The New Top Easy Access Savings Discussion Area

SJMALBA · 7 August at 10:54AM

Cahoot Upgrade

I upgraded a Simple Saver, and 2 'matured' Sunny Day Savers this week, and they were all instant.

DRS1 · 7 August at 12:22PM

https://forums.moneysavingexpert.com/discussion/comment/82094954#Comment_82094954

Aboit a day after you upgrade you get a letter about upgrading (welcoming you to your new account or something like that) in your e documents section. Maybe have a look in there and see if anything has arrived?

What_time_is_it · 7 August at 12:40PM

Something worth pointing out about the Cahoot Simple Saver - when you upgrade the account you will also get the interest paid that you have accrued up to the date of doing the upgrade. This will hit your account the following day.

This was a surprise to me and could impact tax planning for some.

friolento · 7 August at 6:05PM

https://forums.moneysavingexpert.com/discussion/comment/82094954#Comment_82094954

The interest will only show a day or two later, so give it a little more time. It wouldn't be possible to upgrade the same account again, it wouldn't even show as an upgradable account. The account title should have changed, and the interest rate should now show as 4.52%. As someone else mentioned, they'll put an upgrade confirmation letter into your Documents in the next day or so. Don't worry, it's all fine 😎

ToastLady · 7 August at 7:15PM

@soulsaver

Just read a newspaper article which came up in my feed re a new 4.5% easy access account powered by Nat West.
Article https://www.mirror.co.uk/money/savings-banks/natwest-issues-new-friday-august-37526500

Link for account https://www.firstactive.com/

happybagger · 7 August at 7:31PM

Looks like same withdrawal rules as the Saga account.

I'll pass wasting time going through the application as anything NatWest requires me to do a selfie (that's despite being a customer already)

friolento · 7 August at 8:05PM

https://forums.moneysavingexpert.com/discussion/comment/82095726#Comment_82095726

Don't cut off your nose to spite your face

You might be a Natwest account holder but you aren't a Saga one. The fact that their systems are provided by Natwest is neither here nor there - you would be their customers, not Natwest's, and they have the legal obligation to verify your ID and do KYC checks.

Be also prepared to have to (re-)verify your ID to any bank you have been a customer of for many years, as there is new legislation which forces banks to make more stringent checks, in an effort to combat money laundering. Unfortunately, this means more onerous checks on honest citizens like you and I.

Trying to fight the new legislation by depriving yourself of good interest rates is a short term self-harm "solution" - until your lower interest paying companies also make you take a selfie……