Cahoot saving ac deal ending early

j.a.mcguire

Cahoot have sent me a digital letter that my interest rate which was supposed to be 5% for 12 months -- and was advertised here on MSE -- is reaching maturity and will reduce to 1% in December.  I only opened it in April.

Pretty sure they sting you for charges if you contact them, so don't think I'll be doing that.  Bit of a con though when it's supposed to be 12 month fixed.

happybagger

Can't really assist without the account name, but it won't have been a fixed rate if they're dropping it.

EthicsGradient

j.a.mcguire said:

Cahoot have sent me a digital letter that my interest rate which was supposed to be 5% for 12 months -- and was advertised here on MSE -- is reaching maturity and will reduce to 1% in December.  I only opened it in April.

Pretty sure they sting you for charges if you contact them, so don't think I'll be doing that.  Bit of a con though when it's supposed to be 12 month fixed.

Charges for contacting them? That would be very unusual, and I think it would be infamous if true. What's your source for being "pretty sure">

35har1old

j.a.mcguire said:

Cahoot have sent me a digital letter that my interest rate which was supposed to be 5% for 12 months -- and was advertised here on MSE -- is reaching maturity and will reduce to 1% in December.  I only opened it in April.

Pretty sure they sting you for charges if you contact them, so don't think I'll be doing that.  Bit of a con though when it's supposed to be 12 month fixed.

Sunny day saver was for a fixed term of a year not a fixed rate it's currently paying 5% which is a variable rate
Anybody who had it earlier was being payed 5.2% but it will drop shortly to 5% limited to £3000

happybagger

I did wonder if that was the account OP was thinking of so checked mine for messages and nothing. And their terms give 60 days notice of any changes (IIRC) so the December window is very short.

soulsaver

It's the Simple Saver that drops from c.5.12% to c.1.2% after 12 months.

35har1old

soulsaver said:

It's the Simple Saver that drops from c.5.12% to c.1.2% after 12 months.

As OP mentioned 5.00 % thought it was the Sunny day Saver as the Simple Saver is currently paying 3% this was also a fixed term with a variable rate with a 60 day notice period assuming the same conditions apply as current issue 6 there was no bonus mentioned the account could drop to the 1.2% at anytime as long as 60 days notice given

35har1old

happybagger said:

I did wonder if that was the account OP was thinking of so checked mine for messages and nothing. And their terms give 60 days notice of any changes (IIRC) so the December window is very short.

Got a letter dated 06/09/24 notifying change in interest rate from 18/11/24 down to 5% which is the current rate
Received a email stating that there was a message sent to the  Cahoot inbox as well as the letter but never received the inbox message

janusd

EthicsGradient said:

j.a.mcguire said:

Cahoot have sent me a digital letter that my interest rate which was supposed to be 5% for 12 months -- and was advertised here on MSE -- is reaching maturity and will reduce to 1% in December.  I only opened it in April.

Pretty sure they sting you for charges if you contact them, so don't think I'll be doing that.  Bit of a con though when it's supposed to be 12 month fixed.

Charges for contacting them? That would be very unusual, and I think it would be infamous if true. What's your source for being "pretty sure">

they possibly mean that the telephone isn't a freephone number and they don't have inclusive calls ??

however, you can login and send them a secure message - no cost for doing that and you'll likely get a reply back in a couple of days.

janusd

35har1old said:

j.a.mcguire said:

Cahoot have sent me a digital letter that my interest rate which was supposed to be 5% for 12 months -- and was advertised here on MSE -- is reaching maturity and will reduce to 1% in December.  I only opened it in April.

Pretty sure they sting you for charges if you contact them, so don't think I'll be doing that.  Bit of a con though when it's supposed to be 12 month fixed.

Sunny day saver was for a fixed term of a year not a fixed rate it's currently paying 5% which is a variable rate
Anybody who had it earlier was being payed 5.2% but it will drop shortly to 5% limited to £3000

you can have both Sunny Day Issues AFAIK - i've got Issue 1 @ 5.2% maturing next month and Issue 2 (5%) maturing next September - both fully funded.