Cahoot Simple Saver Matured

Yorkie1

https://forums.moneysavingexpert.com/discussion/comment/82066975#Comment_82066975

No, that doesn't seem possible.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82066982#Comment_82066982

That's what I thought, thanks. It shouldn't be an issue for me next year as I expect to be below PSA, but would be a nice trick if you could upgrade accounts in February and then receive accrued interest in March.

allegro120

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

When you upgrade, the interest payment date will change (unless you upgraded on the same date). Your accrued interest will be paid next day after upgrade and that will be the new interest payment date for future payments. If you upgrade you can't change from annual to monthly and vice versa and you can't swap between sole and joint.

I tend to open a new one when new issue is launched, even if the rate is lower than previous issue and then upgrade them when needed. I've never closed a Cahoot account, but it was reported on here that closure takes a couple of days.

Yorkie1

Thanks @allegro120.

I pay tax on savings interest, so will plan to do something on the Simple saver (currently annual interest) before the end of this financial year, so the annualised interest which would otherwise be paid in a year's time is split between 20% tax and 22% tax for next tax year

InvesterJones

https://forums.moneysavingexpert.com/discussion/comment/82066975#Comment_82066975

Yes I believe so - from what I remember upgrading is like opening a new account where you chose what you want it to be first, then you have the option of effectively replacing an existing account with the new one whereupon the acc no. etc. details stay the same and the balance remains.

EDIT: clearly I don't remember!

masonic

https://forums.moneysavingexpert.com/discussion/comment/82067007#Comment_82067007

I daren't go too far through the upgrade right now, but these are the options:

So I think @Yorkie1 is correct, I don't remember previously being given a choice after selecting the top option.

Something else I have discovered is that it appears you cannot upgrade an account to one of the same type and issue, so you would be reliant on there being a new issue available at the time you upgrade.

Yorkie1

Just to confirm I wasn't given any choice after selecting the top option. I got a confirmation number, it said the documents would be available in my account the next working day or so, and the interest rate was immediately updated on the account dashboard.

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/82066975#Comment_82066975

No option to do that when I upgraded

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82067012#Comment_82067012

Yes, @Yorkie1 is correct. You can't switch from yearly to monthly when upgrading.

Something else I have discovered a while ago and it is still the case now. Not all accounts appear on the list for upgrade. I think it could be related to the age of the account because they later do become available for upgrades. I've recently (2nd July) tried to upgrade from issue 16 to 17. One opened on 10/10/25 was on the list, the other two previously upgraded from issue 13 on 28/04/26 and 11/05/26 weren't available for upgrade this time.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82067502#Comment_82067502

Is this more than just being prevented from upgrading an account that is already the same type and issue? i.e. were those missing accounts issue also 16 or were they 17