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Cahoot Sunny Day Saver 5%
Comments
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What you seem to be referring to (an entry in a table with no context) is spelt out in more detail elsewhere as the minimum opening balance. In contrast the £2m figure mentioned below it is spelt out in more detail elsewhere as the maximum operating balance. So there is more nuance to the actual terms than the simplified table conveys.
It is clear that you are not a serious person if you believe that me withdrawing all of my money from my savings account through their online banking site could constitute a Chapter 17 T&C breach. I suppose the red flag was the suggested equivalence of this with committing a criminal offence.
When I think back over the whole time I've been with Cahoot, the much of this time I'd have had at least one old savings product with a zero balance. Perhaps if they ever catch up to me they'll lock me up and throw away the key.
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Which is why even my unused Cahoot savings accounts have a quid in them ☺️
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This is expected and is the result of recently issued FCA guidance around how they expect firms to handle abandoned/dormant accounts, since these present a money laundering risk.
It is a Santander-implemented process for accounts that remain inactive for more than 12 months. I got a letter in relation to my Edge Current account* and was given plenty of notice to add a quid and keep it. The Santander Edge current account has no minimum balance. HSBC has a similar policy and that allowed me to lose an ancient savings account (that has no minimum balance requirement either) with no effort.
This has nothing to do with any breach of the T&Cs. It seems to me that you have received this letter and misinterpreted its intent as an enforcement of a minimum balance, when in reality it was sent for an entirely different purpose.
However, I do take your point that if you are planning to leave your account empty and dormant for a year, you should expect to receive one of these nudges inviting you to start using the account again or lose it. I consider this a good thing, as I too have found it difficult to close old accounts I no longer use. I have no intention of leaving an account empty for this length of time unless I do want rid of it - my need for the money usually saved within is temporary and I see no issue in using all of the balance reported as available to withdraw.
Cahoot has already addressed the issue of abandoned old savings accounts to some extent by providing the renew option, meaning as long as there is another product worth using, you can change to it without needlessly applying for a new account and leaving the old one abandoned.
*Here's mine, interestingly the dates even match yours:
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I cannot see why Cahoot Sunny account is suggested in Best Savings when their score on TrustPilot is UNDER 2/5. I'm not gonna touch it myself.!
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I can't see why people would chose a provider based on trustpilot scores.
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I can't imagine why anyone would use Trustpilot to assess financial products. Unlike LCF that had a 5/5 rating on Trustpilot, Cahoot ([part of Santander) is a reliable, FSCS protected bank albeit with a clunky web only interface. Certainly worth using for 5%.
Remember the saying: if it looks too good to be true it almost certainly is.9 -
MSE don't make suggestions or recommendations - the listings are based purely on interest rates.
Personally, I've had zero problems or issues with Cahoot.
Likewise with Spring...
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@julie777 are you bored? Are you using TrustPilot for some light reading?
You appear to have moved on from Spring to Cahoot (SDS). Very strange.
Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone3 -
Because it pays 5% AER. I wouldn't recommend TrustPilot as a guide for making financial decisions.
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Very odd, just jumping on this after a couple of weeks. Wonder what will be next, the Edge Saver perhaps? Natwest regular saver? Surely T212 is deserving of some random opprobrium??
Apropos of nothing, I just opened a Spring account. Might have missed it were it not for all the negative publicity 🤣
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