cahoot pay interest on statement day

kenshaz

Cahoot do not pay interest on the first of the month,it is paid on the statement day ,which in my case is the 24 th,they say that it is applied but not on statement,just another reason why they are not as good as ING,who I left because of reduced rates.I wll not be able to see my interest for two months from opening the account.

grumbler

I don't have saving account with Cahoot, but for me it makes no difference when interest is paid. I'd prefer getting 4.85% to seeing 4.5%

margaretclare

kenshaz wrote:

Cahoot do not pay interest on the first of the month,it is paid on the statement day ,which in my case is the 24 th,they say that it is applied but not on statement,just another reason why they are not as good as ING,who I left because of reduced rates.I wll not be able to see my interest for two months from opening the account.

I don't understand this. When the interest is applied, on whichever day of the month, it appears on your current balance although the statement isn't until the 24th in your case. It's there!

I've thought of switching from cahoot - been with them for about 5 years now. But quite honestly I haven't found any better anywhere else. A&L offered an interest-free overdraft but this only applied for the first year. FirstDirect look good - but if you withdraw from their e-saver account they don't pay interest in the month of withdrawal. There are drawbacks with all of them. Cahoot are uncomplicated and I think they're OK.

Aunty Margaret

baldbloke_2

kenshaz wrote:

Cahoot do not pay interest on the first of the month,it is paid on the statement day ,which in my case is the 24 th,they say that it is applied but not on statement,just another reason why they are not as good as ING,who I left because of reduced rates.I wll not be able to see my interest for two months from opening the account.

I had a Cahoot savings account until summer of last year and the interest was always credited on 1st of the month - although this appeared on the balance the following day. Their terms & conditions seem to support this -

Interest

4.1 Variable interest rates apply - see Rates and Fees for further information.

4.2 Interest is calculated daily on the amount in your cahoot savings account at the end of each day (excluding any uncleared items) and will be credited to your cahoot savings account on the first day of the following month.

I have again opened a savings account with cahoot early last month and expect to see the interest added when I log-on tomorrow the 2nd.

sly_dog_jonah

Personally I don't mind getting my Cahoot savings interest only once a year, 5.3% beats any easy access account in the UK!

The account is closed to new customers, I opened it in July '04 as did all my relatives on Martin's recommendation, when it was 5.65%. Along with the 'batter down your contract' tip it ranks amongst Martin's most profitable tips for me at least.

Deemy

yep, where getting a very good deal at 5.3% ! No complaints at all against cahoot !

For an instant access account, it can't be beat !

JEC

5.3% for Cahoot? Which account is this?

grumbler

JEC wrote:

5.3% for Cahoot? Which account is this?

Previous issue of the saving account with stepped rate. Not available now.

Stompa

I had a Cahoot savings account until summer of last year and the interest was always credited on 1st of the month - although this appeared on the balance the following day.

The curious thing is that all my Cahoot savings accounts behave this way, but with my Cahoot current account it takes an extra day for the interest to appear on my statement.

Stompa

The_Bug_1974

Interest is applied on the first but the systems need to update overnight ( cahoot operate a 24/7 contact centre) and then this is shown on your recent transactions!

Hope this helps

Searcher2

Maybe not the right place to ask this - but I have about £250K in a Nationwide ESAvings account. It has been one of the most consistent high rates over the last few years.... currently at 4.65% gross AER. However, I saw FirstDirect at 4.89% gross EAR and am considering moving the money to there as long as I can do bank transfers (sure I can).

However, there seems to be more talk about Cahoot the FirstDirect. Cahoot only appears to be 4.75% gross AER. How come people are still with Cahoot? Is Cahoot really that good it isn't worth changing? Or do FirstDirect fluctuate rates and are just trying to get new customers short term?