Cahoot - savings rate cut

huggied

The rot has started, how low will they go??

"E-mail received from Cahoot
Date:
Thu, 6 Nov 2008 19:59

Following the reduction in the Bank of England base rate by 0.50% on 8th October, we have changed the rates on your cahoot savings account. The following rates now apply from 6th November 2008.

On your savings account ending 5403, from 6th November 2008, you can now earn a rate of up to 6.05% gross p.a./ 5.28% AER.

On your introductory rate savings account ending 4839, your rate from 6th November 2008 will be 4.40% AER*. This rate is paid for the first £50,000 of your balance. Details of all the rates by balance tiers are given below.

Remember with all cahoot savings accounts you get easy access to your money.

cahoot is a division of Abbey, part of the Santander Group, which has more than 150 years of experience of savings and investments. We are committed to serving our customers, helping you make the most of your money..

If you have any questions about these changes to your interest rates, or any queries about your account then please give us a call on 0844 9000 900**. We are available 8am to 8pm Monday to Friday and 10am to 6pm Saturday. If you prefer, please email us through 'contact us' from your personal homepage - messages sent from here will be responded to as a priority.

Thank you for saving with cahoot.

Yours sincerely


Harvey Griffith
Head of Customer Contact


The cahoot standard savings account rates. Please note that the tier of interest is applied to the total balance. The maximum investment amount is £2,000,000. Deposits of more than £2,000,000 will receive a variable rate of 4.50% gross p.a./AER annually and 4.41% gross p.a. (4.50% AER) monthly.

From 6th November 2008:
Annual interest
4.50% gross p.a./AER for credit balances from £1
4.75% gross p.a. / 4.63% AER for credit balances from £50,000***
5.00% gross p.a. / 4.75% AER for credit balances from £100,000***
5.25% gross p.a./ 4.88% AER for credit balances from £250,000 ***
5.50% gross p.a./ 5.00% AER for credit balances from £500,000 ***
5.75% gross p.a./ 5.13% AER for credit balances from £750,000 ***
6.05% gross p.a./ 5.28% AER for credit balances from £1,000,000 ***

*** You will receive this variable rate on this balance until 30th April 2009. From 1 May 2009 you will receive the rate applicable to balances from £1 on all the money in your account.

The cahoot introductory savings account rates.

From 6th November 2008 :
Annual interest
4.40% AER/gross p.a. for credit balances up to £50,000
4.15% AER/gross p.a. for credit balances between £50,000 and £250,000
4.10% AER/gross p.a. for credit balances over £250,000

For up to date monthly rates and for previous rates please see the rates and fees section on cahoot.com
"

bjorn_again

Very few people will be unaffected by the current economic crisis. Savers will "suffer", as will many others. Let's just hope that a downturn in rates is the only price we will pay. Please do not let us see any more Banks go to the wall. This is a cyclical epoch we are going through, it will change and we will move on. I think of those that have NO savings and I realise how fortunate I am.

ManAtHome

Why suffer - a bit of tappity tappity and a few mouse clicks moves it somewhere else. The more we move the spare dosh around, the higher rates will be offered. I normally don't bother for less than 1/2 percent and check out rates every 3-4 months, but think I'll be reviewing/moving every month from now.

huggied

Have just shifted most of my money out of Cahoot to linked account then its going into Saga fixed rate account (6month, 7.02%) which I have now applied for. 1/2 % I normally wouldn't be bothered with either but expect further cuts with base rate going down 1 1/2%. Looking very closely now at fixed rate accounts.