Derbyshire regular saver interest rate cut

mary

Taken out £20K. Told them I was going to Cahoot at 5.3. The girl agreed you have to make your money work for you. Nothing she could do.

Deemy

mary wrote:

Taken out £20K. Told them I was going to Cahoot at 5.3. The girl agreed you have to make your money work for you. Nothing she could do.

Yeh let a flood of withdrawls begin ! to teach them a lesson - Everyone pull out of the regular saver

Ted_Bloke

Deemy wrote:

Yeh let a flood of withdrawls begin ! to teach them a lesson - Everyone pull out of the regular saver

Yeah you do that I agree I agree go ahead go ahead.
Before I do it though I just wanna know where is this 5.3%?
I've been back again to Cahoots site and others mentioning it.
And OK I made a mistake, they weren't offering a fantastic 4.85%, they were offrering a staggering 4.85%. But still 4.85%. That seems to me less than 5%. I don't remember whether it was a staggering or a stunning 5%, but doesn't 5 win against 4.85 in all suits?

Deemy

Ted_Bloke wrote:

Yeah you do that I agree I agree go ahead go ahead.
Before I do it though I just wanna know where is this 5.3%?
I've been back again to Cahoots site and others mentioning it.
And OK I made a mistake, they weren't offering a fantastic 4.85%, they were offrering a staggering 4.85%. But still 4.85%. That seems to me less than 5%. I don't remember whether it was a staggering or a stunning 5%, but doesn't 5 win against 4.85 in all suits?

yeh, your right 4.85% does not beat 5%... yeh, but yeh... we don't get 4.85% from cahoot, we get 5.3% , the secret is in the timing



Also delving deeper into the mysteries of Derbyshire... i see that their retail savings balances grew by 18% to £2,957m last year. So they are awash with cash... or rather were

lipidicman

I cant find the 5.3% rate at cahoot either - care to enlighten me?

Deemy

lipidicman wrote:

I cant find the 5.3% rate at cahoot either - care to enlighten me?

In a far, far galaxy, a long, long time ago....

A Cahoot instant saver account was launched that paid 5.65%. The account was available for a relatively short period of time, So the dark loads of the empire withdrew the account to new customers in I think Sept 04 ?

Allthose who joined the cahoot empire thus enjoyed a savings account that paid 5.65% up until August 2005, when it was cut to 5.3% where it has remained.

The moral of the story is to not dilly dally but to use the force to take the opportunities when they arise.

lipidicman

Ah, strange for a retired account to have such a favourable rate. Normally the rates nosedive.

Stonk

Deemy wrote:

Yeh let a flood of withdrawls begin ! to teach them a lesson - Everyone pull out of the regular saver

Ouch - I'm back after a short while away from the forum, and this news is quite a shock! I can't think of anywhere else to put the £25K I've got with the Derbs such that it still receives 5% (I've already filled A&L), so it's not the end of the world, but this action impacts my confidence in the account so I'm certainly going to curtail my deposits.

Q1. Am I wrong about the fact I can't get better than 5% on a £25K one-off deposit in an instant-ish access account now? The best-buy tables suggest I'm right, but occasionally there's a loophole. I take it the Cahoot account someone mentioned is a closed issue?

Q2. What was the exact effective date of this change?

Ta!

Stonk

In my annoyance and haste, I didn't read the thread in full. I'll answer most of my questions myself ...
A1. Cahoot 5.3% is closed.
A2. 16 March

So, much as I'd like to take a stand and withdraw all my money in protest, I don't think there's anything comparable I can do better with it so I would be shooting my own foot. I'll just drop the deposits down to £100 a month, I think.

anticlaus105

Well my A+L drops at the end of June so no point in moving money there for extra an 0.15% for 3 months.

I don't really trust ICICI and so haven't used the account much.

Guess I will stay with Derbyshire for now but drop deposits down to £20pm (have 2 reg savers). Will have to see what comes out between now and A+L rate drop.

flimmin truckers!