Cahoot Sunny Day Saver / Santander Edge Saver- watch out!

[Evisam]

Cahoot was advertising a Sunny Day Saver account for up to £3000 at 5%.

I put £3000 in and got £11 interest after the 1st month. I was surprised to see the interest rate go down to 0% as I had over £3000 in (£3011). This was not made clear. It says refer to Key facts as to why 0% interest.

https://www.cahoot.com/content/dam/sites/santander-uk-cahoot/resources/documents/Sunny_Day_Saver_Issue_5_Factsheet_CAH1MC0558APR25IPGCDT2.pdf

I have just noticed that as from 2nd Dec, Sandander Edge are doing the same. No interest if you have over £4000 in the Edge saver. Sneeky! Transfer the interest every month or lose out.

Santander Edge Saver (Issue 5)

How odd.

Could you not just withdraw a bit to take you under the £3k?

I guess you wouldn’t have this problem with annual interest.

I had exactly £4k in the Santander edge savings account, never transferred any money out but still got the interest I expected.

4k is absolutely fine. 4k plus £18.20 interest will see you rate reduce to 0%. Take out the interest each month.

You still get the higher rate on the amount up to the limit. The 0% is only on stuff over the limit. It displays 0% on the account as it can only display one rate (it does explain this somewhere on the account)