The New Top Easy Access Savings Discussion Area

Dizzycap

The Nationwide 'TheBigThankYou' £50 bonus has arrived today

BlackthornU

Kent Reliance have dropped Issue 79 and gone onto Issue 80 at 4.5%

dosh37

dosh37 said:

dosh37 said:

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."

An update plus details of the hassle required to close Cahoot savings accounts...

I have Cahoot simple saver and sunny day saver accounts.

The sunny day saver is 'Iss 1' paying 4.75%.

I wanted to close both accounts so that the interest falls in the new tax year.

First I withdrew the £3K I had in the sunny day account (leaving £0).

I withdrew all the funds from the simple saver apart from £1.

The then sent secure messages asking for both accounts to be closed and to transfer remaining funds to an external current account.

The secure messages seemed to be ignored, so after several days, I deleted the messages, phoned and asked for the simple saver account to be closed.

I was told that can only be done once the account is completely empty.

So he transferred the remaining £1 into my empty sunny day account.

I was told the simple saver interest would be added and transferred to my external account - although this would take a few days.

I then asked if I could open a second sunny day account (Iss 5 paying 5%) while keeping the Iss 1 account open.

I was told that I could only have one sunny day account. However I could open a new Iss 5 account, transfer the £1 from the Iss 1 account and close the old account. The closure request would need another phone call.

If I didn't close the old account then the new sunny day account could end up being changed to a different type of account paying less interest.

Today I looked into opening another Sunny Day Saver (Iss 5, 5%).

Even though I was already logged into Cahoot Savings, the system still forces you to enter all the information they already have - DOB etc etc.

The form asks how much you intend to deposit into the account each month.

The system doesn't allow you to enter zero despite it not being a regular savings account. It does however accept a monthly payment of 1p!

The system also wants to know your monthly income, where the money is coming from and what you expect to use the savings for.

I became so annoyed and frustrated with the intrusive application process I gave up.

masonic

dosh37 said:

dosh37 said:

dosh37 said:

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."

An update plus details of the hassle required to close Cahoot savings accounts...

I have Cahoot simple saver and sunny day saver accounts.

The sunny day saver is 'Iss 1' paying 4.75%.

I wanted to close both accounts so that the interest falls in the new tax year.

First I withdrew the £3K I had in the sunny day account (leaving £0).

I withdrew all the funds from the simple saver apart from £1.

The then sent secure messages asking for both accounts to be closed and to transfer remaining funds to an external current account.

The secure messages seemed to be ignored, so after several days, I deleted the messages, phoned and asked for the simple saver account to be closed.

I was told that can only be done once the account is completely empty.

So he transferred the remaining £1 into my empty sunny day account.

I was told the simple saver interest would be added and transferred to my external account - although this would take a few days.

I then asked if I could open a second sunny day account (Iss 5 paying 5%) while keeping the Iss 1 account open.

I was told that I could only have one sunny day account. However I could open a new Iss 5 account, transfer the £1 from the Iss 1 account and close the old account. The closure request would need another phone call.

If I didn't close the old account then the new sunny day account could end up being changed to a different type of account paying less interest.

Today I looked into opening another Sunny Day Saver (Iss 5, 5%).

Even though I was already logged into Cahoot Savings, the system still forces you to enter all the information they already have - DOB etc etc.

The form asks how much you intend to desposit into the account each month.

The system doesn't allow you to enter zero despite it not being a regular savings account. It does however accept a monthly payment of 1p!

The system also wants to know your monthly income, where the money is coming from and what you expect to use the savings for.

I became so annoyed and frustrated with the intrusive application process I gave up.

It seems like after all that trouble you went to contacting them to arrange closure of the old issue, the application process would be worth persevering with. Perhaps I apply for too many accounts, but when I applied for Issue 5 it was no biggie (although I always prefer known details to be pre-populated) and within a couple of minutes I had email confirmation and could see the account online. But each to their own. I'll probably be too lazy to ever attempt to close my accounts when I have finished with them.

allegro120

dosh37 said:

dosh37 said:

dosh37 said:

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."

An update plus details of the hassle required to close Cahoot savings accounts...

I have Cahoot simple saver and sunny day saver accounts.

The sunny day saver is 'Iss 1' paying 4.75%.

I wanted to close both accounts so that the interest falls in the new tax year.

First I withdrew the £3K I had in the sunny day account (leaving £0).

I withdrew all the funds from the simple saver apart from £1.

The then sent secure messages asking for both accounts to be closed and to transfer remaining funds to an external current account.

The secure messages seemed to be ignored, so after several days, I deleted the messages, phoned and asked for the simple saver account to be closed.

I was told that can only be done once the account is completely empty.

So he transferred the remaining £1 into my empty sunny day account.

I was told the simple saver interest would be added and transferred to my external account - although this would take a few days.

I then asked if I could open a second sunny day account (Iss 5 paying 5%) while keeping the Iss 1 account open.

I was told that I could only have one sunny day account. However I could open a new Iss 5 account, transfer the £1 from the Iss 1 account and close the old account. The closure request would need another phone call.

If I didn't close the old account then the new sunny day account could end up being changed to a different type of account paying less interest.

Today I looked into opening another Sunny Day Saver (Iss 5, 5%).

Even though I was already logged into Cahoot Savings, the system still forces you to enter all the information they already have - DOB etc etc.

The form asks how much you intend to desposit into the account each month.

The system doesn't allow you to enter zero despite it not being a regular savings account. It does however accept a monthly payment of 1p!

The system also wants to know your monthly income, where the money is coming from and what you expect to use the savings for.

I became so annoyed and frustrated with the intrusive application process I gave up.

It is a bit inconvenient, but takes me only about 2 minutes to complete Cahoot's application forms. Given the benefits of this product my 2 minutes were well spent.
Questions like "how much you intend to deposit..." are irrelevant, and not unique to Cahoot, quite common.  It doesn't really matter what you enter.  For my last Cahoot application I entered £100.
Questions related to income are for statistics and also very common in application forms.  Again, it doesn't matter what you enter, this won't affect the result of your application.
I don't find it intrusive, probably because I'm used to applying for savings accounts and questions of this kind are very common across the board.

Beeblebr0x

^ Money laundering questions 

GalacticaActual

I received my annual statement for my Santander Easy Access Saver Limited Edition (Issue 3) [no longer available] today and, on page 5, there was the following information:

We’re extending the term of your Easy Access Saver by an extra 12 months, with a new interest rate of 3.00% AER / 2.96% gross (variable) from 1 August 2025. You can still withdraw or add money in at any time.

We’re pleased to let you know that we’re extending the term of your Easy Access Saver Limited Edition (Issue 3) so you can continue enjoying a great rate. It was due to mature onto an Everyday Saver with an interest rate of 1.00% AER/gross (variable).

We’re giving you a further 12 months in your Easy Access Saver, with an interest rate of 3.00% AER / 2.96% gross (variable) from 1 August 2025. This is currently our best instant access savings rate for balances up to £250,000.

Remember that your account has a variable interest rate, which means it can go up and down.

The interest rate is currently 4.00% AER / 3.93% gross (variable).

Also posted in this thread.

ForumUser7

GalacticaActual said:

I received my annual statement for my Santander Easy Access Saver Limited Edition (Issue 3) [no longer available] today and, on page 5, there was the following information:

We’re extending the term of your Easy Access Saver by an extra 12 months, with a new interest rate of 3.00% AER / 2.96% gross (variable) from 1 August 2025. You can still withdraw or add money in at any time.

We’re pleased to let you know that we’re extending the term of your Easy Access Saver Limited Edition (Issue 3) so you can continue enjoying a great rate. It was due to mature onto an Everyday Saver with an interest rate of 1.00% AER/gross (variable).

We’re giving you a further 12 months in your Easy Access Saver, with an interest rate of 3.00% AER / 2.96% gross (variable) from 1 August 2025. This is currently our best instant access savings rate for balances up to £250,000.

Remember that your account has a variable interest rate, which means it can go up and down.

The interest rate is currently 4.00% AER / 3.93% gross (variable).

Also posted in this thread.

Seems they are trying to do a stepped decrease. Unfortunate there is no new higher rate issue yet!

mebu60

GalacticaActual said:

I received my annual statement for my Santander Easy Access Saver Limited Edition (Issue 3) [no longer available] today and, on page 5, there was the following information:

We’re extending the term of your Easy Access Saver by an extra 12 months, with a new interest rate of 3.00% AER / 2.96% gross (variable) from 1 August 2025. You can still withdraw or add money in at any time.

We’re pleased to let you know that we’re extending the term of your Easy Access Saver Limited Edition (Issue 3) so you can continue enjoying a great rate. It was due to mature onto an Everyday Saver with an interest rate of 1.00% AER/gross (variable).

We’re giving you a further 12 months in your Easy Access Saver, with an interest rate of 3.00% AER / 2.96% gross (variable) from 1 August 2025. This is currently our best instant access savings rate for balances up to £250,000.

Remember that your account has a variable interest rate, which means it can go up and down.

The interest rate is currently 4.00% AER / 3.93% gross (variable).

Also posted in this thread.

Useful to know. Use the 4% occasionally for overnight balances where money is in transit and keep a small reserve in there that would normally just sit in the current account.

RedImp_2

ForumUser7 said:

GalacticaActual said:

I received my annual statement for my Santander Easy Access Saver Limited Edition (Issue 3) [no longer available] today and, on page 5, there was the following information:

We’re extending the term of your Easy Access Saver by an extra 12 months, with a new interest rate of 3.00% AER / 2.96% gross (variable) from 1 August 2025. You can still withdraw or add money in at any time.

We’re pleased to let you know that we’re extending the term of your Easy Access Saver Limited Edition (Issue 3) so you can continue enjoying a great rate. It was due to mature onto an Everyday Saver with an interest rate of 1.00% AER/gross (variable).

We’re giving you a further 12 months in your Easy Access Saver, with an interest rate of 3.00% AER / 2.96% gross (variable) from 1 August 2025. This is currently our best instant access savings rate for balances up to £250,000.

Remember that your account has a variable interest rate, which means it can go up and down.

The interest rate is currently 4.00% AER / 3.93% gross (variable).

Also posted in this thread.

Seems they are trying to do a stepped decrease. Unfortunate there is no new higher rate issue yet!

Yeah I got the same mail, it says in it that this is their highest paying EA account .  

Normally it would be going into a 1% account it says and adds we should be grateful they’re not putting it there (ok I made the last bit up)