Cahoot Not Paying Interest on exactly £3000

MatLoweRN

In April I opened and credited a new Cahoot Sunny Day Saver and chose to have the interest paid monthly.  This account states that it does not pay any interest on balances OVER  £3000.  Fair enough.

It also states you can "enjoy 5.00% interest on balances UPTO £3000".

I have exactly £3000.00 in the account and having checked my statement I have not received any interest yet. It's supposed to be paid one month after funding the account.  It was funded on 18th April.

Now, to me balances OVER £3000 mean £3000.01p or more and not £3000 exactly.

What they say on their website:  

"Enjoy 5.00% AER/gross (variable) for 12 months, on up to £3,000 in easy access savings"

"What you’ll get 

5.00% AER/gross (variable) for 12 months. We don't pay interest on balances over £3,000"

However, if you open the summary box under "When is Interest Paid?" it says:

"£3,000+

No interest paid"

All of this seems to be designed to confuse.  Surely, it's either balances OVER £3000 where no interest is paid or balances of £3000+ where none is paid.  But which?

I feel like I've been led into a trap.  Has anyone else had this?

.

MatLoweRN

Incidentally, I have messaged them but I'm not expecting a reply until after the bank holiday, hence my post.

happybagger

Even if you have over 3k in the account they will pay interest in the 3k.
If you haven't had any interest credited yet, I suggest your first check would be to ensure you signed up with monthly interest, and secondly, check that it hasn't been paid away to any other account you have.

MatLoweRN

happybagger said:

Even if you have over 3k in the account they will pay interest in the 3k.
If you haven't had any interest credited yet, I suggest your first check would be to ensure you signed up with monthly interest, and secondly, check that it hasn't been paid away to any other account you have.

I did wonder if I had accidentally selected annual interest, but my account summary is showing the monthly rate of 4.89% and not the annual rate of 5.00%  Also, it hasn't been paid into my linked account or any other account.  Neither does it show on my Cahoot list of transactions. Annoyingly, it seems quite difficult to find on my account page anything (document, etc) that mentions the interest frequency specifically.

masonic

MatLoweRN said:

happybagger said:

Even if you have over 3k in the account they will pay interest in the 3k.
If you haven't had any interest credited yet, I suggest your first check would be to ensure you signed up with monthly interest, and secondly, check that it hasn't been paid away to any other account you have.

I did wonder if I had accidentally selected annual interest, but my account summary is showing the monthly rate of 4.89% and not the annual rate of 5.00%  Also, it hasn't been paid into my linked account or any other account.  Neither does it show on my Cahoot list of transactions. Annoyingly, it seems quite difficult to find on my account page anything (document, etc) that mentions the interest frequency specifically.

If you look at the product name in the transactions view, it will have (A) at the end if it was annual interest.

allegro120

MatLoweRN said:

happybagger said:

Even if you have over 3k in the account they will pay interest in the 3k.
If you haven't had any interest credited yet, I suggest your first check would be to ensure you signed up with monthly interest, and secondly, check that it hasn't been paid away to any other account you have.

I did wonder if I had accidentally selected annual interest, but my account summary is showing the monthly rate of 4.89% and not the annual rate of 5.00%  Also, it hasn't been paid into my linked account or any other account.  Neither does it show on my Cahoot list of transactions. Annoyingly, it seems quite difficult to find on my account page anything (document, etc) that mentions the interest frequency specifically.

If it's showing 4.89% it's definitely not annual.  You should have received your first interest payment by now.  It sounds like some glitch that needs to be resolved.
Interest is paid on day after monthversary so if you opened and funded on 18th April you should receive your first interest payment on 19th May.  

Hoenir

18th April was Good Friday a non banking day and the start of a long weekend. Will explain why you haven't received any interest yet I'd suggest. 

allegro120

Hoenir said:

18th April was Good Friday a non banking day and the start of a long weekend. Will explain why you haven't received any interest yet I'd suggest. 

Cahoot pays interest on none banking days, at least in my experience. I always receive interest on the date.

Hoenir

allegro120 said:

Hoenir said:

18th April was Good Friday a non banking day and the start of a long weekend. Will explain why you haven't received any interest yet I'd suggest. 

Cahoot pays interest on none banking days, at least in my experience. I always receive interest on the date.

The account was opened on a non working day. 

masonic

If we assume the opening date was delayed by 4 days due to the Easter weekend (I don't know if it would have been), then interest should have been paid on Friday 23rd May. The OP was poking around the account that evening and stated it wasn't in the transaction list at that point.

allegro120

Hoenir said:

allegro120 said:

Hoenir said:

18th April was Good Friday a non banking day and the start of a long weekend. Will explain why you haven't received any interest yet I'd suggest. 

Cahoot pays interest on none banking days, at least in my experience. I always receive interest on the date.

The account was opened on a non working day. 

Two of my Cahoot accounts were opened on Saturday 18th January. I received interest on 19th every month including Saturday 19th April.