Cahoot Sunny Day Saver 5%

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82105678#Comment_82105678

Don't think so, in any case why would it matter?

Same APR if it's 30p in there for a week against £3k for a year.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82105684#Comment_82105684

But you aren't going to get £150 interest if you only have 30p in there for a week.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82105688#Comment_82105688

Really? Ya think...

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82105763#Comment_82105763

Well I might have to get my calculator out.

You did read the OP's question?

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/82105542#Comment_82105542

Methinks you are mixing your metaphors and the request should be to not kill the golden goose 😉

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/82105301#Comment_82105301

Is it not 5% gross/AER? I thought APR was used in relation to interest being paid on a personal loan (or other consumer loans).

Sorry for being pedantic but it's important to use the correct terminology (in my humble opinion)

masonic

https://forums.moneysavingexpert.com/discussion/comment/82106208#Comment_82106208

I've reduced mine to zero for periods of time with no consequences.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82106222#Comment_82106222

Yes of course, you are absolutely right - should be AER. Agree, important to use the correct terms.

My only excuse is posting in a recent exchange about credit card rates.

saverkev

https://forums.moneysavingexpert.com/discussion/comment/82106719#Comment_82106719

Does that mean if I break Cahoot's rules I will attract 3 Penalty Points or have an option to go on a Finance Awareness Course? ☺️

masonic

https://forums.moneysavingexpert.com/discussion/comment/82106719#Comment_82106719

Can you point out in the T&Cs where it specifies that there would be any breach or penalty for reducing the balance below £1 after opening?

I don't believe I have done anything wrong (let alone illegal) in reducing the balance to zero. I don't expect to be paid any interest on a balance of less than £1, as the interest tier is £1-3000.