The New Top Easy Access Savings Discussion Area

SnowMan

Closing Cahoot simple saver by secure message

Following on from an earlier discussion just managed to close my Cahoot simple saver (issue 9) through secure message and get the accrued interest to closure transferred to the simple saver (issue 10). Process that worked for me is:

a) open issue 10 account

b) transfer all of balance on issue 9 to issue 10, leaving issue 9 balance as zero.

c) send them a secure message (choosing the subject 'cahoot Account closure' from the drop down list) and make sure to include your address. Message should be along the lines of 'Please close my simple saver (issue 9) account number xxxxxxxx, sort code xxxxxx, and transfer the interest to closure to my simple saver (issue 10) account number xxxxxxxx, sort code xxxxxx. I have already reduced the balance on my issue 9 account to zero. My address is xxxxxxxx.'

d) secure message received from cahoot (in my case after one day) to say the closure will be actioned within 2 working days.

e) account closure actioned (in my case one day after the message in d) received)

 

exel1966

..........

slinger2

SnowMan said:

Closing Cahoot simple saver by secure message

Following on from an earlier discussion just managed to close my Cahoot simple saver (issue 9) through secure message and get the accrued interest to closure transferred to the simple saver (issue 10). Process that worked for me is:

a) open issue 10 account

b) transfer all of balance on issue 9 to issue 10, leaving issue 9 balance as zero.

c) send them a secure message (choosing the subject 'cahoot Account closure' from the drop down list) and make sure to include your address. Message should be along the lines of 'Please close my simple saver (issue 9) account number xxxxxxxx, sort code xxxxxx, and transfer the interest to closure to my simple saver (issue 10) account number xxxxxxxx, sort code xxxxxx. I have already reduced the balance on my issue 9 account to zero. My address is xxxxxxxx.'

d) secure message received from cahoot (in my case after one day) to say the closure will be actioned within 2 working days.

e) account closure actioned (in my case one day after the message in d) received)

 

I've also managed to delete an old account, in my case a matured Sunny Day Saver account. In my case I withdrew the interest immediately and so there wasn't any money to transfer at closure. However I did give account details (just in case).

So in summary you need to give: 1. Details of account to be closed 2. Details of account to receive any balance 3. Your address for verification checks.

1spiral

Why do you need to give your address if already logged in and sending a secure message?

flaneurs_lobster

Cahoot Simple Saver

1spiral said:

Why do you need to give your address if already logged in and sending a secure message?

Security innit. I know you can already have (legitimately) emptied the account but maybe that "secure message" is just converted into an ordinary email somewhere in the comms chain and they need just an extra bit of verification.

Don't think the systems at Cahoot have changed much since they changed the logo from "Abbey National" in 2010.

EthicsGradient

Change to the lower rate of interest for West Brom Four Access Saver Issue 2 from June 16th, but not for the higher rate you get with four or fewer withdrawals in a year:

Four Access Saver (Issue 2)

Deposits of £1 - £1,000,000: your rate of 4.65% gross p.a./AER variable (4.55% gross monthly, 4.65% AER variable), isn't changing on 16 June 2025, but the rate if you make five or more withdrawals is. The new rate will be 1.90% gross p.a./AER variable (1.88% gross monthly, 1.90% AER variable).

The current rate is 2.15% gross p.a./AER variable (2.13% gross monthly, 2.15% AER variable).

Beeblebr0x

Opened a savings account with Cahoot but will have to wait for the unreliable post to receive two letters containing my login details.  I think I might just not bother funding it as I had the same experience with Santander and never received the letters.

Is it a common thing for banks to send login details in the post or do some use email?

allegro120

Beeblebr0x said:

Opened a savings account with Cahoot but will have to wait for the unreliable post to receive two letters containing my login details.  I think I might just not bother funding it as I had the same experience with Santander and never received the letters.

Is it a common thing for banks to send login details in the post or do some use email?

I opened my first Cahoot account on 18th Jan 2024, letter 1 of 2 was issued on 19th and letter 2 of 2 on 20th (Saturday).  The letters arrived on 23rd.  

Aidanmc

Beeblebr0x said:

Opened a savings account with Cahoot but will have to wait for the unreliable post to receive two letters containing my login details.  I think I might just not bother funding it as I had the same experience with Santander and never received the letters.

Is it a common thing for banks to send login details in the post or do some use email?

Just opened a Cahoot sunny day saver last night, also have to wait on letters to get online access.Its common enough with banks to send temporary login passwords/codes in the post. Your personal ID number would have been in the account opening email though.

Never had a Cahoot account before, always thought they were app only for some reason.

Can anyone tell me if withdrawals are same day? What about withdrawals at weekends?

Malchester

Aidanmc said:

Beeblebr0x said:

Opened a savings account with Cahoot but will have to wait for the unreliable post to receive two letters containing my login details.  I think I might just not bother funding it as I had the same experience with Santander and never received the letters.

Is it a common thing for banks to send login details in the post or do some use email?

Just opened a Cahoot sunny day saver last night, also have to wait on letters to get online access.Its common enough with banks to send temporary login passwords/codes in the post. Your personal ID number would have been in the account opening email though.

Never had a Cahoot account before, always thought they were app only for some reason.

Can anyone tell me if withdrawals are same day? What about withdrawals at weekends?

Withdrawals and deposits are instant. Cahoot has no app of its own but you can use Santander app logging in using Cahoot login in details and then fingerprint access after that. However you can't use both Cahoot and Santander on the app together.