The New Top Easy Access Savings Discussion Area

poppystar

I’m moving most savings from Chase but still want to put in the monthly amount to get cash back. Is there anything to stop me from putting in that amount each month then withdrawing it during the month less whatever I’m likely to spend? It feels wrong. What are others doing? 

flaneurs_lobster

poppystar said:

I’m moving most savings from Chase but still want to put in the monthly amount to get cash back. Is there anything to stop me from putting in that amount each month then withdrawing it during the month less whatever I’m likely to spend? It feels wrong. What are others doing? 

Absolutely nothing wrong, £1500 in, then all but a couple of day's spend straight out every 1st.

flaneurs_lobster

Bobblehat said:

Gatehouse ERG and EAA ...

When the Gatehouse ERG account drops to 4.65%/4.75% tomorrow, which is the same rate as the Gatehouse EAA account, can anyone see any possible reason to keep the EAA open as well as the ERG?

May not apply to many but, the ERG has a max deposit of £1M, the EAA is a mere £250k.

You might need both.

jaypers

flaneurs_lobster said:

poppystar said:

I’m moving most savings from Chase but still want to put in the monthly amount to get cash back. Is there anything to stop me from putting in that amount each month then withdrawing it during the month less whatever I’m likely to spend? It feels wrong. What are others doing? 

Absolutely nothing wrong, £1500 in, then all but a couple of day's spend straight out every 1st.

I pay £1500 in and take it out again same day. Triggers cashback qualification no problem. 

Born2Save_3

Marcoos said:

Cahoot Sunny Day Saver

Mine matured today, it's converted to the 1.20% saver. But no interest yet, which I'm guessing will come through tomorrow?

Am I able to open a new Sunny Day Saver now, move the £3k and leave the 1.20% account open while waiting on the interest?

Yes.  The new saver account will keep the same sort code and account number.  I keep a penny in old accounts so I still have access to transaction information.  Plus they may become useful in the future.

Your last Sunny Day Saver (SDS) interest should be added to the saver account after around a day.  Apply for the latest SDS; it will take a few hours for it to be opened.  There is some manual intervention.  If I open SDS late at night, I tend to receive an email stating the account has been opened just after 6am.

The Terms Conditions for the latest SDS, Issue 3, and probably Issues 1 and 2 state, that Cahoot will provide at least 2 months notice of rate reductions.

Issues 1 and 2 SDS rates will reduce from 5%AER to 4.75%AER on 31 March 25.  The only notification I have of this is an eDocument received and can be read when logged on.

I've just opened an Issue 3 which is 4.75%AER currently.  I can't find any information on rate reductions.  Does anyone know if a rate reduction on SDS Issue 3 has been made ?  If so, to what and when ?

Thanks

happybagger

Marcoos said:

Cahoot Sunny Day Saver

Mine matured today, it's converted to the 1.20% saver. But no interest yet, which I'm guessing will come through tomorrow?

Am I able to open a new Sunny Day Saver now, move the £3k and leave the 1.20% account open while waiting on the interest?

Yes to all this. My interest took 2 days with it at 1.2% before it was added.
I withdrew £150 to my bank, , roughly the interest expected. Opened a new SDS and moved over the rest, so the old account was zero.
Then when the interest was added, moved it out the same day to the new SDS, leaving an account with zero balance.

Despite being a "digital bank" and inviting me to go online to decide what i want to do, they won't close accounts online via message, they insist on you calling them. I couldn't be ar*ed, left it at zero, it'll gain a bit of interest at 1.20% which I'll take out in 12 months time 

allegro120

Marcoos said:

Cahoot Sunny Day Saver

Mine matured today, it's converted to the 1.20% saver. But no interest yet, which I'm guessing will come through tomorrow?

Am I able to open a new Sunny Day Saver now, move the £3k and leave the 1.20% account open while waiting on the interest?

Yes, you should get it tomorrow.  I got my interest the day after.

Yes, you can open new Sunny Day now and leave the morphed account open. Thats what I've done 11 days ago. 

Bridlington1

@soulsaver
Co-operative Bank Select Access Saver 3 4.59% £1 min Single w/d before rate drop NLA
Replaced by much lower rate issue 4

allegro120

Bobblehat said:

Gatehouse ERG and EAA ...

When the Gatehouse ERG account drops to 4.65%/4.75% tomorrow, which is the same rate as the Gatehouse EAA account, can anyone see any possible reason to keep the EAA open as well as the ERG?

I keep both.  No particular reason. Hope you don't mind me reversing this question - can anyone see any possible reason to close the old EAA? 

allegro120

poppystar said:

I’m moving most savings from Chase but still want to put in the monthly amount to get cash back. Is there anything to stop me from putting in that amount each month then withdrawing it during the month less whatever I’m likely to spend? It feels wrong. What are others doing? 

I use Chase for shopping and keep my balance in Chase Saver at approximately £100 for this purpose.  I deposit £1500 on the first of each month for cash back eligibility and immediately distribute this money across some of my regular savers.