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Cahoot Not Paying Interest on exactly £3000

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  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper
    Hoenir 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.
    This wasn't a long bank holiday weekend though. Offices do close on occasions. 
  • allegro120
    allegro120 Posts: 1,890 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Hoenir said:
    Hoenir 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.
    This wasn't a long bank holiday weekend though. Offices do close on occasions. 
    In my understanding these processes are handled electronically, thus not affected by office hours. I doubt extended weekends would make any difference.

    Cahoot uses Santander system. Openings, interest payment schedule, functionality of EA savings accounts and the awkward closure protocol seem to be the same.
      
  • Dugal
    Dugal Posts: 12 Forumite
    10 Posts
    I opened a Cahoot Sunny Day Saver issue 5 in April and funded it with £3000.00 at the time, choosing annual payment of interest.

    Today I received an email saying I have a balance over £3000 , and the excess isn't earning interest.  On checking the account I do have a balance of exactly £3000, and showing annual payment of interest at 5%.

    Seems a little odd.
  • masonic
    masonic Posts: 27,266 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Dugal said:
    I opened a Cahoot Sunny Day Saver issue 5 in April and funded it with £3000.00 at the time, choosing annual payment of interest.

    Today I received an email saying I have a balance over £3000 , and the excess isn't earning interest.  On checking the account I do have a balance of exactly £3000, and showing annual payment of interest at 5%.

    Seems a little odd.
    There have been other posts today about this. Apparently a batch of these emails was sent out in error.
  • trickydicky14
    trickydicky14 Posts: 1,257 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    masonic said:
    Dugal said:
    I opened a Cahoot Sunny Day Saver issue 5 in April and funded it with £3000.00 at the time, choosing annual payment of interest.

    Today I received an email saying I have a balance over £3000 , and the excess isn't earning interest.  On checking the account I do have a balance of exactly £3000, and showing annual payment of interest at 5%.

    Seems a little odd.
    There have been other posts today about this. Apparently a batch of these emails was sent out in error.
    Yes I had one too 
    I choose the rooms that I live in with care,
    The windows are small and the walls almost bare,
    There's only one bed and there's only one prayer;
    I listen all night for your step on the stair.
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