Cahoot Bonus Saver Account

Rhino666

I am thinking of getting one of these but cannot seem to find a detailed set of T&C's on the cahoot website. It seems that the rate of 5.25% is only payable for six months and then goes down a fair bit. I was wondering if anybody can tell be when the 0.75% initial six month interest bonus is payable and whether it is possible to close the account after six months and still get the top rate without having to stick it out on lower rates.
Perhaps a way around this if the interest bonus only gets paid after 1 year is to reduce the balance after six months but I think that the minimum balance to get top interest is £15K.
Advice appreciated.

innovate

The 5.25% bonus account is now closed (happened in the last couple of days) - you can only get 4.85% for new accounts now.

Rhino666

Sorry - I didn't make myself clear - the account has notionally been opened by Cahoot but I haven't moved any money into it yet.

YorkshireBoy

From memory, when I was looking at this account, the bonuses were paid 'as you went along'.

So yes, you could request, for example, monthly interest and draw 5.15% gross for the first 6 months - then close the account and move somewhere else.

innovate

If you log into your Bonus Saver account (this should be possible even if the balance is zero), there is a tab called "Special Conditions" which should get you to all the information you are after.

Rhino666

Thanks for the info.
It looks like this account is fairly flexible. Mine was opened for annual interest but if the rate becomes relatively low at any time I can leave the account open with £1 in it and the interest which accrues every day at the prevailing rate will be added at the end of the year :-)

Stompa

whether it is possible to close the account after six months and still get the top rate without having to stick it out on lower rates.

Yes it is (I hope!). My plan at present is to leave the money in for the 6 months then instantly transfer the lot into a standard Cahoot Saver account at 4.85%.

Stompa

innovate

Stompa wrote:

My plan at present is to leave the money in for the 6 months then instantly transfer the lot into a standard Cahoot Saver account at 4.85%.

Stompa

Same here.

Rhino666, you should exploit 5.25% whilst you can.

lolly5648

Do they remind you when the 6 months is up?