Cahoot Sunny Day Saver

dosh37

My existing Cahoot SDS is about to mature.

When I attempted to open a new one I got this:-

Why is it asking for a monthly payment?

wmb194

https://forums.moneysavingexpert.com/discussion/6669445/cahoot-sunny-day-saver

Because Santander wants an idea of how you’ll use the account. I usually put £100 and then use the account in whichever way I use it.

masonic

I don't know why they'd reject a value of zero. The question is used to help define "normal use" as part of efforts to detect suspicious activity.

I would normally answer £3k to allow for instances where I empty and refill the account.

Sherlock33

You can upgrade your current one into a new SDS which avoids the need to reapply and keeps the account details the same.

surreysaver

Just tell the computer anything. Feed the machine.

dosh37

https://forums.moneysavingexpert.com/discussion/comment/82008509#Comment_82008509

If I 'upgrade' to a new SDS then it will go over £3K when the annual interest is added.

Sherlock33

https://forums.moneysavingexpert.com/discussion/comment/82008533#Comment_82008533

Is this a problem?

I upgraded, the interest up to that point was paid out the next day which I then withdrew into another interest paying account.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82008533#Comment_82008533

That will happen with a new or upgraded account. The interest can be withdrawn and saved elsewhere.

dosh37

Ok so I went through the 'upgrade' process.

It tells me…

The wording seems bizzare since the account was already an SDS. If the account and sort code are the same then what has changed? This is hardly an 'upgrade'.

masonic

It will now be a SDS of the current issue (6?) and the 5% rate will continue for another year.

What were you expecting?

Sherlock33

The 'upgrade' is that you have reset the clock for the 12 month term of the 5% interest account.

I agree that upgrade is not the best term but it does the same thing as you were wanting to do by opening a new SDS when your first was maturing into a lower paying account.