The New Top Easy Access Savings Discussion Area

pfpf

refluxer said:

pfpf said:

finally, Chase. is it best to just withdraw everything and keep the account open? i know Chase can be tricky to open new account after closing, is that just the current account? would i be able to open a new savings account if needed?

I think it's definitely worth keeping the current account open, particularly if you make use of the cashback on purchases. I also suspect they'll offer a new Saver with a bonus rate at some stage and, as mentioned above, they may not let you rejoin if you leave in the meantime.

thanks. my reference to "closing" the Chase was purely related to the savings account, i'll always keep the current account open.
i'm just wondering which may be better for any potential bonus/new accounts, and indeed if you can open a new savings account if you close one!

refluxer

pfpf said:

thanks. my reference to "closing" the Chase was purely related to the savings account, i'll always keep the current account open.
i'm just wondering which may be better for any potential bonus/new accounts, and indeed if you can open a new savings account if you close one!

Ah - gotcha. Closing the Saver account you currently have won't prevent you from opening another in the future. It's likely you'd have to open a new one to take advantage of any future bonus rate offers anyway.

I think the only benefit to keeping it open would be if you wanted to make use of it as a temporary holding account for any money heading into the current account (rather than paying large amounts into the current account and earning no interest), but if you're intending on funding the current account regularly from elsewhere, then I guess that wouldn't be necessary.

Bobblehat

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?

Marcoos

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?

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