Cahoot - Check you are getting 4.52%

John464

Just had a shock when I logged in and found I had £100k earning no interest.😯

You can upgrade your account to the latest 'Simple Saver' paying 4.52%

But I had somehow got 2 Sunny Day Savers - which pay 5% up to £3k

So only one account (with £3k in it) was paying any interest at all

So I corrected that

But then I had another issue when I tried to transfer £20k to my nominated account

Despite the fact I had transferred £1 to it to check it worked a month ago.

And all the money had come from my nominated account

The transaction was blocked and my account frozen.

Had to wait 20 minutes to get through to the call centre to get them to unfreeze my account and make the transfer. I realise they were protecting my money, and its all sorted now. But I was glad I wasn't in a hurry for it when the call centre was closed.

Edited to change 'Rainy Day Saver' to 'Sunny Day Saver'

InvesterJones

Even more odd, since Cahoot only offer sunny day savers, not rainy day ;)

(But I agree, simple saver and sunny day saver are both quite alliterative and therefore possible to confuse).

John464

https://forums.moneysavingexpert.com/discussion/comment/82115413#Comment_82115413

Sorry, I was having a Senior Moment - just edited post to change it

Section62

https://forums.moneysavingexpert.com/discussion/6681009/cahoot-check-you-are-getting-4-52

So only one account (with £3k in it) was paying any interest at all

If you exceed the interest-paying threshold on a Santander or Cahoot account then online banking shows the rate paid as 0% - however you should still be getting interest paid at the correct rate on the balance at and below the threshold level.

For example, you have £3001 in a Sunny Day Saver. Online banking will show the interest rate as 0%, but you will still get 5% on the first £3000. 0% will be paid on the remaining £1.