Cahoot Easy Access Saver account - questions..!

welshlass111

Hi everyone,

I want to open a savings account and I quite like the look of the Cahoot account - those of you that hold this account, what do you think of Cahoot?

Also does anyone know if there are charges/no interest paid if you withdraw some of the savings mid-month, say?

Thanks for all your help!

Milarky

I have a previous version of this account (they keep chaning the interest rate offering) but as far as I am aware they are all the same in other respects:

Thus withdrawals are 'clean' - can be done instantly with no fees or loss of interest.

Payments are available to third party accounts via address book features and can be future-dated if you wish (in this respect it works like a current account)

Credit options are either by third party direct credit (BACS) or a direct debit set up on your own current account. Here's the one 'snag' with cahoot: You can only set up one DD credit amount at a time and you have to allow four working days! That means to credit your account this week you have to request it either on Monday (for Thursday) or Tuesday (for Friday). You can, of course give more than four working days notice to pay money in but this is very unusual. Also you don't get any 'pending' information once it is set up prior to collection and if you put in a subsequent request - for a different amount say - it simply overwrites the original instruction. For now, therefore you might prefer to loose two days interest by using direct-credit (BACS) instead of direct debit for both paying in and withdrawals.

If you also get/open a cahoot current account this can be useful because they give you £100 of your overdraft interest-free. You just 'sweep' £100 straight into the savings account and keep it at this level!

Jarlawuk

If you open both via quidco should be eligible for £20 for savings acc and £20 for current account.

welshlass111

Thanks guys - do you know if there is a credit check done for this account or is it just the standard identity & fraud checks?

Thanks for all your help!