavingexpert.com/discussion/comment/80981034/#Comment_80981034

friolento

I also found the Saver 1 rate drop documents, one dated 5/9 and the other 6/9, in my Cahoot online banking. No separate email heads-up.

where_are_we

Thanks for update of CSDS1 rate drop to 5% on 18 November - at least that is more than 2 months warning.

Interesting that it seems that you can have a CSDS1 and a CSDS2 @ 5% running together. I shall open a new CSDS2 with £1 for possible future filling up to £3000 max.

ThePirates

Yeah, I've got both running!