The New Top Easy Access Savings Discussion Area

EthicsGradient

Arrrghh. Maybe this has been noted here before, but:
I set up an annual interest Cahoot Simple Saver account. A few days later, I had put £3000 in it, and yesterday I thought "I may as well 'upgrade' it to a Sunny Day Saver - it should only take a few minutes". It did. The Sunny Day Saver retains the same account number, and the "(A)" suffix, meaning "annual interest", I presume. It showed as 5.00% interest, and £3000 balance.
Today, I log in, and see it shows as balance £3001.11, and 0.00% interest. They have added the 4 days' interest I earned before conversion, which has pushed it over the limit - despite the complete transaction list that I made to it as a "Simple Saver" still being assigned to it (which implies it's a continuous account), and despite it being an "annual" account, that you'd expect to remain without credited interest until 10 Oct 2026. And they didn't even do it at the time, but waited until my back was turned.

So I've moved £3 out, and I'll have to see what they set the interest rate to tomorrow.

jameseonline

If we not classing Edge as a regular saver than surely you can't really class NatWest or RBS as ones either, all 3 pay out monthly and you can regularly pay in.

Each to their own anyway😏🤔🙃

soulsaver

@EthicsGradient
It's just a bug (which they should have fixed by now..). If you exceed £3k it shows 0.0%.. but it still pays 5.0% on the £3k and nowt on the bit above.

AndyTh_2

jameseonline said:

If we not classing Edge as a regular saver than surely you can't really class NatWest or RBS as ones either, all 3 pay out monthly and you can regularly pay in.

Each to their own anyway😏🤔🙃

by pay out, do you mean interest? That's not the reason for the word "regular" in regular saver. Its the limits to pay-in each month (and not self-imposed limits)

What_time_is_it

jameseonline said:

If we not classing Edge as a regular saver than surely you can't really class NatWest or RBS as ones either, all 3 pay out monthly and you can regularly pay in.

Each to their own anyway😏🤔🙃

I would say that both the NatWest and RBS accounts are regular savers… until they are not!

Regular Savers until you get to £5k. And then they are just like savings accounts.

Although it should also be noted that I am compelled to regularly spend 20 mins at the self checkout in Tesco running each vegetable through individually to max out the round ups. Very irregular behaviour.

liamcov

ThePirates said:

liamcov said:

So how many of these 6% easy-access/'regular saver' accounts can one person have?

You can have 2, 1 for each Edge Current Account you hold.

How is it possible to have 2 Edge c/a? My app is only showing the paid versions as available for me to open. 

Slinky

liamcov said:

ThePirates said:

liamcov said:

So how many of these 6% easy-access/'regular saver' accounts can one person have?

You can have 2, 1 for each Edge Current Account you hold.

How is it possible to have 2 Edge c/a? My app is only showing the paid versions as available for me to open. 

Just answering to hopefully close down this topic again, you can have two edge current accounts if you have a single and a joint account 

/subject closed

ThePirates

Slinky said:

Just answering to hopefully close down this topic again, you can have two edge current accounts if you have a single and a joint account 

/subject closed

Sorry it's not closed, I have 2 sole accounts.

clairec666

ThePirates said:

Slinky said:

Just answering to hopefully close down this topic again, you can have two edge current accounts if you have a single and a joint account 

/subject closed

Sorry it's not closed, I have 2 sole accounts.

https://forums.moneysavingexpert.com/discussion/6534798/the-new-top-easy-access-savings-discussion-area

clivep

EthicsGradient said:

Arrrghh. Maybe this has been noted here before, but:
I set up an annual interest Cahoot Simple Saver account. A few days later, I had put £3000 in it, and yesterday I thought "I may as well 'upgrade' it to a Sunny Day Saver - it should only take a few minutes". It did. The Sunny Day Saver retains the same account number, and the "(A)" suffix, meaning "annual interest", I presume. It showed as 5.00% interest, and £3000 balance.
Today, I log in, and see it shows as balance £3001.11, and 0.00% interest. They have added the 4 days' interest I earned before conversion, which has pushed it over the limit - despite the complete transaction list that I made to it as a "Simple Saver" still being assigned to it (which implies it's a continuous account), and despite it being an "annual" account, that you'd expect to remain without credited interest until 10 Oct 2026. And they didn't even do it at the time, but waited until my back was turned.

So I've moved £3 out, and I'll have to see what they set the interest rate to tomorrow.

Cahoot

This is how it works.

The account number, interest frequency and even the date of opening remain unchanged. However, accrued interest on the old account is paid (as would normally happen when an account is closed) and the bonus interest period starts running with the next annual interest date being 12 months from the date of upgrade (rather than the anniversary of original opening date.

Don't worry about the interest rate that's shown. It always shows zero if the balance is over £3,000 but you still get the 5% on the £3,000. You'll see the 5% tomorrow.