Cahoot a/c upgrade

t33

Apologies if this is old news and I'm late to the party but had my eye off my savings for a while, but my Simple Saver 12 months expired and saw for the first time the Account Upgrade option which basically keeps all the same account info be signs up again for another 12 months at the 4.40% AER.   How simple and how useful and uncomplicated. Took two minutes and instantly reflected on my accounts summary. No need to apply for the new account and then transfer and close old account which I've always done in the past.  Is this now commonplace among other banks as I've not noticed it elsewhere, though as I say just getting on top of my savings again after a while focused on other things.  Just an observation really.  

fryedslyce

The account won't remain at 4.40% for the whole 12 months, it's variable. You will though get at least 2 months notice of any rate reduction.

friolento

It's not commonplace, although Principality does something similar with at least some of their Regular Savers. It's a very nice feature which has been around on Cahoot for a few months now  and has been widely discussed in The New Top Easy Access Savings Discussion Area

t33

friolento said:

It's not commonplace, although Principality does something similar with at least some of their Regular Savers. It's a very nice feature which has been around on Cahoot for a few months now  and has been widely discussed in The New Top Easy Access Savings Discussion Area

Thanks friolento for the info, pity it's not more widespread, will give that thread a look.

rallycurve

How does the upgrade work when you hold multiple simple saver accounts?

The upgrade link is not attached to one of them but in a general area. When clicking it, you can review the conditions and there is an "upgrade" button but unsure if you can select which account to upgrade. I am too scared of pressing it in case it picks the wrong one as I am assuming accrued interest will be credited and I wouldn't want to get it in this tax year.

Does anyone know how this work and if you are prompted to select the account you want to upgrade or maybe they simply upgrade the oldest eligible one?

mon3ysav3r

rallycurve said:

How does the upgrade work when you hold multiple simple saver accounts?

The upgrade link is not attached to one of them but in a general area. When clicking it, you can review the conditions and there is an "upgrade" button but unsure if you can select which account to upgrade. I am too scared of pressing it in case it picks the wrong one as I am assuming accrued interest will be credited and I wouldn't want to get it in this tax year.

Does anyone know how this work and if you are prompted to select the account you want to upgrade or maybe they simply upgrade the oldest eligible one?

Yes, (when I did it) you choose the account to upgrade from a drop down list

CricketLady

Hello! I've just learned about the ability to upgrade my 5% Cahoot Sunny Day Saver via their online communication.

It is due to "mature" on the 2nd of May and says I can upgrade at any time before maturity - if I upgrade today, will it start the next twelve months from today or from the 2nd of May? Am I best waiting for the day before maturity to start the new twelve months from then?

Thank you!

xx

fryedslyce

Difficult to do anything at the moment as Cahoot & Santander's online banking are both down.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81913412#Comment_81913412

From reading posts on here I think you get interest up to the date of upgrade (so if you are on annual interest that will give you interest this tax year which would otherwise have fallen into next tax year). So I assume the "new" interest applies from the date of upgrade and the year also applies from the date of upgrade So you don't upgrade now but with effect from May.

I suppose the only danger of waiting to upgrade is that they change things so either you can't upgrade at all or the account you upgrade to doesn't pay as much as 5%.

ETA found some posts about upgrades on this thread hopefully the link takes you to the right page

The New Top Easy Access Savings Discussion Area - Page 456 — MoneySavingExpert Forum

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81913412#Comment_81913412

It will start the next term from today. I don't know what's the best. Cahoot usually reduce across the issues, but not always. I've opened issue 6 but not rushing to upgrade my issue 5s.