Cahoot simple saver

pedrodelgado

Hi all, not sure if this has been said before, apologies if so. I opened a simple saver a couple of months ago, variable rate. Just noticed there was a new issue with a higher interest rate. Why doesn't Cahoot increase my variable rate to the new rate automatically? Instead and only because I keep a close watch on interest rates, I have had to go into my account and upgrade to the new issue. OK not a massive deal to do , but it seems a bit sneaky that had I not seen it I would still be on the old rate. I would understand if it had been a fixed rate but it was variable. Something to keep an eye on if you have a Cahoot simple saver.

Middle_of_the_Road

Because they prefer to pay the lower rate to those who don't keep an eye on these things 🤔

mazjohn108

I agree, I just upgraded twice recently. I also have an account with a B Soc where there is a 'new issue' but to obtain that you have to open a new account, close the old one and transfer the money over - even mor hassle than the Cahoot upgrade!

friolento

The advantage of doing the upgrade yourself is that your 12 months account duration starts again, from the upgrade date.

Keeping an eye on developments in the savings market is essential. Luckily, there is this MSE Forum, where you can invariably pick up any changes in rates on the day they happen.

DRS1

I have to admit that if it wasn't for the Top Easy Access thread on here both the newish issues of the Simple Saver would have passed me by. So gratitude to those who post on there and @soulsaver for keeping it going.

mrcrumb

It’s easy to upgrade to the new issue. You get interest to the date of upgrade (credited the next day) and a new 12 months.

pedrodelgado

https://forums.moneysavingexpert.com/discussion/comment/82099559#Comment_82099559

Yes but if you don't keep your ear to the ground, you would still be on a lower rate for the same product on a VARIABLE rate. If it's variable it should go up to meet the new issue even if it doesn't extend your 12 month term.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82099784#Comment_82099784

That's not how variable accounts work. If you want to keep up with the best rate, then you will need to take action.

Barkin

https://forums.moneysavingexpert.com/discussion/comment/82099817#Comment_82099817

As a guide I always look to see if the account has an "issue number". If it does, then there's nothing to stop them releasing a new issue at a higher rate, leaving existing accounts languishing at a lower rate.

Some - Investec* is one that springs to mind - used to have a single account with no different "issue numbers" and the rate went up/down for everybody when the rate changed.

*I don't know if this is still the case. Their EA rates haven't been competitive IMO for a while now, and it's ages since I've had a EA account with them.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82099784#Comment_82099784

What do the terms and conditions of the account say? If they don't say that the rate has to match new issues then the rate doesn't have to change.

It's the nature of the game I'm afraid.

jimjames

Thanks for the heads up on this, account now upgraded