Cahoot question:

Rich_T_2

Hello all,

I want to set-up an instant access account and cahoots intrest seem to be good. What are the minimum payments needed to be going into the account for the intrest rate to remain the same? Is it best to set up a current account aswell - what would be the benifits?

Thanks

Rich

grumbler

For their saving accont there is no requirments for minimum monthly credits.
The only advantage of the current account is 4% interest rate and fee-free interest-free £100 overdraft.

Rich_T_2

Sounds good. The I.R on the savings account seems very high - higher then some accounts that require montly pay-in. Is it likely to change? And can you reasure me that I can get instant access to my money if I need it please.

The current account does not intrest me as I have no need of an overdraft at the moment.

Any additional help/advice would be appriciated.

Thanks

Rikki

I have a cahoot savings account and I just pay in as and when I want.

grumbler

Rich_T wrote:

Sounds good. The I.R on the savings account seems very high - higher then some accounts that require montly pay-in. Is it likely to change? And can you reasure me that I can get instant access to my money if I need it please.

Yes, I can, although I am not Cahoot and everything can happen. However, it is not the best account on the market. For example, A&L Online Saver pays 5.15% (max. balance £25K). And best regular saving account pays 10% on £250 p.m.

Rich_T_2

A&L sounds good but i think you need to be 21?? Im only 19.

Juni_3

I opened a cahoot account recently. The deposit system is quite poor taking four working days so you have to make sure you request it on a Monday or you'll lose two days interest.

kenshaz

Juni wrote:

I opened a cahoot account recently. The deposit system is quite poor taking four working days so you have to make sure you request it on a Monday or you'll lose two days interest.

I was in the same position moved from ING,I decided to send it by CHAPS,calculated that loss of interest was greater than the £20 for chaps same day,I have been told by Cahoot that the day it went in ,Iwill receive interest

Milarky

Juni wrote:

I opened a cahoot account recently. The deposit system is quite poor taking four working days so you have to make sure you request it on a Monday or you'll lose two days interest.

As kenshaz points out, there is no loss of interest making deposits via cahoot direct debit - just the inconvenience of requiring two days more than ING does to action the same request and collect funds from your bank and credit these on the same date.

Other limitations of the cahoot account are:

- You can only have a single deposit instruction at any one stage. So 'one cancels another' is the system in use.

- To compound this problem, you have no way to view a pending deposit instruction (or view an amendment by subsequent instruction) once it is made. cahoot have confirmed that you have to contact them to make any amendments:

from_cahoot,_12_Jan_2006: wrote:

If you have arranged a transfer into your account using the funding mandate, we send the request through to your bank 4 working days before the payment needs to be with us. Therefore you really need to ensure that the funds are available and you definitely want to transfer the funds when putting your request forward. If you have arranged a transfer with a lot of time in advance, you can cancel this by contacting us or by arranging a new request which will automatically cancel out any previous requests that are not already in progress.

Thank you for your comments about adding a facility to view any "pending" deposits - I have passed this on to the team who look at facilities on the website and they will consider this when they next review the website facilities.

This is very unsatisfactory compared to - say - ING, but the cahoot account can be used to make third party [BACS] withdrawal payments from the address book feature at least. On it's own this takes 3 working days to reach the destination account. But if you get a cahoot bank account (with £100 interest-free overdraft that you pop in the savings account) you can make intstant transfers to this and payments that take 2 working days instead.

innovate

Milarky wrote:

But if you get a cahoot bank account (with £100 interest-free overdraft that you pop in the savings account) you can make intstant transfers to this and payments that take 2 working days instead.

Are you sure? When I made payments from my Cahoot Current account, it said the date to leave the bank must be at least 4 working days in the future

kenshaz

ING are the no strings bank,cahoot ask for feed-back,application is over the top,and debits are slow ,wish ING had kept their rate up