The New Top Easy Access Savings Discussion Area

shirley999

pecunianonolet said:

shirley999 said:

shirley999 said:

rallycurve said:

moi said:

SnowMan said:

moi said:

SnowMan said:

I've opened a Cahoot... The terms and conditions say you can close the account by phoning in or writing. But was wondering if secure message might work also? 

"Account closure" is an option in Cahoot's secure message menu, but, oddly they won't close an account that way! 🙄🤷‍♂️

Thanks. Managed to close it by phone now. But they tell me you can close by secure message now apparently (that's a recent change). Just need to send secure message giving details of which account to close (account number and sort code) and move to (account number and sort code) and your address, and where to pay the trailing interest.

Good to know! It must be very recent because just last month I and others here were told no when asking to close an ac by secure message.

I tried to close my Cahoot account via secure message and received this reply from them on 16/04/2025:

We can’t close accounts via secure messaging. Please contact us on the number below and one of our team members can action the closure of your account.

If anyone tries now and succeeds please let us know!

I secure messaged them a couple of days ago to close my account, which has a zero balance, and pay interest into my new account with them.  They replied saying I should make the balance zero then ask again, stating which account I wanted interest paying into.  Also asking for confirmation of my full address.  Annoying I had to write it all out again when all they needed was confirmation of my address.  They didn’t say they couldn’t do it though.

Cahoot did close my account by secure message, no interest added, should have been a couple of pence on £1.00 for 8 months!

Cahoot does not accumulate fractions of a penny over several months. Only if you reached 0.01 in a given month they pay you that. 

Thanks, I’ve doubled my investment in my cahoot account to £2 and done the same with Halifax accounts, for which the same likely applies.  Petty, I know!

mon3ysav3r

allegro120 said:

I see.  Sorry I misunderstood your post.  Of course everyone has their own threshold, I'm not 100% efficient either, I sometimes choose convenience over effectiveness.  Nevertheless, I wouldn't keep £1500 at -1% unless I really have to.

Agreed keeping £1500 at such a low rate wouldn't be good, but I don't see anything in the Halifax Reward Current account terms that say you have to keep £1500 in the account, only that you pay at least that much in every month (and then to get the 5 pounds do £500+ in debit card transactions).

crumpet_man

mon3ysav3r said:

allegro120 said:

I see.  Sorry I misunderstood your post.  Of course everyone has their own threshold, I'm not 100% efficient either, I sometimes choose convenience over effectiveness.  Nevertheless, I wouldn't keep £1500 at -1% unless I really have to.

Agreed keeping £1500 at such a low rate wouldn't be good, but I don't see anything in the Halifax Reward Current account terms that say you have to keep £1500 in the account, only that you pay at least that much in every month (and then to get the 5 pounds do £500+ in debit card transactions).

That's not what is happening, funds are  not left in the Halifax account.

£1500 in NSI at 3.3% AER, at beginning of month withdraw to Halifax current account number 1, transfer £1500 from Halifax current account number 1 to number 2 then number 2 to number 3.  Transfer £500 from account 3 to account 1 and account 2.

Pay £500 into NSI using debit card from each of the 3 current accounts.

£1500 stays in NSI until next month.

If you withdraw £1500 from NSI ASAP you could deposit it in a higher paying savings account and potentially earn an extra ~1% AER on that £1500.

flaneurs_lobster

crumpet_man said:

If you withdraw £1500 from NSI ASAP you could deposit it in a higher paying savings account and potentially earn an extra ~1% AER on that £1500.

That's what I do, £1500 from 7% EA into Halifax, fund a couple of RS from the CA, "spend" £500 funding Revolut with the debit card, residual funds + Revolut transfer back to EA.

pecunianonolet

flaneurs_lobster said:

crumpet_man said:

If you withdraw £1500 from NSI ASAP you could deposit it in a higher paying savings account and potentially earn an extra ~1% AER on that £1500.

That's what I do, £1500 from 7% EA into Halifax, fund a couple of RS from the CA, "spend" £500 funding Revolut with the debit card, residual funds + Revolut transfer back to EA.

Does Revolut allow immediate withdrawal again or only after the transaction cleared?

allegro120

mon3ysav3r said:

allegro120 said:

I see.  Sorry I misunderstood your post.  Of course everyone has their own threshold, I'm not 100% efficient either, I sometimes choose convenience over effectiveness.  Nevertheless, I wouldn't keep £1500 at -1% unless I really have to.

Agreed keeping £1500 at such a low rate wouldn't be good, but I don't see anything in the Halifax Reward Current account terms that say you have to keep £1500 in the account, only that you pay at least that much in every month (and then to get the 5 pounds do £500+ in debit card transactions).

No, I meant keeping £1.5k in a savings account (used for Halifax card payment) that pays 1% less than another savings account . Of corse there's no point keeping any money in Halifax current account.

flaneurs_lobster

pecunianonolet said:

flaneurs_lobster said:

crumpet_man said:

If you withdraw £1500 from NSI ASAP you could deposit it in a higher paying savings account and potentially earn an extra ~1% AER on that £1500.

That's what I do, £1500 from 7% EA into Halifax, fund a couple of RS from the CA, "spend" £500 funding Revolut with the debit card, residual funds + Revolut transfer back to EA.

Does Revolut allow immediate withdrawal again or only after the transaction cleared?

Yes, it's a big advantage of using Revolut, it allows immediate use of pending funds. In my case that £500 is never at Revolut for more that 5 minutes.

allegro120

crumpet_man said:

mon3ysav3r said:

allegro120 said:

I see.  Sorry I misunderstood your post.  Of course everyone has their own threshold, I'm not 100% efficient either, I sometimes choose convenience over effectiveness.  Nevertheless, I wouldn't keep £1500 at -1% unless I really have to.

Agreed keeping £1500 at such a low rate wouldn't be good, but I don't see anything in the Halifax Reward Current account terms that say you have to keep £1500 in the account, only that you pay at least that much in every month (and then to get the 5 pounds do £500+ in debit card transactions).

That's not what is happening, funds are  not left in the Halifax account.

£1500 in NSI at 3.3% AER, at beginning of month withdraw to Halifax current account number 1, transfer £1500 from Halifax current account number 1 to number 2 then number 2 to number 3.  Transfer £500 from account 3 to account 1 and account 2.

Pay £500 into NSI using debit card from each of the 3 current accounts.

£1500 stays in NSI until next month.

If you withdraw £1500 from NSI ASAP you could deposit it in a higher paying savings account and potentially earn an extra ~1% AER on that £1500.

That's very convenient, minimum admin, but in this scenario you could gain more interest if you used better paying accounts for this.  You could do exactly the same with Family BS currently paying 4.6% for example.

Bridlington1

As mentioned on the main regular savers thread Saffron BS are cutting the rates on their variable rate accounts on 10/6/25.

There's a few sharp drops among them, of note the NLA E-Saver Issue 22 is to be cut from 4.5% to 4.05%. See:



For the full list of cuts see:
https://www.saffronbs.co.uk/sites/default/files/2025-05/VariableRateGuide10.06.2025.pdf

JamesRobinson48

Family BS launched today Online Saver issue (10) paying 4.55% p.a. variable.

https://www.familybuildingsociety.co.uk/savings/easy-access-savings/product-detail/online-saver-(10)