Cahoot Not Paying Interest on exactly £3000

Hoenir

allegro120 said:

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.

This wasn't a long bank holiday weekend though. Offices do close on occasions. 

allegro120

Hoenir said:

allegro120 said:

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.

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

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

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

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 

Trisha421

Tagging on here, but i opened mine in April with £3000.10 and today noticed it says 0% interest and then panicked when I read
"We don't pay interest on balances over £3,000.

I agree with the original Poster it's definitely confusing!
I hope I haven't forfeited all my interest for the sake of 10p! 

masonic

It is well known that Cahoot (and Santander in general) reports the rate on the highest part of the balance (and even exactly £3k can trigger a 0% rate sometimes, perhaps due to rounding).