The New Top Easy Access Savings Discussion Area

Bridlington1

@soulsaver

Cynergy Online EA (Issue 90) 4.45% £1min. NLA, replaced by Issue 91 with a sharp drop to 4%.

Bridlington1

Apologies, forgot to mention this in this thread earlier but:

Skipton BS Interest Rate Reductions 1/9/25:

Bonus Saver Issue 12 (NLA) from 4.5% to 4.25% (includes bonus)
FA Bonus Saver (NLA) from 4.2% to 3.95% (includes bonus)
Member Bonus Saver Issue 1 (NLA) from 4.5% to 4.2% (includes bonus)
Member Bonus Saver Issue 2 (NLA) from 5% to 4.75% (includes bonus)

The_Groat_Counter

allegro120 said:

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%.

Many thanks @allegro120 - I'll see if the interest rate is displayed correctly tomorrow. 

For what it's worth, in online banking next to the displayed interest rate for the account there is a ❔ question mark icon - which when clicked produces this popup message:
"Your interest rate may show as 0% for balances higher that the limit on your account. Please refer to your Key Facts Document for more information."

💰  One further quick question... the newer Cahoot Sunny Day Saver (SDS) issue 5 has a better interest rate of 5.00% AER or 4.89% if paid monthly - is there any downside or issue with me upgrading my existing SDS issue 3 account to an issue 5 account? TIA.

wiseonesomeofthetime

The_Groat_Counter said:

allegro120 said:

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%.

Many thanks @allegro120 - I'll see if the interest rate is displayed correctly tomorrow. 

For what it's worth, in online banking next to the displayed interest rate for the account there is a ❔ question mark icon - which when clicked produces this popup message:
"Your interest rate may show as 0% for balances higher that the limit on your account. Please refer to your Key Facts Document for more information."

💰  One further quick question... the newer Cahoot Sunny Day Saver (SDS) issue 5 has a better interest rate of 5.00% AER or 4.89% if paid monthly - is there any downside or issue with me upgrading my existing SDS issue 3 account to an issue 5 account? TIA.

I upgraded my Issue 3 and it worked ok.

Only issue is if Cahoot rescind on all these upgrades, cos they must have caught on by now!!

SnowMan

Bridlington1 said:

@soulsaver

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

That's an interesting one. I wonder if the West Brom BS Four Access Saver Issues 1 and 2 will be reduced by the full 0.25% down to the same 4.4%. We will have to wait and see. I've got £1 in the issue 3 just in case the issue 2 gets cut by more than 0.25%. Cahoot still looking good at 4.55% AER with 2 months notice before a cut.

The_Groat_Counter

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...
[...]

For the record, it did update overnight and today the correct interest rate is now displayed on my online banking. I'm assuming that this was prompted by reducing the balance to £2999.99!

The_Groat_Counter

wiseonesomeofthetime said:

The_Groat_Counter said:

[...]

💰  One further quick question... the newer Cahoot Sunny Day Saver (SDS) issue 5 has a better interest rate of 5.00% AER or 4.89% if paid monthly - is there any downside or issue with me upgrading my existing SDS issue 3 account to an issue 5 account? TIA.

I upgraded my Issue 3 and it worked ok.

Only issue is if Cahoot rescind on all these upgrades, cos they must have caught on by now!!

I've upgraded my issue 3 to an issue 5 this morning and it seems to have gone through and been applied instantly with no issues.

I can't see any immediate rule or reason against doing this. Perhaps the assumption on Cahoot's part is that a great many savers won't realise that there's a newer issue with a better interest rate, or realise that swapping/upgrading to the newer issue is possible - i.e. maybe it's less a case of Cahoot not having caught on to the possibility by now, and more a case of the majority of their savers not having caught on...

flaneurs_lobster

The_Groat_Counter said:

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...

For the record, it did update overnight and today the correct interest rate is now displayed on my online banking. I'm assuming that this was prompted by reducing the balance to £2999.99!

Odd, mine have exactly £3000 and show the (monthly) rate of 4.89% OK (ditto in the app).

janusdesign

@soulsaver Coventry BS 5 Access Saver - 1 Year @ 4.15% variable
£1 to open; interest is monthly or annually; 5 withdrawals with no charge, 6+ withdrawals with 50 days' interest; after 1 year matures to an Easy Access account.

friolento

flaneurs_lobster said:

The_Groat_Counter said:

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...

For the record, it did update overnight and today the correct interest rate is now displayed on my online banking. I'm assuming that this was prompted by reducing the balance to £2999.99!

Odd, mine have exactly £3000 and show the (monthly) rate of 4.89% OK (ditto in the app).

For some odd reason, there appear to be random accounts showing 0%. I had one of those. Reducing the balance to below £3k for a day did fix mine, too.