Cahoot savings rate reduction

Patr100

YorkshireBoy wrote:

It sounds like the Online Saver 2 account - which pays 5.15% to those opening their accounts prior to the removal of the 0.90% bonus. The account now pays a 4.25% variable rate.

I opened one of these last Nov but after some thought didn't put anything in it as I settled on Cahoot - It's still listed on my web accounts so looks like I should move 25k from Cahoot to there. I also have an A& L Isa so all the web banking stuff / Direct debits are already set up.

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Prudent

sorry posted and then realised my question answered earlier in thread, so edited post.

frankie

Don't see the point of leaving the Cahoot account open. You can bet your life that any new intro rates will apply to NEW customers only!!

ReportInvestor

I agree frankie.

I can understand the frustrations of people who have just opened a Cahoot account, but surely the whole point of the "game" we play on MSE is to chase whatever is the teaser rate at the time, in the knowledge that it will drop.

The whole point of a teaser rate is that it is unsustainable in the medium/long term, but MSErs surf each wave as it comes along .

Patr100

Cahoot are still advertising the "monster rate" of 4.85% on their website which is a bit sneaky if they are about to drop the rate.. I haven't had any e mail yet to advise me of the change.
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ReportInvestor

ING did the same on their site and in the Mail on Sunday just before the drop.

C'est la vie.

At least ING continue to advertise everywhere - so everyone knows.

The banking code says Cahoot could notify you within 30 days via a newspaper if they wanted to. If they drop the rate by more than 0.5% relative to base rates then they have to "contact you within a reasonable period of time to tell you that this has happened".

Has Cahoot promised in its terms & conditions to do better than this?

alared

I will, and would advise to close the Cahoot account completely.

1.Any new "good rate" account will be for "new customers only".

2.To make them know I`m not happy with this latest cut and vote with my feet.
(it must cost them more money to close and open accounts)

Zwicky

Snapelover wrote:

So, any advice on the next best thing? Don't fancy the ICICI though. ?

Try Birmingham Midshires ( https://www.askbm.co.uk ) 4.90% including a .60% bonus for 12 months from opening.

Prudent

Zwicky wrote:

Try Birmingham Midshires ( www.askbm.co.uk ) 4.90% including a .60% bonus for 12 months from opening.

Thank you zwicky. Like Alared, I have decided to vote with my feet and move. I did think this was a bit of a hassle, but then was reminded by ReportInvestor that it is part of being an effective MSEr.

Prudent

Sorry back again. Quick query. My account was opened in the July. What happens with the interest if we close now. Do we get the interest now or have to wait until June?