The New Top Easy Access Savings Discussion Area

gwapenut

Bridlington1 said:

gwapenut said:

Interesting to note from an earlier post that Cahoot is true instant EA. But does anyone know the Cahoot outgoing faster payment limit?

I remember querying this while back. They wouldn't divulge their limits for online banking and said it is set on an individual basis depending on the risk of the customer, however they do have a £100k limit for faster payments over the phone.

That's ridiculously undependable eg for withdrawing money to complete a house purchase, and also a further breach of their T&Cs which are already breached by stating that there are limits which are published on their website.

EDIT. Though of course if there is a 100k limit over the phone then that does improve matters.

janusd

gwapenut said:

Interesting to note from an earlier post that Cahoot is true instant EA. But does anyone know the Cahoot outgoing faster payment limit?

I think the limit is £25k per transaction (or always has been for me if @Bridlington1 is correct about it being personalised) - though in my experience, the site only accepts upto £24,999.99 at a time, so when I ever have a large amount to move, I do it in multiple blocks of £20k or £24k... I can't recall any issues as long as they were being moved to confirmed payees (i.e they passed CoP)... I think the most i've ever moved to multiple payees (e.g my other savings accounts) is £150k in a day. Although, perhaps if you are a new customer to them, it might be easier to do it over the phone to prevent blocking access to your accounts and then having to go through the fraud team to get access again.

tg99

Bridlington1 said:

gwapenut said:

Interesting to note from an earlier post that Cahoot is true instant EA. But does anyone know the Cahoot outgoing faster payment limit?

I remember querying this while back. They wouldn't divulge their limits for online banking and said it is set on an individual basis depending on the risk of the customer, however they do have a £100k limit for faster payments over the phone.

I got exactly the same response when I queried it last year.

SnowMan

Having difficulties opening the Cahoot simple saver. Got the email to say the account was open and that they would be posting two security letters out within 7 days.

After 7 days neither letter had arrived so I rang Cahoot up and they said give it a bit longer. 

Still nothing arrived so rang up again after 3 more days. They can't explain what has gone wrong. And they are now sending out new security details and that might take over a week they say.

westv

I got an email during the week telling me about interest rate reductions for the HSBC bonus saver. "Oh here we go!" I thought.
However, on reading it a few times I realised the overall rate isn't changing, it's only the standard rate without the bonus. 

Bridlington1

westv said:

I got an email during the week telling me about interest rate reductions for the HSBC bonus saver. "Oh here we go!" I thought.
However, on reading it a few times I realised the overall rate isn't changing, it's only the standard rate without the bonus. 

Though at 4%, the rate is still poor in relation to other EA accounts with less restrictions on withdrawals.

westv

Bridlington1 said:

westv said:

I got an email during the week telling me about interest rate reductions for the HSBC bonus saver. "Oh here we go!" I thought.
However, on reading it a few times I realised the overall rate isn't changing, it's only the standard rate without the bonus. 

Though at 4%, the rate is still poor in relation to other EA accounts with less restrictions on withdrawals.

I use it as a sort of overflow account from my HSBC current account.
I don't think the restrictions on withdrawals are particularly hard - as many as you want but you just get the standard rate in the month you withdraw.

ranciduk

Yep I’m amazed they didn’t reduce the bonus rate 

other big banks reduced their similar accounts ages ago

Bridlington1

westv said:

Bridlington1 said:

westv said:

I got an email during the week telling me about interest rate reductions for the HSBC bonus saver. "Oh here we go!" I thought.
However, on reading it a few times I realised the overall rate isn't changing, it's only the standard rate without the bonus. 

Though at 4%, the rate is still poor in relation to other EA accounts with less restrictions on withdrawals.

I use it as a sort of overflow account from my HSBC current account.
I don't think the restrictions on withdrawals are particularly hard - as many as you want but you just get the standard rate in the month you withdraw.

Though you could use any instant access account for that purpose, it doesn't have to be with HSBC. Cahoot for example allows instant withdrawals, you'd get a higher interest rate and wouldn't have to worry about the interest rate being lowered if you make withdrawals.

I think our approaches to EA accounts are fundamentally different though. For me EA accounts act as a place to store money I can't fit into my regular savers. I keep absolutely nothing in any of my current accounts until I actually need to use the money, at which point I transfer money in from my EA accounts (or regular savers if I've exhausted my EA savings). Personally I'd never dream of keeping money in a current account for any length of time or putting my savings in an account paying a lower rate than an account I can get elsewhere which would meet my savings needs.

pfpf

probably documented somewhere but:
Cahoot Sunny Day Saver Issue 1 going to 5.00% / 4.89% on 18th November. (letter yesterday).