cahoot savings account question

gem4 · 4 October 2006 at 6:54PM

Just opened a cahoot savings account.
Can anyone who has this account tell me why it asked me to set up a direct debit from a bank account?
Was it just so that they could take the initial payment to open it with or will they take regular amounts?
Just confusing myself now as the account I named for the DD is not the one that I want to use to pay any other savings in from.
I'm hoping its just for the initial deposit.

crankup · 4 October 2006 at 10:43PM

I have one that I only use for irregular payments. Once you have set it up, you can use it for just a one-off payement into your Cahoot savings account. At a later date, you can adjust it to make a different sized one, for example.
You do not have to use it every month, dont worry!

Milarky · 5 October 2006 at 12:45AM

You can send payments to cahoot from any account which supports these also. You link to one current only for paying in purposes. It had many deficiencies however:

- You have to give 4 clear days notice to move money in (eg Monday for Friday)
- You can only have one pending DD deposit at a time (and pending deposits are not shown anywhere - so you need to take a record of them)
- You can only link to a single paying in current account.

But

- You can send payments from cahoot anywhere yourself

From end 2007 it is anticipated that:

- BACS payment will become 'same-day', seven days a week
- DD arrangements will have no advantage (ie no lost days interest in paying in) anymore
- cahoot savings account can thus be operated without use of the DD option

So hang in there...

gem4 · 7 October 2006 at 12:31PM

Milarky wrote:

You can send payments to cahoot from any account which supports these also. You link to one current only for paying in purposes. It had many deficiencies however:

- You have to give 4 clear days notice to move money in (eg Monday for Friday)
- You can only have one pending DD deposit at a time (and pending deposits are not shown anywhere - so you need to take a record of them)
- You can only link to a single paying in current account.

So can I set up a standing order from my A&L to pay money into the Cahoot savings account?

Do I, or can I, cancel the direct debit once Cahoot have taken the initial opening payment from my Lloyds Bank or does that bank account now have to be the 'linked' current account that you mentioned?

At the moment the paperwork has arrived and I have to send them a current bank statement from the bank that I wanted the initial deposit paid from. (Lloyds)
However, the account is already showing up as 'open' online with a nil balance so they have surely set it up already?

I want to be paying into Cahoot from A&L not from Lloyds. Bit confused about the 'link' bit.

Milarky · 7 October 2006 at 1:26PM

gem4 wrote:

So can I set up a standing order from my A&L to pay money into the Cahoot savings account?

Yes - anytime - it is a different arrangement from the DD

Do I, or can I, cancel the direct debit once Cahoot have taken the initial opening payment from my Lloyds Bank?

In theory yes. There may be a way online of changing the linked account but otherwise you can call cahoot and ask for this

At the moment the paperwork has arrived and I have to send them a current bank statement from the bank that I wanted the initial deposit paid from. (Lloyds)

I want to be paying into Cahoot from A&L not from Lloyds. Bit confused about the 'link' bit.

This probably makes most sense - since Lloyds pay you interest for 3 days after you send a payment I believe - so it is 'equivalent' when BACS-ing money from there as it is to DD money from A&L (or A>N>Other) current account (no lost days). However BACS-ing has the advantage of taking less days and being much more flexible (eg two payments within four days allowed)

[Deleted User] · 7 October 2006 at 2:30PM

To reiterate and expand what Milarkey has said, payments into cahoot don't have to be made by standing order, which is usually a recurring transaction. You can make one-off/ad hoc deposits from any other accounts you have elsewhere which are supported by online banking systems. All you need from cahoot are the appropriate details to ensure that the deposit goes to your account. This is generally the sort code, account number and any identifying reference.

Of course you will also have to set yourself up in online banking at the institution that holds your other account.

You can look upon this process as 'pushing' your funds, rather than 'pulling' them in by the DD/linked-account method.

In my experience ad hoc transfers take between 2 and 4 working days, depending on the institution.

You can also make ad hoc deposits by post, or over the counter at various partner institutions.

cahoot savings account question

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