cahoot saving rate drops to 0.50%

fishingdobbie

Just got a email to say cahoot has dropped its saving rate to 0.50%, it is not showing on the website yet.

ChuckCash

Yes, with effect from 1st April.

Some time back Cahoot used to have one of the best rates, now it's among the worst.

fishingdobbie

ChuckCash wrote: »

Yes, with effect from 1st April.

Some time back Cahoot used to have one of the best rates, now it's among the worst.

Totally agree, their current acc (which I still use) was also one of the best, I think it paid 3 3/4, its down to 1.10 now, which is still better than a lot of current accounts

Megalomaniac

fishingdobbie wrote: »

Totally agree, their current acc (which I still use) was also one of the best, I think it paid 3 3/4, its down to 1.10 now, which is still better than a lot of current accounts

And their savings...! Crazy!

cos69

Cannot understand why they would go from being one of the best to a poor savings institution, unless Abbey planning to close it down. Another rate cut and no doubt will be down to 0.1%

neilsedaka

I find it strange that the savings rate 0.50% is lower than the current account rate 1.10% (without chequebook).

cacaolat

yes I found that strange too !? thats why I immediately moved my money from the cahoot savings account to my cahoot current account.

ChuckCash

Moved all but a few pounds out of my cahoot savings account into rival savings accounts. I'll keep the account open in case their rates ever become competitive again.

Gotta love the advertising blurb on their savings account info page:

"savings - the penny has dropped, savers want great rates!"

They will do well to remember that when they start wondering what happened to all the deposits.

nw_man

Answer to all us Cahoot savers is simple...... MOVE !

I moved my Cahoot stuff a month or 2 ago after their laughable rate review. I am now sitting on 2 Cahoot accounts, one has 61p in it and the other 32p I think :rotfl:

Richchad

Yes, I am thinking of moving from Cahoot, but to which current account that has a reasonable linked savings account?

I am at the moment considering the Lloyds TSB Vantage current account, keeping between 5-7k gives 4%

Primrose

Had some savings with them but on receiving this news have moved most of them out and into a fixed rate bond paying a better rate. Have just left enough in for it to be a admin nuisance value and to avoid the money laundering palava if we want to revisit the account if their rates improve. Along with the fiver we now have in ING we'll just have to remember to bung another pound in every couple of years to stop the hassle of them being turned into dormant accounts.