Cahoot savings rate reduction

alared

Snapelover wrote:

:eek: Think I'll just take their word for it and hope they're correct!

So you trust them to get your interest right when they can`t seem to get anything else right.

lol

vandanfc

I wouldn't trust them - do the sums.

Despite telling me in an email that they were paying me interest gross, they have indeed been paying me net. So now I have to claim the tax back that they should not have taken in the first place. !!

Snapelover

alared wrote:

So you trust them to get your interest right when they can`t seem to get anything else right.lol

Course I don't trust them - far from it but I have never checked any other interest paid past nor present in any other accounts I have held. In addition to that I don't know what the interest rates have been on my money since July 2005 (when I last received interest) so I cannot really do my sums.

alared

All rates are gross and up to £49,999
from 1st July 2005 5.65%
from 23rd Aug 2005 5.3%
from 22nd March 2006 5.0%
from 28th April 2006 4.55%

Snapelover

I sent in my letter of complaint to Cahoot on Tuesday, I have just received this email from Cahoot:

Dear .......

Thank you for contacting cahoot.

I am sorry that you felt you had to contact us concerning the level of service that you have received from cahoot. Please accept this e-mail as acknowledgement that your issues have now been brought to the attention of cahoot's Service Relationship Managers.

At cahoot, we aim to satisfy our customers at all times. We have a complaints handling procedure in place to ensure that you receive a quick and fair response to any complaints you may have about our service. At each stage of the complaints procedure, the details of your case will be reviewed and fully investigated. You will be kept informed of what is happening and we will do everything we can to help you. For a full description of our complaints procedure, please log into your personal homepage on the cahoot website via www.cahoot.com. Please scroll down to the bottom of the home page and click into our 'Important Information' section. Details of our complaints procedure can be found under the heading "Complaints Policy". This is the seventh legal notice and can be found immediately after the section which relates to "Third party websites and products".

It is our policy to acknowledge all complaints within 24 hours (or the next available working day) and wherever possible to resolve. In the event that detailed investigation is necessary, we will endeavour to give you a full reply within 5 working days. In the circumstances where this is not possible, we will keep you informed of progress regularly.

Yours sincerely,

Service Relationship Team

As for the interest - I have requested a detailed layout of the interest on my account since July 2005.

MiserlyMartin

Cahoot has been very bad a providing statements online. When I try to look at the statement section it says no "statement periods exsist". This is no good if you want to check your interest is correct. I emailed them to ask why they just gave me standard replies about there no being enough activity on the account. So I transferred a pound out to give the account some activity and still there was no statement generated. The pound took ages to arrive at my current account too.

I urge anyone who hasn't yet closed their accounts to first transfer their interest to their current accounts leaving just a pound balance. Then if they !!!! up your account closure at least the interest lost will only be on a pound. Or if you haven't yet recieved your interest just leave a pound in there until your account aniversary comes and then transfer your interest out. Don't close it now.

I didn't know !!!! was a swear word. Let me type that again, if they c o c k up your account you will only lose interest on a pound while waiting for your non existant closure cheque. Over zealous swear filter I think.

Patr100

I opened a Birmingham Midshires account recently after Cahoot dropped their rate. i moved firstly a nominal amount - about £10 to BMS - as the first transfer often takes longer . Then the rest of the balance from Cahoot to BMS - after the monthly interest was credited. Which took a few days. I will lose some interest in the transfers but that's inevitable. With the balance at zero I've now closed my Cahoot account - I did request that they transfer the remaining accrued interest to a specified account but that's beyond them of course, they insist on sending a cheque. Closing the account was also take "around 10 working days to be completed ."

-

alared

Posted complaint letter last Thursday,got the same standard email response as Snapelover, today.

shark_2

In reply to MiserlyMartin above on the subject of cahoot statements, i agree that their system needs to be improved as online savings account statements are available for a maximum period of 12 months and after that they disappear and are gone forever! So i think the best thing to do is print them out every month if you want to keep them.

lswwong

Like most other fellow MSE members, I moved the bulk of my balance held in my Cahoot savings account shortly before they dropped their interests rate. I chose to leave a small sum behind instead of closing the account in expectation of receiving my annual interests payment, which payment date was yesterday.

I have just checked my account today and they have paid me interests as anticipated. That's a relief!

Now it's probably time to move the interests out to somewhere else but still leave £1 in the Cahoot savings account in case they offer something interesting in the future.