The New Top Easy Access Savings Discussion Area

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.

tg99

janusdesign said:

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.

Great that’s really helpful, thanks. I think I’ll probably wait too and see how Cahoot reacts to the recent BOE rate cut.

masca

Does anyone know if there's any way to satisfy the Cahoot ID/change details form request electronically? I don't have access to a printer (and a stamp isn't very MSE! ☺️). I've sent a message asking Cahoot, but I'm still awaiting an answer. TIA.

The_Groat_Counter

Re the Cahoot Sunny Day Saver (SDS) accounts...

I have an SDS issue 3 account opened in January, but I'm actually not sure what the current interest rate is - on my online banking it currently shows as 0% but I think that's because I had exactly £3000 in the account (interest is stated as being payable from "£1 - £3,000" but nothing for "£3000+", however what's not clear is what happens for a balance of exactly £3000).

I've transferred a penny out today so now the balance is £2999.99, however the interest rate in online banking still shows as 0% - perhaps that will update overnight...

On cahoot's Previous rates and fees page, under the heading Previous rate effective until 2 March 2025, the SDS issue 3 is shown as having an interest rate of 4.75% AER / 4.65% gross - this matches the interest rate shown on my account summary document dated 5 April. I don't have any statements or summaries more recent than that.

My guess is that the 2 March date is when the SDS issue 3 account became NLA, but in my reading of things I'm struggling to find clarity on what the current interest rate for this account actually is.

allegro120

The_Groat_Counter said:

Re the Cahoot Sunny Day Saver (SDS) accounts...

I have an SDS issue 3 account opened in January, but I'm actually not sure what the current interest rate is - on my online banking it currently shows as 0% but I think that's because I had exactly £3000 in the account (interest is stated as being payable from "£1 - £3,000" but nothing for "£3000+", however what's not clear is what happens for a balance of exactly £3000).

I've transferred a penny out today so now the balance is £2999.99, however the interest rate in online banking still shows as 0% - perhaps that will update overnight...

On cahoot's Previous rates and fees page, under the heading Previous rate effective until 2 March 2025, the SDS issue 3 is shown as having an interest rate of 4.75% AER / 4.65% gross - this matches the interest rate shown on my account summary document dated 5 April. I don't have any statements or summaries more recent than that.

My guess is that the 2 March date is when the SDS issue 3 account became NLA, but in my reading of things I'm struggling to find clarity on what the current interest rate for this account actually is.

Current interest for issue 3 is 4.75% and it should show 4.75% or 4.65% (if paid monthly) on £3000 balance. It must be a glitch if it shows 0%.

Bridlington1

@soulsaver

West Brom BS Four Access Saver Issue 3  to reduce from 4.55% to 4.4% from 15/9/25