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Cahoot Fixed Rate Bond - Matured yesterday - it may be time to move your money!
silvermum
Posts: 263 Forumite
Cahoot had a 6-month fixed rate bond which matured yesterday. Assuming it had defaulted back to the standard savings rate, I went online and moved the matured funds back into my standard savings to get a higher rate on the combined funds.
Literally SECONDS after I'd done it I had an e-mail from Cahoot telling me that the fixed rate bond account would be maintained with a 0.5% higher rate than standard savings for the next 12 months.
Here's the e-mail copy:
Congratulations - your 6 month fixed rate bond with cahoot has now matured.
What happens next?
Your money has automatically moved into our great new loyalty Savings Account, an instant access account paying a preferential 0.50% more than our standard savings account until 1st July 2009 and exclusively available to customers with maturing funds. For more details on this account, please see below.
Special Offer until 30th November-you can add extra funds to your loyalty account
As a further thank you for keeping your money with cahoot, for a limited period (until 30th November 2008) you can add in more savings to this account from funds not currently held with cahoot. After this date no further deposits will be accepted. To do this simply call us on 0844 9000 900** and we will do this for you.
Bradford & Bingley - up to 6.50% gross p.a./AER* 1 year fixed rate bond - Limited Offer Only
Alternatively, if you are looking for another fixed term product, Bradford & Bingley (retail savings now part of the Santander Group along with Abbey and Alliance & Leicester) are currently offering a new fixed term eBond paying 6.50% gross p.a./AER* guaranteed for 12 months on balances of £50,000 or more. You can still get a great rate of 6% gross p.a./AER* when you save a minimum of £1000 or more. This account is available only until 9th November or earlier if sold out- so be sure to act quickly.
Please visit bradfordandbingley.co.uk/cahootbond1 to find out more about this product and to apply.
I caled them and managed to transfer the funds back, but also foudn out that the rate on standard savings is due to drop next week to 4.63% (so matured bond/ loyalty account will be 5.13%).
It may be time to look at the other options if you have this account!
Literally SECONDS after I'd done it I had an e-mail from Cahoot telling me that the fixed rate bond account would be maintained with a 0.5% higher rate than standard savings for the next 12 months.
Here's the e-mail copy:
Congratulations - your 6 month fixed rate bond with cahoot has now matured.
What happens next?
Your money has automatically moved into our great new loyalty Savings Account, an instant access account paying a preferential 0.50% more than our standard savings account until 1st July 2009 and exclusively available to customers with maturing funds. For more details on this account, please see below.
Special Offer until 30th November-you can add extra funds to your loyalty account
As a further thank you for keeping your money with cahoot, for a limited period (until 30th November 2008) you can add in more savings to this account from funds not currently held with cahoot. After this date no further deposits will be accepted. To do this simply call us on 0844 9000 900** and we will do this for you.
Bradford & Bingley - up to 6.50% gross p.a./AER* 1 year fixed rate bond - Limited Offer Only
Alternatively, if you are looking for another fixed term product, Bradford & Bingley (retail savings now part of the Santander Group along with Abbey and Alliance & Leicester) are currently offering a new fixed term eBond paying 6.50% gross p.a./AER* guaranteed for 12 months on balances of £50,000 or more. You can still get a great rate of 6% gross p.a./AER* when you save a minimum of £1000 or more. This account is available only until 9th November or earlier if sold out- so be sure to act quickly.
Please visit bradfordandbingley.co.uk/cahootbond1 to find out more about this product and to apply.
I caled them and managed to transfer the funds back, but also foudn out that the rate on standard savings is due to drop next week to 4.63% (so matured bond/ loyalty account will be 5.13%).
It may be time to look at the other options if you have this account!
0
Comments
-
I am in the same situation.
Going to move out to another provider now as Cahoot is not competitive0 -
Why is this such a bad deal? The 'bonus' savings account seems to have a decent interest rate.
It is stange to see them cross-promoting B&B products, though.poppy100 -
They are both owned by Satander0
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