The New Top Easy Access Savings Discussion Area

janusd

https://forums.moneysavingexpert.com/discussion/comment/81910391#Comment_81910391

@soulsaver - from past experience, you should get upgrade letter(s) tomorrow (dated today) in your e-documents section, with any accrued interest paid into the account(s) the day after.

janusd

@soulsaver - another possible entry for your top 10…

OakNorth Easy Access Tracker - 4.14% AER (including 1.14% boost for new customers) - £1 min; Existing customers get the standard rate of 3% AER.

hoppy2

got all notifications and interest paid on all upgraded SDS today

sparkiemalarkie

I am quite new to Cahoot SDS - having recently opened one for the Topcashback.

Why are people upgrading accounts rather than opening an additional account?

I've opened another one, a new edition, again through Topcashback (although the first hasn't paid out yet)
Is this ok?

sx

dcs34

https://forums.moneysavingexpert.com/discussion/comment/81911446#Comment_81911446

I think the idea (or the "loophole") is that people do both?

Open a new one (as allowed). Then upgrade the previous issues to the new issue, to extend the 5% period a further 12 months.

gpman

Is anyone else totally confused by the new Cahoot SDS v6?

What difference is there to the former v5?

Why are people choosing to upgrade to v6? What benefit does that bring? Is it just to get paid the interest early, perhaps for tax purposes? Any other financial gain is surely minimal esp. with a 3k max balance permitted. (e.g. by compounding the interest paid)

gpman

https://forums.moneysavingexpert.com/discussion/comment/81911446#Comment_81911446

According to the Cahoot terms,

"You can have a maximum of two cahoot Sunny Day Saver accounts – one in your sole name and one that you hold jointly with someone else."

wiseonesomeofthetime

https://forums.moneysavingexpert.com/discussion/comment/81911547#Comment_81911547

Yeah, doesn't specify that different issues are allowed.

janusd

https://forums.moneysavingexpert.com/discussion/comment/81911531#Comment_81911531

one reason is that Sunny Day Savers (and Simple Savers) only lasts 12 months before they mature into a savings account paying 1% - upgrading them to a newer issue takes that problem away for another year.

one of my Issue 5 was maturing in a few weeks, so it was a good use of my time yesterday to upgrade them all up, open a new one (via TCB for the first time) and also upgrade an unused Simple Saver issue to another SDS… like others, my accrued interest has also been paid today.

https://forums.moneysavingexpert.com/discussion/comment/81911547#Comment_81911547

I think the way we (users on here) have interpreted that is two per issue directly opened (maturities not included) - but as I am single in my case, just one per issue… which is a condition that I have stuck to.

so there have been six issues of SDS, if I opened one of each (I did), they would all be acceptable for upgrade to later issues; additionally, I had a fixed-term bond mature into a 1% savings account, that was also upgradeable… and then Simple Savers issues can also be upgraded to SDS (or vice versa) - either at maturity or anytime a new issue becomes available that makes it worthwhile.

https://forums.moneysavingexpert.com/discussion/comment/81911528#Comment_81911528

I doubt you would get paid a second time by TCB for opening the same account type regardless of them being different issues.

soulsaver

Spring Easy Saver 4.11% £10 min (19/12) AO ->3.82%wef 03/03

Seem to have snook that reduction in…?