Future of Cahoot

JHC

I have a Cahoot current account but recently I noticed that they are not accepting any new accounts. I read somehere that Santander are intending to put all their internet bank brands in europe onto one IT platform and of course they're currently rebranding Abbey and A+L.

Does anyone know what's going on at Cahoot?

central

mmm I see what you mean, it has disappeared from the home page and it certainly looks as the cahoot current account's days are numbered.
I have no idea, but I pray it doesn't become Abbey or A and L, otherwise I'm off to my reserve current account, Lloyds pronto.

benoit

I only opened a Cahoot account at the end of February & this is the first i heard of them closing up shop. Funny how they have not sent any leaflets to customers about it. I am also wondering what it will mean for existing customers, will the name change?

JHC

I've come across a report which suggests Santander is going to amalgamate all its european internet-only brands:

brandrepublic.com/News/MostEmailed/976016/Santander-reviews-online-bank-task

(sorry it's not a proper hyperlink - the anti-spam feature won't let me!)

seeya23

Santander reviews online bank task

07-Jan-10, 08:20
LONDON - Santander is looking for an agency to handle the pan-European advertising, DM and digital account for a new unified online banking service.
The process is being handled by Santander's new Global Direct Banking division, which encompasses all the Spanish bank's online banking brands that do not carry the Santander branding.
The group is seeking an agency with a strong presence in Santander's core European markets, including Spain, Italy and the UK, and is approaching network shops to pitch for the business in February.



The successful shop will be briefed to promote the new online banking service, which will unify Santander's individual online banking brands such as the UK's Cahoot and the Spanish bank OpenBank under one pan-European internet banking brand.

darren72

I queried this exact question and this is the response I received:

==========================

Thank you for contacting cahoot in Coventry.

We also thank you for your comments and can confirm that the Cahoot brand is not being phased out.

Over the coming months our IT systems are being totally overhauled and as a result the applications system for the current account is being amended and hence the need to withdraw the current account from sale which is only a temporary measure.

The loans and credit cards were previously withdrawn from sale as Cahoot found it difficult to source and provide funds at reasonable rates due to the financial crisis.

However in the recent past we have still offered market leading rates for fixed rate bonds which have been advertised online and in the national press.

In the future once our new IT platform is in place we will then once again offer a wider range of products and bring new products onto the marketplace.

At this stage we ask for your patience and can assure you there are no plans to downgrade or remove the Cahoot brand in the future.

If you have any further queries please do not hesitate to contact us again.

Kind Regards


==========================

JHC

Many thanks for the replies. I think this all means that Santander are keeping an internet-only bank brand but the name may change at some point.

jhosken

I have running down my account for the last year, which now owes about #500, and the service has been getting progressively worse (higher rates being the main gripe). I tried to log in this afternoon and got a message saying i could no longer access my account online. Since it has always been online only, this means I can't access it all, vary the payments, check balance or read statements.

They sent me an email last week that said the direct debit would switch to Santander, which seemed perfectly reasonable, and I thought no more about it until I was locked out of my account. I rechecked my email and there at the bottom it said " I would like to take this opportunity to remind you that once the transfer is complete you will no longer be able to service your loan online, instead you will have access to contact centre support, so if you would like to discuss your loan or payment protection insurance after this date, please call 0845 602 2713 between 8am and 7pm Monday to Friday or between 9am and 2pm Saturday. The postal address for any correspondence is Santander, PO Box 1111, Bradford, BD1 9NQ."

Is it me, or this several steps backwards? Be interested in your comments...

steved01

So , I moved to australia 2.5 yrs ago with an 8 grand balance left on my (2nd) cahoot flexi loan. Since then I've been paying online and checking my monthly statement regularly. I know chaoot never accepted overseas addresses but do santander? Now I can't manage my account online I'm very tempted just to stop paying - I know it's wrong and unmoral and all that (but not technically illegal) but I wont be returning to the UK (even for a holiday) during the next 6 yrs when the loan will be statute barred - I think Cahoot have had more than enough out of me during during the last 10 yrs or so...

Chris2000

seeya23 wrote: »

The successful shop will be briefed to promote the new online banking service, which will unify Santander's individual online banking brands such as the UK's Cahoot and the Spanish bank OpenBank under one pan-European internet banking brand.

According to this article the unified brand will be OpenBank.
http://www.brandrepublic.com/News/984697/Grey-scoops-launch-task-Santander/?DCMP=ILC-SEARCH

"OpenBank already exists in Spain and will now encompass all of Santander's European online banking services. Initially its core European markets will be Italy, Spain and the UK but Santander is expected to extend to other markets."