The New Top Easy Access Savings Discussion Area

n3ophyte

Thank you @Bridlington1 I now have 4 fully funded Sunny Day Saver accounts thanks to your tip 

I’m actually glad Cahoot’s account deletion process is so rubbish or I wouldn’t have this luxury!

HHUK

Bridlington1 said:

Additionally I've just had a bit of a play around with it and it's let me upgrade two old easy access accounts I hadn't got round to closing to sunny day savers so I've ended up with three sunny day saver issue 5s at 5%.

Cahoot Sunny Day Savers

Many thanks for this. I've theoretically upgraded three of my accounts. I note it still says one is allowed a maximum of one sole and one joint Sunny Day Saver. Do we know how this works in practice, please?

allegro120

Bridlington1 said:

With regards to Cahoot. Apologies if this feature has been there a while and I've just failed to notice it but I seem to have the option to upgrade an existing account as well as the option to apply for a new account.

This could be a useful one potentially for those wishing to ``refresh" the Sunny Day Saver as well as those who have maturing accounts they'd like to replace without having to set up new payees.

Additionally I've just had a bit of a play around with it and it's let me upgrade two old easy access accounts I hadn't got round to closing to sunny day savers so I've ended up with three sunny day saver issue 5s at 5%.

I've recently discovered this too.  As a result I now have 14 SDSs paying 5%, don't need to fund 5% RSs any more.  Not sure when these upgraded accounts will expire as the displayed date of opening didn't change, but I guess I'll find out when Cahoot send notifications for each of them.

On a different subject.  I want to close my Leeds RS, it doesn't make any sense to keep it going at 4.85% and awkward t&c anymore.  The only option I can see is to transfer money to another Leeds account, which I don't have. I've done it before, but I can't remember how I did it.  Is it secure message or do I need to call them?

flaneurs_lobster

allegro120 said:

I've recently discovered this too.  As a result I now have 14 SDSs paying 5%, don't need to fund 5% RSs any more. 

14!

And there's me fretting about opening a third....

Agree that there's little point in funding RSs below 5.5%.

janusd

HHUK said:

Bridlington1 said:

Additionally I've just had a bit of a play around with it and it's let me upgrade two old easy access accounts I hadn't got round to closing to sunny day savers so I've ended up with three sunny day saver issue 5s at 5%.

Cahoot Sunny Day Savers

Many thanks for this. I've theoretically upgraded three of my accounts. I note it still says one is allowed a maximum of one sole and one joint Sunny Day Saver. Do we know how this works in practice, please?

I think the general opinion here is that we considered they meant one per issue (or 2 if including joint) - but that was before this upgrade option was available, so I assume they don't mind / care / know.

I now have 5 x Sunny Day Saver (Issue 5) - I upgraded an Issue 4 @ 4.5%, and Issues 2&3 @ 4.75%, plus the Simple Saver (Issue 4) @ 4.35%... wish I hadn't closed a couple of those older Simple Saver issues now! 

allegro120 said:
I've recently discovered this too.  As a result I now have 14 SDSs paying 5%, don't need to fund 5% RSs any more.  Not sure when these upgraded accounts will expire as the displayed date of opening didn't change, but I guess I'll find out when Cahoot send notifications for each of them.

i'm assuming, for the purpose of my spreadsheet, that it's 12 months from today, but time will tell... the Simple Saver (Issue 4) that I upgraded to a Sunny Day Saver (Issue 5) would have supposedly matured this Thursday, so i'll let you know if the rate changes on Thursday or Friday.. but logically, even if it does drop down to 1%, then I could just upgrade it again (assuming the issue 5 doesn't get pulled after the BoE meeting).

it's maturity letter does state...

You can change to a different cahoot account
We have a range of cahoot accounts available to open online. As we are a digital bank you can transfer funds to any cahoot account via online banking. To find out more, go to cahoot.com.

i've still got an empty Simple Saver (Issue 9) paying 4.41% open, but i'll leave that alone for now until after the BoE meeting... sometimes Cahoot have left older issues alone and just dropped the rates on the current issue.

10_66

allegro120 said:

...Not sure when these upgraded accounts will expire as the displayed date of opening didn't change, but I guess I'll find out when Cahoot send notifications for each of them.

Cahoot
One of mine was due to expire tomorrow, so I should be able to see if the rate drops back down again tomorrow after today's upgrade.

brucefan_2

Bridlington1 said:

With regards to Cahoot. Apologies if this feature has been there a while and I've just failed to notice it but I seem to have the option to upgrade an existing account as well as the option to apply for a new account.

This could be a useful one potentially for those wishing to ``refresh" the Sunny Day Saver as well as those who have maturing accounts they'd like to replace without having to set up new payees.

Additionally I've just had a bit of a play around with it and it's let me upgrade two old easy access accounts I hadn't got round to closing to sunny day savers so I've ended up with three sunny day saver issue 5s at 5%.

Many thanks for the heads-up on this (and all of your other great work too) - it is very much appreciated.

Best Wishes,
David

Bridlington1

allegro120 said:

Bridlington1 said:

With regards to Cahoot. Apologies if this feature has been there a while and I've just failed to notice it but I seem to have the option to upgrade an existing account as well as the option to apply for a new account.

This could be a useful one potentially for those wishing to ``refresh" the Sunny Day Saver as well as those who have maturing accounts they'd like to replace without having to set up new payees.

Additionally I've just had a bit of a play around with it and it's let me upgrade two old easy access accounts I hadn't got round to closing to sunny day savers so I've ended up with three sunny day saver issue 5s at 5%.

On a different subject.  I want to close my Leeds RS, it doesn't make any sense to keep it going at 4.85% and awkward t&c anymore.  The only option I can see is to transfer money to another Leeds account, which I don't have. I've done it before, but I can't remember how I did it.  Is it secure message or do I need to call them?

If you phone them they can close the account and make a faster payment to an account in your name over the phone. I've done this a few times before.

Bridlington1

janusdesign said:

HHUK said:

Bridlington1 said:

Additionally I've just had a bit of a play around with it and it's let me upgrade two old easy access accounts I hadn't got round to closing to sunny day savers so I've ended up with three sunny day saver issue 5s at 5%.

Cahoot Sunny Day Savers

Many thanks for this. I've theoretically upgraded three of my accounts. I note it still says one is allowed a maximum of one sole and one joint Sunny Day Saver. Do we know how this works in practice, please?

I think the general opinion here is that we considered they meant one per issue (or 2 if including joint) - but that was before this upgrade option was available, so I assume they don't mind / care / know.

I now have 5 x Sunny Day Saver (Issue 5) - I upgraded an Issue 4 @ 4.5%, and Issues 2&3 @ 4.75%, plus the Simple Saver (Issue 4) @ 4.35%... wish I hadn't closed a couple of those older Simple Saver issues now! 

In theory there isn't a limit to the number of sunny day savers you could get this way. As an experiment I've upgraded all of my accounts to a Sunny Day Saver (bringing me to 5) and opened a new Simple Saver. It now gives me the option to upgrade the new simple saver to another Sunny Day Saver so in theory all you'd have to do is keep opening a simple saver, then upgrading it to a sunny day saver to get as many as you wanted.

I'm not going to bother though as I don't want to annoy them too much and doubt I'd use them all anyway given that I ended up pulling funds from the NatWest/RBS DRSs at 5.5% to fund August's regular savers and have a lot of capacity to absorb excess funds in regular savers paying north of 5%. Plus it's been a while since I've had anywhere near £15k in EA accounts (excluding ISAs).

janusd

janusdesign said:

HHUK said:

Bridlington1 said:

Additionally I've just had a bit of a play around with it and it's let me upgrade two old easy access accounts I hadn't got round to closing to sunny day savers so I've ended up with three sunny day saver issue 5s at 5%.

Cahoot Sunny Day Savers

Many thanks for this. I've theoretically upgraded three of my accounts. I note it still says one is allowed a maximum of one sole and one joint Sunny Day Saver. Do we know how this works in practice, please?

I think the general opinion here is that we considered they meant one per issue (or 2 if including joint) - but that was before this upgrade option was available, so I assume they don't mind / care / know.

upon reflection, perhaps a better analogy is along the same lines as how Principality BS handle their regular savers, e.g you can open one issue yourself directly, but you can also open more of the same issue automatically when another savings account you have them is due to mature (unless manually prevented by a specific member of their staff!).