The New Top Easy Access Savings Discussion Area

s71hj

flaneurs_lobster said:

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%.

Not even fixed rate ones? I must say I go as low as 5 for fixes

flaneurs_lobster

s71hj said:

Not even fixed rate ones? I must say I go as low as 5 for fixes

I don't discriminate. TBH I'm pretty much at the end of available funds when the list gets down to the 6% RS's, I'll go down (in rate) further if funds have matured and are available that month.

BestSeagull

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%.

Well, this has cheered me right up after just being refused again for a second Principality 6 month RS 3! 
What a find. Thank you! 

clivep

Cahoot...

I've upgraded my 4.75% to 5% but see that there is no option to change from annual to monthly interest (or vice versa). In my case, the account opening date is still showing as Feb 25 so annual interest is due next Feb. No interest was calculated today so I guess interest will still be paid Feb 26 as it looks like only the interest rate has been changed. Does this mean that the bonus interest rate will also expire in Feb 26 rather than 12 months from now?

I've already maxed out interest with no tax for the current tax year so want to know in which tax year the interest on the upgraded a/c will be paid.

10_66

clivep said:

Cahoot...

I've upgraded my 4.75% to 5% but see that there is no option to change from annual to monthly interest (or vice versa). In my case, the account opening date is still showing as Feb 25 so annual interest is due next Feb. No interest was calculated today so I guess interest will still be paid Feb 26 as it looks like only the interest rate has been changed. Does this mean that the bonus interest rate will also expire in Feb 26 rather than 12 months from now?

I've already maxed out interest with no tax for the current tax year so want to know in which tax year the interest on the upgraded a/c will be paid.

I should be able to confirm tomorrow as one of mine had an anniversary date tomorrow.  I'll feed back here whether or not the rate drops again following today's upgrade.

dosh37

Bridlington1 said:

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).

Interesting.

I have just opened another SDS account.

I may as well try to open as many accounts as I can and transfer the max  £3K into each.

Is there a limit?

Do you need to open a new SDS account by transferring from a 'simple saver' parent or can you simply keep opening multiple SDS accounts?

Hard to believe it could be that simple or that Cahoot could be so stupid!

Could Cahoot deny paying interest into multiple accounts because the investor did not follow the 'one account per person' rule given in the terms and conditions?

allegro120

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! 

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.

Thank you in advance.  It would be good to know this upgrade affects the term of the account. 
It looks like you can do it with any account.  I've never closed my Cahoot accounts, hence I have 15. I've left Simple Saver issue 10 as it is just in case I will need instant easy acces without limit when my Chase boost ends.  Probably unnecessary, but 14 Sunny Days is already more than will I need for EA in foreseen future. 

Bob2000

So if l opened a sunny day saver and then a simple saver, l could upgrade the simple for another sunny?

allegro120

Bob2000 said:

So if l opened a sunny day saver and then a simple saver, l could upgrade the simple for another sunny?

Yes, you can do this.

Bob2000

allegro120 said:

Bob2000 said:

So if l opened a sunny day saver and then a simple saver, l could upgrade the simple for another sunny?

Yes, you can do this.

Super Duper!