The New Top Easy Access Savings Discussion Area

darren72

masonic said:

darren72 said:

How are people doing this with the 5% Cahoot accounts? - I don't have any I can upgrade.  Do I just open any account with them and then I can upgrade it ?  I already have the one 5% account already.

Most had a collection of defunct accounts, as Cahoot don't make it easy to close them. I would suggest discretion, but there have been reports that even new accounts of other types can be upgraded.

Thanks.  The problem is I was trying to be clever and closed all my redundant accounts over the last couple of weeks (Which I found easy via secure message).  Looks like I might give it a try on a new account, but wonder if they will honour it as supposed to be one account maximum.

friolento

allegro120 said:

friolento said:

Dizzycap said:

tg99 said:

SJMALBA said:

It looks like there may be some inconsistencies with Cahoot's upgrades?

FWIW, my two Simple Saver upgrades both show the correct rate (4.89% monthly), but each has the original accounts' opening dates, so one expires in a couple of months, the other in May next year.

Could be that the 5% 12 month term for the upgraded accounts just starts from the day of upgrade? As one of my upgraded accounts is set to monthly interest I’ll at least be able to check early on that I am actually getting paid the true 4.89% (5%) rate. 

As I've kept all my Simple & Sunnyday accounts, I've upgraded all 5 of the old accounts! They are now all (7) showing as Sunnyday savers @ 5% (4.89%) monthly. I will be funding them all to the max soon as a few RS maturing.  

Are your ex-simples showing 5%? Mine is still sitting there with 0%

My ex-simple is showing 5%.

Mine has finally changed from 0% to 5% now. All's well again 

allegro120

janusdesign said:

ThePirates said:

Cahoot 
Is it possible to change from monthly to annual interest?

no - once the choice is made upon opening, then it's set in stone... I think even when upgrading you don't get offered the choice - it stays the same.

I suspect your only option would be to close then open another account - those closures are manually processed by secure message, so there is a risk that the SDS issue could get pulled before you could open it again.

There is the choice. I clicked on it out of curiosity and it takes you to the application form, the same one you get when you are applying for a new account. I didn't proceed. 

allegro120

20122013 said:

allegro120 said:

SeriousHoax said:

Is there a limit to how many Sunny Day Savers you can have?

I opened a simple Saver last week and have been funding that.

 I have 14, but I don’t think anyone knows if there’s a limit.

In the last month I have opened a number of different EA accounts, which of the following can open a second account now?

1. Cahoot Sunny Day Savers

2, Cahoot Simple

3. Chase Savers

4. Principality Triple - have to wait till new ISSUE?

1&2 - yes
3 - yes, but there’s no gain from doing this.
4 - no, not the same issue.

allegro120

SeriousHoax said:

allegro120 said:

SeriousHoax said:

Is there a limit to how many Sunny Day Savers you can have?

I opened a simple Saver last week and have been funding that.

 I have 14, but I don’t think anyone knows if there’s a limit.

Might as well go for the 15.😁

14 is enough for me at the moment😀

allegro120

darren72 said:

masonic said:

darren72 said:

How are people doing this with the 5% Cahoot accounts? - I don't have any I can upgrade.  Do I just open any account with them and then I can upgrade it ?  I already have the one 5% account already.

Most had a collection of defunct accounts, as Cahoot don't make it easy to close them. I would suggest discretion, but there have been reports that even new accounts of other types can be upgraded.

Thanks.  The problem is I was trying to be clever and closed all my redundant accounts over the last couple of weeks (Which I found easy via secure message).  Looks like I might give it a try on a new account, but wonder if they will honour it as supposed to be one account maximum.

I think it should work. Give it a try, it’s the best way to find out.

tg99

friolento said:

Dizzycap said:

tg99 said:

SJMALBA said:

It looks like there may be some inconsistencies with Cahoot's upgrades?

FWIW, my two Simple Saver upgrades both show the correct rate (4.89% monthly), but each has the original accounts' opening dates, so one expires in a couple of months, the other in May next year.

Could be that the 5% 12 month term for the upgraded accounts just starts from the day of upgrade? As one of my upgraded accounts is set to monthly interest I’ll at least be able to check early on that I am actually getting paid the true 4.89% (5%) rate. 

As I've kept all my Simple & Sunnyday accounts, I've upgraded all 5 of the old accounts! They are now all (7) showing as Sunnyday savers @ 5% (4.89%) monthly. I will be funding them all to the max soon as a few RS maturing.  

Are your ex-simples showing 5%? Mine is still sitting there with 0%

I upgraded a Simple Saver that had not yet matured into the basic cahoot savings account and it shows 5.00%.

janusd

Nova1307 said:

If I open a 1 or 2 year fix with Atom am I able to transfer the entire balance from my existing Atom EA account? Or do I have to withdraw to my nominated account and then fund directly from that?

I was going to keep my EA account until the balance drops on 20th August but for the sake of 0.15% interest for 10 days I might be better off securing the fixed rate now and transferring the lot in one go rather than funding the FR over a few days.

it's clearly stated on their fixed rate page... 

Fund your account
Open and fund your fixed rate saver account directly from your Instant Saver and Reward Saver, or by electronic transfer from another bank or building society. You've got a one week deposit window to add your funds.

tg99

Does Cahoot tend to reduce rates for all the simple saver issues (ie current issue and NLA issues) after a BOE cut and by the same amount? I have two simple savers left after upgrading some to Sunny Day, one paying 4.55% opened recently and a previous issue 4.41% opened in May. Hence I’m thinking makes sense to upgrade the 4.41% account to a Sunny Day since I’ll never use it when I have another higher rate version….unless Cahoot was to cut the 4.55% one to below the 4.41% issue which I assume is v unlikely? Thks 

janusd

tg99 said:

Does Cahoot tend to reduce rates for all the simple saver issues (ie current issue and NLA issues) after a BOE cut and by the same amount? I have two simple savers left after upgrading some to Sunny Day, one paying 4.55% opened recently and a previous issue 4.41% opened in May. Hence I’m thinking makes sense to upgrade the 4.41% account to a Sunny Day since I’ll never use it when I have another higher rate version….unless Cahoot was to cut the 4.55% one to below the 4.41% issue which I assume is v unlikely? Thks 

I have the same two simple savers - for me, i've leaving the unused 4.41% Issue 9 alone until Cahoot announce any rate changes or Issue 10 goes NLA. They have in the past, dropped the rate on the current issue (though we get 2 months notice) and left older issues alone for a while... so if Issue 10 was to drop from 4.55% to 4.30% and Issue 9 left at 4.41%, it would be an attractive rate.

worth noting that some issues of Simple Savers have been issued at 3% - and i'm only thinking as far back as April this year.

https://www.cahoot.com/products-and-services/previous-rates-and-fees

it's a gamble either way - they might make Issue 10 NLA but leave the rate alone; SDS 5 might go NLA at any time or rates on either could change.