The New Top Easy Access Savings Discussion Area

flaneurs_lobster

pazza2000 said:

Are Cahoot transfers out instant?

By Faster Payment? Yes.

refluxer

13zero8 said:

masonic said:

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Wow, refluxer was only asking. Not everyone will find something as obvious as you do.

Eh? My tongue was firmly in my cheek in my first and last paragraphs. There was no dig at him/her... If anything the dig was at myself. 

Yes - you're right, I should have realised what the issue was but you hadn't mentioned wanting to move the money on beyond your nominated account and misunderstandings about banking transaction limits aren't unheard of on the forum, hence my gentle prompt for more information

I know you've presumably sorted this now, but another way round the issue is to have a nominated account that pays a decent interest rate like a boosted Chase Saver, although Chase do have daily limits for online payments that are lower than some other banks which may be an issue when moving larger sums elsewhere (£25k is the default but mine is £35k).

SnowMan

Cahoot Simple Saver issue 10 paying 4.55% AER no longer available. Replaced by Cahoot Simple Saver issue 11 paying 4.4% AER.

https://www.cahoot.com/products-and-services/cahoot-simple-saver 

tightbloke61

The Sunny Saver won't be far behind being cut I think, currently @ 5% AER,  4.89% Gross

janusd

SnowMan said:

Cahoot Simple Saver issue 10 paying 4.55% AER no longer available. Replaced by Cahoot Simple Saver issue 11 paying 4.4% AER.

https://www.cahoot.com/products-and-services/cahoot-simple-saver 

it had to happen eventually - I can report the upgrade option still works as I upgraded my Issue 9 (paying 4.41%) to another Sunny Day Saver (put £3k in) and then opened an Issue 11 (put £1 in) - both are reporting the correct rates on the site and in the app (though they were before funding too).

tightbloke61 said:

The Sunny Saver won't be far behind being cut I think, currently @ 5% AER,  4.89% Gross

hopefully not before the 13th as I have a bond maturing then - even if an Issue 6 paying 4.75% or similar is launched, that's still far more than i'm getting with the bond.

chris_the_bee

janusdesign said:

SnowMan said:

Cahoot Simple Saver issue 10 paying 4.55% AER no longer available. Replaced by Cahoot Simple Saver issue 11 paying 4.4% AER.

https://www.cahoot.com/products-and-services/cahoot-simple-saver 

it had to happen eventually - I can report the upgrade option still works as I upgraded my Issue 9 (paying 4.41%) to another Sunny Day Saver (put £3k in) and then opened an Issue 11 (put £1 in) - both are reporting the correct rates on the site and in the app (though they were before funding too).

tightbloke61 said:

The Sunny Saver won't be far behind being cut I think, currently @ 5% AER,  4.89% Gross

hopefully not before the 13th as I have a bond maturing then - even if an Issue 6 paying 4.75% or similar is launched, that's still far more than i'm getting with the bond.

They will give 60 days notice of any rate reduction.

janusd

chris_the_bee said:

janusdesign said:

SnowMan said:

Cahoot Simple Saver issue 10 paying 4.55% AER no longer available. Replaced by Cahoot Simple Saver issue 11 paying 4.4% AER.

https://www.cahoot.com/products-and-services/cahoot-simple-saver 

it had to happen eventually - I can report the upgrade option still works as I upgraded my Issue 9 (paying 4.41%) to another Sunny Day Saver (put £3k in) and then opened an Issue 11 (put £1 in) - both are reporting the correct rates on the site and in the app (though they were before funding too).

tightbloke61 said:

The Sunny Saver won't be far behind being cut I think, currently @ 5% AER,  4.89% Gross

hopefully not before the 13th as I have a bond maturing then - even if an Issue 6 paying 4.75% or similar is launched, that's still far more than i'm getting with the bond.

They will give 60 days notice of any rate reduction.

but that won't matter for upgrading the bond if the current issue gets pulled before the 13th.

dosh37

SnowMan said:

The no longer available West Brom 4 access saver (issue 1) and no longer available West Brom 4 access saver (issue 2) are reducing from 4.65% AER to 4.4% AER on 15th September 

https://www.westbrom.co.uk/savings/savings-interest-rates-at-a-glance

(click on 'Variable interest rates for accounts not available to open')

This aligns them from 15th September with the currently available West Brom 4 access saver (issue 3) which reduces to 4.4% AER from 4.55% AER also on 15th September. 

Interesting.

I have a Four Access Saver Iss 2.

My understanding is that banks etc have a legal obligation to notify customers of any reduction in interest rates.

I have not yet received an email from them.

ForumUser7

dosh37 said:

SnowMan said:

The no longer available West Brom 4 access saver (issue 1) and no longer available West Brom 4 access saver (issue 2) are reducing from 4.65% AER to 4.4% AER on 15th September 

https://www.westbrom.co.uk/savings/savings-interest-rates-at-a-glance

(click on 'Variable interest rates for accounts not available to open')

This aligns them from 15th September with the currently available West Brom 4 access saver (issue 3) which reduces to 4.4% AER from 4.55% AER also on 15th September. 

Interesting.

I have a Four Access Saver Iss 2.

My understanding is that banks etc have a legal obligation to notify customers of any reduction in interest rates.

I have not yet received an email from them.

The notice period varies between providers - it should say in the ts and cs. Also can depend on your balance - I believe if less than £100, the FCA does not require notification of rate changes 

SnowMan

dosh37 said:

SnowMan said:

The no longer available West Brom 4 access saver (issue 1) and no longer available West Brom 4 access saver (issue 2) are reducing from 4.65% AER to 4.4% AER on 15th September 

https://www.westbrom.co.uk/savings/savings-interest-rates-at-a-glance

(click on 'Variable interest rates for accounts not available to open')

This aligns them from 15th September with the currently available West Brom 4 access saver (issue 3) which reduces to 4.4% AER from 4.55% AER also on 15th September. 

Interesting.

I have a Four Access Saver Iss 2.

My understanding is that banks etc have a legal obligation to notify customers of any reduction in interest rates.

I have not yet received an email from them.

Their requirement is to give 14 days notice of an interest rate decrease by email or letter if you have over £100 in the account (it's in the product specific terms and conditions which refers to the general terms sections 5d and 5e).

So they've got until about 1st September to send out the notifications. I've also not received a notification yet.