Cahoot savings rate reduction

PoorPaul

Deleted_User wrote:

Imran Noor,

Thats sooooo close to being an anagram of I'm a moron....

[Deleted User]

PoorPaul wrote:

Thats sooooo close to being an anagram of I'm a moron....

You might say that. I couldn't possibly comment....

mary

My chunk of money is currently now with Cahoot Bonus Savings account where it gets 5.25% until the 6 month period drops on May 25th. I had anticipated moving to First Direct for the 5%, got the account details come through then they dropped the rate, so it's currently empty, fortunately. Now looking at Birmingham Midshires for 4.95% and Market Harborough for 4.75%. Does anyone know when they last dropped their rates, don't want to do the same again!

alared

M Harborough dropped them from 5% to 4.75% on 1st Dec 2005.
They guarantee to be .25% above the BoE rate until 30th Sept 2006

derrick

11.15 a.m. today, phone Cahoot to transfer using CHAPS, was told that as it is after 11 a.m the transfer will not take place until tomorrow!! this is supposed to be an instant transfer for which they charge £25. yet have a cut off of 11 a.m. no wonder people are moving away from this bunch of cowboys. was told I can transfer for "free" on line but it would take up to 5 working days!! with the bank holiday that would be 7/8 days without interest, hardly "free", with the amount involved it is cheaper for me to use CHAPS, even for Cahoot's normal 4 days.

Snapelover

Decided that I too am going to completely close my Cahoot account. As I said in an earlier post I planned to use the annual interest earned to pay towards my mortgage. It won't be as much as expected but it will make the mortgage a little less and that should put a smile on my face.

Off I go to see where the original amount I transferred is and continue with the closure.

Fingers crossed!

alared

Closed my account yesterday and got the following email this AM:

Dear *********

Thank you for contacting cahoot.

We've got your request to close your savings account. This has been started and will take around 10 working days to be completed.

We'll send you a letter once the account has been closed.

If you require any further assistance please do not hesitate to contact us again.

Kind regards,

derrick

Just closed my account, moving the money by Chaps,the interest is to be "calculated" , she has already told me what it is, they then keep the account open for 14 days before sending the cheque, so by the time I receive the cheque and deposit it elsewhere I will lose out on about a months interest on £1800.

I do not know of any other bank/BS that does this,and I have closed various accounts over the years without this sort of penalty, they are a disgusting money grubbing institution.

[Deleted User]

I will see what transpires. However I am not holding my breath as their response so far has been depressingly incompetent and misinformed.

Doh.

WaltD

keithfos wrote:

I also have a Bradford & Bingley account which curently pays 4.85% so I guess the Cahoot money can go there.

Yes, so do I. I assume this is their "e-Savings 2" account. I shall put my Cahoot money there for the time being, but I wonder how long it will remain at 4.85%.

Then there's always First Direct e-Savings (4.75%), the new Post Office Instant Access Savings Account (4.75% for the first year), and my existing Alliance & Leicester Online Saver Account (first issue) which appears to pay 4.75% on balances between £30K and £50K.