The New Top Easy Access Savings Discussion Area

Bobblehat

I think either Charter or I have lost some of their marbles!

From an email today .....



I thought I did not recognise the "Previous Rates" so I looked at their Interest Rate Summary for the EA Issue 46 ....



They appear to have picked the "previous rate" from 13/09 to 26/11. There have been 2 rate drops since then, so their "new rate" actually represents an increase from actual current rates!

Just to really mess with my head, I actually closed Issue 46 earlier this morning, so is this just really bad timing  . Someone please tell me I've not lost the plot! Actually, someone better tell me if I have lost it, too!

Sherbertfizz

From Charter this morning:

The interest rate on your savings account is changing. We’re writing to let you know that the interest rate payable to your Easy Access Issue 56, is reducing. From 21st April 2025 the interest rate on your account will be

Previous rate New rate Gross* 4.57% / AER** 4.57% Gross* 4.32% / AER** 4.32%

This change is in accordance with paragraph 20.2 of the General Savings Conditions and affects your Easy Access Issue 56 account. If you hold any Fixed Rate accounts, they will not be changing.

Bobblehat

Sherbertfizz said:

From Charter this morning:

The interest rate on your savings account is changing. We’re writing to let you know that the interest rate payable to your Easy Access Issue 56, is reducing. From 21st April 2025 the interest rate on your account will be

Previous rate New rate Gross* 4.57% / AER** 4.57% Gross* 4.32% / AER** 4.32%

This change is in accordance with paragraph 20.2 of the General Savings Conditions and affects your Easy Access Issue 56 account. If you hold any Fixed Rate accounts, they will not be changing.

At least the rates look right for Issue 56, unlike Issue 46!

dosh37

I had the same Iss 56 rate reduction email this morning.

Charter Savings Bank plays the same game with existing customers as Kent Reliance (both owned by One Savings Bank).

I opened a new Iss 58, transferred the balance and closed the old Iss 56.

It only takes a few minutes to play the game.

dosh37

Archerychick said:

winkowinko said:

allegro120 said:

winkowinko said:

So the Cahoot sunny day saver (issue 5) paying 5% is only available to new customers?

I have a sunny day saver with them (issue 2), but it's currently paying only 4.65%. Is there anything I can do about that?

it is available to all. Issue 2 pays 4.75% AER, which is currently a very good rate for instant access account.  I wouldn't close it. You should be able to open issue 5.  I have all issues (except issue 1 that has already served its term), I've never had problems with opening new issues whilst the older ones are still running.

Ah, fair enough.

I guess that I wrongly assumed that the below meant you can only have one Sunny Day Saver sole account, whereas presumably it means you can only have one of any particular issue?

• You can have a maximum of 1 sole account and 1 joint account per person.

They could of course just bump my interest back up to 5% to save me having to open a new account.

If I were to open issue 5, would I still have the same log in details? Would I need to wait for some kind of verification code to come through the post etc, or can it all just be done online?

The terms do state you can’t hold two, but the system isn’t preventing it as things stand. I didn’t know this until after I’d applied for issue 5. I’ve currently got the previous issue with a few pence in and only issue 5 with a decent amount in. 

There is nothing to stop you opening the issue 5.

Can anyone confirm that, if you do have multiple Sunny Day accounts then you do actually receive interest for deposits above the £3K limit for a single account?

My worry is that although the system may let you open multiple Sunny Day accounts, you only receive interest on the first £3K:-

====

What you’ll get

• 5.00% AER/gross (variable) for 1 year on balances up to £3,000. 
• No interest paid on balances over £3,000.

 

Things to keep in mind

• Minimum opening balance £1, maximum £2 million.
• You can have a maximum of 1 sole account and 1 joint account per person.
• This is a paper-free account – learn more in ‘How do I open and manage my account?’ below.

====

The Key Facts PDF document also says:-

"You can have a maximum of two cahoot Sunny Day Saver accounts – one in your sole name and one you can hold jointly with someone else.
If you don’t keep to these terms, we might switch your account to a cahoot Savings Account."

flaneurs_lobster

dosh37 said:

Can anyone confirm that, if you do have multiple Sunny Day accounts then you do actually receive interest for deposits above the £3K limit for a single account?

I can't confirm until the end of the month. I've got two SDSs, both fully loaded, set up to pay interest monthly.

If they don't generate the expected, then one will be emptied sharpish. 

Unless someone can confirm the bad news earlier?

mon3ysav3r

dosh37 said:

Can anyone confirm that, if you do have multiple Sunny Day accounts then you do actually receive interest for deposits above the £3K limit for a single account?

Yes I can confirm; I have just under 3K in each of three Sunny Day Monthly interest accounts and get approximately 11 pounds a month for each of Issue 2 and 3, and will get around 12 pounds a month for the issue 5.

Let's not trouble Cahoot with the discrepancy with their T's and C's!

ToastLady

dosh37 said:

I had the same Iss 56 rate reduction email this morning.

Charter Savings Bank plays the same game with existing customers as Kent Reliance (both owned by One Savings Bank).

I opened a new Iss 58, transferred the balance and closed the old Iss 56.

It only takes a few minutes to play the game.

It's really annoying that they don't have all issues at same rate, and open new ones. You really do have to keep your eye on the ball and check their website when you get notification of drops in interest to see what current state of play is. I had already closed issue 56 and transferred to issue 58 on 24/3. Issue 58 rate is 4.59% and still showing on their website at time of posting.

Bridlington1

@soulsaver
Harpenden BS Online Single Access (Issue 1) 4.5% £100 min

allegro120

flaneurs_lobster said:

dosh37 said:

Can anyone confirm that, if you do have multiple Sunny Day accounts then you do actually receive interest for deposits above the £3K limit for a single account?

I can't confirm until the end of the month. I've got two SDSs, both fully loaded, set up to pay interest monthly.

If they don't generate the expected, then one will be emptied sharpish. 

Unless someone can confirm the bad news earlier?

I can confirm that all my SDSs paid interest. Each account pays its own interest, it doesn’t matter how many SDSs you have with them.