The New Top Easy Access Savings Discussion Area

friolento

Given the various issues that people had with Post Office accounts, I wouldn’t touch any of their accounts with a barge pole

akh43

Re the Cahoot SDS, I only recently opened one at the beginning of August and my only account with them so far.  I notice you only get interest on £3k and now after interest it is £3,009.67 so does that mean I have to withdraw the interest each month?

If I decide to open a Simple Saver account, in theory could I upgrade to another SDS?

allegro120

akh43 said:

Re the Cahoot SDS, I only recently opened one at the beginning of August and my only account with them so far.  I notice you only get interest on £3k and now after interest it is £3,009.67 so does that mean I have to withdraw the interest each month?

If I decide to open a Simple Saver account, in theory could I upgrade to another SDS?

Yes, you have to withdraw it every month, anything above £3k won't earn interest.
Yes, you can open Simple Saver and upgrade it to another SDS.

akh43

allegro120 said:

akh43 said:

Re the Cahoot SDS, I only recently opened one at the beginning of August and my only account with them so far.  I notice you only get interest on £3k and now after interest it is £3,009.67 so does that mean I have to withdraw the interest each month?

If I decide to open a Simple Saver account, in theory could I upgrade to another SDS?

Yes, you have to withdraw it every month, anything above £3k won't earn interest.
Yes, you can open Simple Saver and upgrade it to another SDS.

Thanks, just opened the SS and transferred the interest to that account as easier to keep track of interest received for tax purposes, I may upgrade to SDS at some point, but don't want to do it yet will leave it a few days before doing so.