Cahoot simple saver

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82099132#Comment_82099132

I recall at least one occasion when the new issue paid the lower rate than the previous one. That must have been because they prefer to pay higher rate to those who don’t keep an eye on their savings😅

Barkin

https://forums.moneysavingexpert.com/discussion/comment/82101176#Comment_82101176

Definitely 'a thing'. I've had a limited access account with Paragon in the past, where the newest issue was a lower rate than I was on, but it was several weeks (maybe months) before my account had it's rate reduced.

masonic

It's a good way of stemming the money coming in at higher rate at short notice.

When there is a rate (expectation) change in the downward direction, a provider can immediately close an existing issue and launch a new one at a lower rate, but then has to go through the process of giving notice for existing accounts. Cahoot provides about 2 months notice.

There are a few providers who have "loyalty accounts" that pay more than the market rate to existing customers, but it is not common practice. I recall getting moved from a regular saver to a premium easy access rate to retain my money for a little longer than I'd otherwise have left it.

gpman

https://forums.moneysavingexpert.com/discussion/comment/82101176#Comment_82101176

Existing cahoot customers must be given 2 months notice before cahoot can reduce the interest rate on any existing savings account.

But cahoot can change the interest rate applicable to new accounts opening immediately by pulling the old issue off sale and replacing it with a new issue.

Tommaso46

This is the 3rd time I have had to do this with my Cahoot Simple Saver. By changing the name of the account they don't have to tell you they have increased the interest rate. Not a biggie - it only takes a few mins to upgrade the existing account. But luckily I found out thanks to the OP !

NebulaNova

I would use Cahoot however they don't have an app. It's pretty awkward logging onto online banking like that on a mobile device.

subjecttocontract

https://forums.moneysavingexpert.com/discussion/comment/82102187#Comment_82102187

I use Cahoot because they DON'T have an app. The last thing I want to do is handle any of my finances on a small mobile telephone screen.

Yellowman

Does Cahoot have any plans to introduce a mobile phone app for their Simple Saver?

wiseonesomeofthetime

https://forums.moneysavingexpert.com/discussion/comment/82102267#Comment_82102267

I do most my banking on a mobile screen. Effortless and can do anywhere 🤷

wiseonesomeofthetime

Not that they've shared, to my knowledge. Used to be able to use Santander app, but Santander put stop to that.