Cahoot question:

Milarky

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 wrote:

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

Yes, that is confirmed by experience of making 'one-off' payments from both the cahoot savings account direct and also via the current account (with an internal transfer of funds first). It takes 2 'cwd' (or 'clear working days' eg Monday to Wednesday) for a payment requested from the current account to reach the destination account. It takes 3 cwd for the same payment to travel via the savings account - obviously cahoot holds the payment in their systems for a day longer. This might change of course and from the end of 2007 is due to change for all accounts operated electronically through the arrival of same-day bank to bank transfers. As I've said before, this should allow a better 'pick and mix' approach to holding accounts compared to having most with the same institution to take advantage of instant internal trasfers. In the case of cahoot savings account it would mean that you would just deposit via any external account. To move money from ING (say) to cahoot you could still do this in a day but because ING only works with specified bank accounts you'd have to have cleared funds in your bank to start with and 'piggyback' the money.

BTW - You can't 'ING' to cahoot unless you get the current account with the cheque book (and lower interest rate) option. That would not matter if you intended to keep -£100 in there of course.

weener10

Not sure if it helps, but I've been with Cahoot for the last 3 years with a current account and 2 savings accounts and I have found them VERY good. I had a HSBC current account before which obviously had a crap interest rate so as I always had over £1.5K in my current, why not earn a bit of interest on it, so I swapped to Cahoot which was also very easy......