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where_are_we

Cahoot SDS - they send you a warning message a month or two before 12 month 5% interest comes to an end. You can wait until just before the drop before upgrading. I usually upgrade as soon as I receive the message - this avoids forgetting to do it. There is also the slight risk that they will lower the 5% variable interest rate but they have to give you a 2 month warning if there is to be a reduction.

soulsaver

https://forums.moneysavingexpert.com/discussion/comment/82176611#Comment_82176611

How do you do that at any time? The SDSs that you hold don't appear in the list that you can upgrade. Or AIMS?

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/82176783#Comment_82176783

Sorry, was thinking of the simple saver

janusd

https://forums.moneysavingexpert.com/discussion/comment/82176783#Comment_82176783

Re: Cahoot - you can do it "anytime" either a) if there is a newer issue of the SDS or b) I think you could "upgrade" it to a Simple Saver and then upgrade it back to a SDS - though I have never done that second option myself but has been reported here previously.

if memory serves, they've never gone more than 12 months between new SDS issues, so there should be a new issue before any current issue matures.

soulsaver

"…I think you could "upgrade" it to a Simple Saver…"

How do you upgrade it to anything that fails to appear in the list of available upgrades?

janusd

https://forums.moneysavingexpert.com/discussion/comment/82176811#Comment_82176811

1. click on the "Upgrade" button when logged into Cahoot.
2. click on "About our Simple Saver".
3. Tick the 3 checkboxes and choose "Upgrade my existing account".
4. You should then see a dropdown list of your available upgradeable accounts, e.g SDS account(s) and/or any older issue Simple Savers.

soulsaver

Thanks @janusd

Every day's a school day..

That could be useful to manipulate accrued interest payment on annual accounts before April 6th.

Bob2000

I had 2 SDS mature on the 20th but forgot all about them. Was distracted by Progressive building society and West Brom issues.

Anyway, l tried to upgrade them this morning. From the account that only now are paying 3% (even though they still say SDS on the tin), and it wouldn't let me. Last year l done it no problem, took all of 5 minutes for the both of them.

After multiple attempts, l opened 2 new simple savers and converted them into SDS. Literally took minutes, so got there eventually.

l can't seem to be able to close the old 3% accounts down. Only remove them from my display account list. I suppose you got to phone them?

For reason already talked about on the forum phoning them isn't a good idea.

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/82176956#Comment_82176956

Presuming the interest just paid out a couple of days ago I would be just inclined to empty them and forget about them.

Maybe after a certain amount of time sat at £0 balance they will write to you and tell you they are going to close them? Or maybe after a certain amount of time you will be allowed to upgrade them so maybe leave £1 in them?

janusd

https://forums.moneysavingexpert.com/discussion/comment/82177015#Comment_82177015

i'd agree with the latter, give it a day or two and try again next week - they often go into a no-mans-land after maturity were they aren't available for upgrading, but that usually doesn't last more than a week.