Cahoot Con

7Spring

Cahoot are offering on their front page a savings account of 3.06% Gross. I have a Cahoot savings account so assume that it the interest rate I am getting.
It appears that we are on a “Bonus” Savings Account at 1.9% taken out in 2006 When I see my homepage this is called a “Savings” account in the list of Cahoot accounts I have (not Bonus). When you click on it it says “bonus savings account monthly interest” in lower case so it does not show up well, and at no time does it ever say it is paying less interest than their new “Standard” account
The Current Savings account is advertised on their home page at 3.06% gross, the “bonus” rate is now only 1.9% gross. So feel I have been conned by Cahoot who have slid my savings into a lower rate account. Does anyone else have a Cahoot savings account?

Reaper

If you actually look at the rates being offered on the new account you will see new savers are not likely to get 3.06%. It is a tiered rate - for example if you have under £50,000 it is 2.05% - not that different to the 1.9% you are getting.

You would need to save over a million pounds to get the headline rate!

If you really want the extra fraction of a percent then open up a new savings account and transfer your money to it.