Cahoot Savings Account - Problem setting up direct debits

humfer

Opened a Cahoot account a couple of months ago and you won't believe the trouble I have had actually paying money in. Cannot believe it can you - a savings account that won't accept money. The issue is all around setting up the direct debit. Form was filled in and customer services state that all is ok, yet whenever I go to transfer cash from my bank account on the Cahoot website its gives me some error message. Cahoot customer services state they are aware of this technical glitch but have after 1 1/2 months so far failed to sort it out. Finally had enough and sending in an official complaint in the post tomorrow asking them to close the account down if problem cannot be sorted in the next 7 working days. Just wondering if anyone else has had similar problems....

mary

Had no problems with opening and setting up my account in the first place, but I would advise you to read the link on getting your money out when closing and the interest you are due. Some peoplehave been waiting around a month to get their hands on their own money. So before you put your thousands in there, see if there are better rates elsewhere!

Milarky

Cahoot direct debit is only one means of paying into this account. It has the advantage of involving no days lost interest - since payment is credited on the same date as it is taken from your bank. But it suffers from requiring 4 clear working days to actually collect (eg You must notify on Monday for a collection/credit on Firday). The DD is restricted to a single external account also (eg your only or 'main' current account.) Better in many ways just to credit it by BACS transfer from any account of your chosing - although you will lose two days* (at least) on the timing of the transfer.

Which bank are you with? This might tell us something about the possible cause of the problem?

*From the end of 2007 banks have promised to remove this two day cycle - allowing you to pay into accounts such as cahoot without loss of interest from practically any account. (It will make life much easier for avid moneysavers!)

Oompa_Lumpa

I had the same problem with Cahoot. I opened my account at the end of January and I am still not able to get DDs sent to my Cahoot account from my external current account.
This is even after I have sent them my bank statement twice and phoned CS about half a dozen times.

I have just given up on ever getting them linked.

humfer

Shock...horror... I have just tried for the final time to transfer some money and it works!!! Only 2 months for them to sort it out. Well I'm still going to close the account, after I have just read in my cahoot inbox that they have changed their telephone no. which means you get charged 4p per minute no matter when you phone. They are taking the p**s