The New Top Easy Access Savings Discussion Area

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.

fun4everyone

Anyone got the Kent Reliance Easy Access Issue 79?  I opened it last night after reading all the documents.  This was in the email I received after being successful.

"If you haven't done so already, please remember to fund your account with your initial deposit within the next 7 days. Please ignore this reminder if you have submitted a request to fund your account via an ISA transfer, we will reach out to your provider and arrange the transfer of funds.

Your account opening date will start from the date the initial deposit is received. You will then have 14 days from that date to make any further deposits into your account. After this time, any further deposits will not be accepted."

!!!!!! No deposits after 14 days?  I read all the t&c and saw no mention of that.  Possibly my mistake though.  Majorly different to what I thought I was signing up to.

I've tried to call them to find out if its just wrong information.  Nobody answers the phone of course (40 minutes and counting). 

mon3ysav3r

fun4everyone said:

Anyone got the Kent Reliance Easy Access Issue 79?  I opened it last night after reading all the documents.  This was in the email I received after being successful.

"If you haven't done so already, please remember to fund your account with your initial deposit within the next 7 days. Please ignore this reminder if you have submitted a request to fund your account via an ISA transfer, we will reach out to your provider and arrange the transfer of funds.

Your account opening date will start from the date the initial deposit is received. You will then have 14 days from that date to make any further deposits into your account. After this time, any further deposits will not be accepted."

!!!!!! No deposits after 14 days?  I read all the t&c and saw no mention of that.  Possibly my mistake though.  Majorly different to what I thought I was signing up to.

I've tried to call them to find out if its just wrong information.  Nobody answers the phone of course (40 minutes and counting). 

Unfortunately Kent Reliance have been sending out the wrong information for a while for their Easy Access Issues (for me 76, 78 and 79).

I can confirm that for me:

1)  I COULD make deposits after 14 days, and

2) They didn't close my account when I don't fund within 7 days of opening, in fact it took me many weeks to fund

fun4everyone

mon3ysav3r said:

Unfortunately Kent Reliance have been sending out the wrong information for a while for their Easy Access Issues (for me 76, 78 and 79).

I can confirm that for me:

1)  I COULD make deposits after 14 days, and

2) They didn't close my account when I don't fund within 7 days of opening, in fact it took me many weeks to fund

Thanks for the quick reply and info. I've tried to fund it immediately so that parts ok. 14 day thing is a bit dumb to be sending out in emails though if it is not true, particularly if its been going on for a while. I can't get through on the phone so will just have to hope I guess. Pretty poor.

SnowMan

Will the Bank of England Cut Interest Rates After Trump Tariff Turmoil?

https://www.morningstar.co.uk/uk/news/263184/will-the-bank-of-england-cut-interest-rates-after-trump-tariff-turmoil.aspx

Apparently there is a 103.1% chance of base rate being cut on 8th May according to interest rate swaps data. That's a bit like someone saying they are putting in 110% effort. I presume it means that it's very slightly more likely that bank base rate will be cut by 0.5% than being held at 4.5%, but a 0.25% cut is likely to be the outcome.