The New Top Easy Access Savings Discussion Area

Malchester

Closed 7 unused accounts with Cahoot recently on the phone in 5 minutes. Simple and easy process. May have been luck with the agent I got.

friolento

pecunianonolet said:

Cahoot

Is anyone else having issues with them closing accounts? Seems to be impossible and not sure if they are just incompetent or unwilling?

I sent a secure message asking them to close old accounts sitting at NIL balance for ages as the bonus rates expired so they are at a 1% interest rate. First time it was outright rejected with the instructions to call. Second time I provided them an exact list with account number and sort code of the accounts to close, confirmed my address and told them to pay any interest (the isn't any) to my nominated account on file. There is only one. 

Received a response saying the instructions aren't clear enough. 

1. I am sending a secure message, so I had to log into the portal passing security
2. I provided details of 3 accounts to close (I use the 4th one) with name, account number and sort code
3. There is only one nominated account from which they receive and send payments to
4. My address details as well as phone number and email address are on file as I provided them when I opened the accounts

It seems like any other bank or building society is able to follow instructions via secure message, except of Cahoot. 

If you managed to get them to do some work, how did you do it? 

I just change the account name to “no use any longer”, after I have removed the balance. At some stage in the future, I might ask them to close those accounts - but I won’t ask whilst I have more than one perfectly good Sunny Day Savers 😜

allegro120

friolento said:

pecunianonolet said:

Cahoot

Is anyone else having issues with them closing accounts? Seems to be impossible and not sure if they are just incompetent or unwilling?

I sent a secure message asking them to close old accounts sitting at NIL balance for ages as the bonus rates expired so they are at a 1% interest rate. First time it was outright rejected with the instructions to call. Second time I provided them an exact list with account number and sort code of the accounts to close, confirmed my address and told them to pay any interest (the isn't any) to my nominated account on file. There is only one. 

Received a response saying the instructions aren't clear enough. 

1. I am sending a secure message, so I had to log into the portal passing security
2. I provided details of 3 accounts to close (I use the 4th one) with name, account number and sort code
3. There is only one nominated account from which they receive and send payments to
4. My address details as well as phone number and email address are on file as I provided them when I opened the accounts

It seems like any other bank or building society is able to follow instructions via secure message, except of Cahoot. 

If you managed to get them to do some work, how did you do it? 

I just change the account name to “no use any longer”, after I have removed the balance. At some stage in the future, I might ask them to close those accounts - but I won’t ask whilst I have more than one perfectly good Sunny Day Savers 😜

There're a lot of discussions about Cahoot account closing techniques.  I'm curious what are the benefits of these closures.  I have 3 retired accounts.  I renamed them and shifted them to the bottom of the list.  They just sit there with £0 balance causing no harm.  I actually use one of them because it has a number of payees set up for various RSs, so it's easier for me to internally transfer a lump sum there and feed RS accounts from this otherwise useless account. 

masonic

If left dormant, providers now need to close these unused accounts eventually as they are perceived as a money laundering risk should they be compromised. So I too fail to see the value in going to a lot of effort to close them manually. If an account is easy to close, I'll do so, otherwise...

happybagger

I phoned them this afternoon. They said, as above, that the email went out in error . I pointed out I have two accounts of the different issues and they confirmed it is ok to do so

ab56

Marcus EA

Anyone else having problems making withdrawal from Marcus EA account this evening?

pecunianonolet

masonic said:

If left dormant, providers now need to close these unused accounts eventually as they are perceived as a money laundering risk should they be compromised. So I too fail to see the value in going to a lot of effort to close them manually. If an account is easy to close, I'll do so, otherwise...

I just want to reduce the list of accounts I track in my spreadsheet and even if they have been sitting at a zero balance for well over a year it is time to get rid of them. I just closed not long ago 8 Coventry accounts, that was easy to do online. Closed around 20 dormant accounts so far and Cahoot was just next on the list. There are various other reasons for closure too e.g. moving tax residency out of the UK later this year. 

tg99

Hi, with the Spring and Hodge easy access savings accounts are there any limits anyone knows of regarding transfers out to linked account, either per payment or cumulatively per day? Couldn’t see anything in T and C. I understand both offer instant transfers in and out but for Spring it says if done after 4pm or on a non business day then the money may not arrive in linked account until the next business day…..does anyone know if this is actually what happens in practice or do transfers post 4pm and on weekends still typically arrive straight away? Thks 

janusd

tg99 said:

Hi, with the Spring and Hodge easy access savings accounts are there any limits anyone knows of regarding transfers out to linked account, either per payment or cumulatively per day? Couldn’t see anything in T and C. I understand both offer instant transfers in and out but for Spring it says if done after 4pm or on a non business day then the money may not arrive in linked account until the next business day…..does anyone know if this is actually what happens in practice or do transfers post 4pm and on weekends still typically arrive straight away? Thks 

with both, you can make unlimited withdrawals - there is no max limit with Spring, so you can withdraw the entire balance if you want to; with Hodge, you would have to leave £1 in the account to prevent closure.
i'm not aware of a max limit with Hodge - though t&c state if over 250k then it's done via CHAPS next day.
withdrawals from Spring for me have been instant (less than a minute) - though i've only done it during daytime on a weekday; never made a withdrawal from my Hodge Easy Saver, but I know the t&c says that you’ll usually receive your money on the day the instruction is made.

soulsaver

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