Cahoot Simple Saver Matured

20122013

Does anyone know what is the quickest method to close the old and open and fund the new account please?

ashteadgirl

Upgrade is the quickest option

allegro120

https://forums.moneysavingexpert.com/discussion/6675498/cahoot-simple-saver-matured

You don't need to close the old one, you can upgrade it to the current issue. It is very quick process and the upgrade comes into force immediately. You can upgrade at any time, don't have to wait until the anniversary.

Yorkie1

Just to check my understanding:

I have a Simple saver, opened December, which has an interest rate of 4.15% (variable) (issue 13).

I could a) transfer £3K into a Sunny Day saver, which currently has 5% (variable); and also b) upgrade the remaining Simple saver funds into a new Simple saver issue, which has 4.32% variable interest at present?

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/82066819#Comment_82066819

Yes, I have

• Opened a new Sunny Day Saver latest issue 6 and transferred the full 3K into it from an existing Simple Saver, I prefer monthly interest when opening a new account - depends if you can be bothered to move the 12 ish quid a month out to an interest paying account such as a Simple Saver

• Converted a Simple Saver (issues 9 to 16) to a Simple Saver latest issue 17

It is also possible to

• Open a new Simple Saver latest issue 17

• Convert an existing Simple Saver to a Sunny Day Saver latest issue 6

Yorkie1

@mon3ysav3r thanks for answering.

Is there any advantage from upgrading to, vs opening, a new Simple saver issue 17? I assume both have the same interest rate. Is the only difference that you can't change the interest payment frequency on an upgrade, but can on a new account?

jaypers

https://forums.moneysavingexpert.com/discussion/comment/82066838#Comment_82066838

You’ll keep the same account number, which may be a small advantage in not having to update payee details. Absolutely no point in closing and reopening……the upgrade option is immediate.

Yorkie1

Thanks both! New Sunny Day saver now opened and funded with £3K, and eventually (I went repeatedly round in circles) managed to upgrade the existing Simple saver - interest rate now shows as 4.32% immediately. Every little helps.

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/82066838#Comment_82066838

No real advantage to upgrading or opening a new Simple Saver, unless as you say change interest Monthly or Yearly

Yorkie1

https://forums.moneysavingexpert.com/discussion/comment/82066866#Comment_82066866

Which might well be a consideration this year / next year owing to the increase in tax on savings interest, where applicable.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82066866#Comment_82066866

Can you switch from yearly to monthly when upgrading?