The New Top Easy Access Savings Discussion Area

SFCooper

https://forums.moneysavingexpert.com/discussion/comment/82110990#Comment_82110990

Just to clarify. If I filled up my Cahoot with £3000 exactly I’d still receive the interest on the £3000 (but the interest earned would just sit there and not be included in any future interest calculation)?

DodgerPot

Cahoot Sunny

yes exactly

I get my Cahoot interest paid monthly and skim it off and out the account when it’s added

gpman

https://forums.moneysavingexpert.com/discussion/comment/82111216#Comment_82111216

It's not exactly clear from your image because if you had a balance of £3001, then you have a balance over £3000 and according to the strict wording, you get no interest.

But you are correct, cahoot pay interest on the initial £3000, even if your balance is higher.

janusd

https://forums.moneysavingexpert.com/discussion/comment/82111192#Comment_82111192

Re: Spring Accelerate - worth repeating that interest is earned on the entire balance, not just the £5k… so no need to necessarily skim off the interest over £5k level on a monthly basis.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82111179#Comment_82111179

First Active and Saga have the same FSCS cover - they both share with Natwest.

My First Active application got referred. They approved it within a working day.

where_are_we

Cahoot Sunny day saver - I went for the annual interest option - less admin. I realise some may want monthly interest for different reasons including getting it before the tax increases from 20% to 22% in the next tax year (if you have gone over your £1000 allowance and you are a basic rate tax payer). I suppose if you have annual interest you could close the CSDS down in March 2027, realise the interest at 20% tax and open a new CSDS and avoid a 22% tax take?

friolento

https://forums.moneysavingexpert.com/discussion/comment/82111261#Comment_82111261

yes if you want to save a bit of interest, you can close your existing account and open a new one with monthly interest.

gpman

https://forums.moneysavingexpert.com/discussion/comment/82111261#Comment_82111261

The unknown danger of this is that there is no guarantee that the current version of the SDS will be on offer in March 2027, and a new version may have a different/lower interest rate.

(If it has a higher one, I'm sure we'll be all doing what you suggest irrespective of tax implications)

ETA: also worth checking if you could 'upgrade' at the appropriate time. That should materialise your interest to date, and start afresh. It's quicker and easier than trying to get cahoot to close an account, and keeps your account number, so no need to update payee details in your funding source account(s).

(But you won't be able to change the interest payment frequency if you upgrade)

gpman

https://forums.moneysavingexpert.com/discussion/comment/82111267#Comment_82111267

If it's done in late March, does it matter if it is monthly or annual interest? The poster has expressed a preference for receiving interest paid annually.

SloughSally

First Active use 2SV , the second of which is a code sent to your registered UK mobile #, could be a problem if you ever lose your mobile or SIM card since there is no alternative login procedure,