Cahoot Savings Rate Increase

fonesaver

Phoned CAHOOT and found out that the interest rate on their bonus savings account has gone up by 0.25% also. The website doesn't show this and I was told it will be 'updated shortly'.

It took nearly 5 minutes for customer services to workout the correct rate for my account. At first I was told 4% then after referring to a manager 5% (I expected 4.75%).

CAHOOT is hopeless. They are an internet operation but can't even update their homepage which still says their savings account that matches the BOE rate pays 4.55% a full 2 weeks after the rate changed!

Moggles_2

Phoned CAHOOT and found out that the interest rate on their bonus savings account has gone up by 0.25% also.

I phoned Cahoot yesterday and was told there were no plans to raise the rate on the bonus savings account!


It doesn't inspire confidence, does it?

Because I'm an existing customer, they offered to open the standard a/c for me and transfer the balance (all £1.05 of it!) over the phone.

I decided to wait and see whether other savings providers raised their rates.

Btw, the BoE base rate guarantee ends on 31 December 2006, which isn't all that long now, is it?

fonesaver

Just got an email from Cahoot to say the bonus account interest rate increases by 0.25% on 30th August.

Gordon_the_Moron

Innys wrote:

On a related issue, the Coventry First account guarantees to better the BoE rate by 0.6% for a year, but they are still quoting a rate of 5.1%. has anyone had confirmation from them that they will be increasing their rate?

If you don't hear from them then contact them to ask about it, I haven't got a Coventry First account so I don't know if they have raised it or not, but if I had I'd be finding out sharpish.

martyn4764

Hi

I'm confused now; hadn't the Bonus Saver rate fallen to 4.55%, ie the same as the standard account?

Prudent

I am a little confused also. I took out the account that was orinally 5.6% then 5.3% falling to 4.55%. How much is the rate now?

richgirl

Prudent wrote:

I am a little confused also. I took out the account that was orinally 5.6% then 5.3% falling to 4.55%. How much is the rate now?

4.80%

5.6% was a special rate

highet

i emailed them and they said to move balance of introductory account and bonus saving account to standard saving account as it paid 4.80% as opposed to 4.55% for other two - i have done this and asked to close other two accounts - anyone know how long it takes them to close accounts and issue cheque for outstanding interest?

martyn4764

martyn4764 wrote:

I'm confused now; hadn't the Bonus Saver rate fallen to 4.55%, ie the same as the standard account?

Just had the following clarification:

The cahoot bonus savings account consists of a standard variable rate (currently 4.50% gross) and stepped bonus during the first 9 months, see example below for balances of £15,000+.

1 - 6 months 5.25%
7 - 9 months 4.75%
month 10 onwards 4.50%

(figures are gross p.a.)

Gross rates include a 0.75% gross bonus payable for the first six months from opening. This will be followed by a bonus of 0.25% gross, payable for the next three months. The A.E.R. is calculated including these bonuses which are unconditional. Please note that the tier of interest above, that is applicable to the balance of your account, is applied to the total balance. Quoted rates are for interest paid annually. Monthly rates are available on request and on our rates and fees page.

The A.E.R. figure for the first 12 months is 4.93%.

The standard Savings account offers 4.8% on balances upto £249,999.

[Deleted User]

highet wrote:

anyone know how long it takes them to close accounts and issue cheque for outstanding interest?

As long as they can possibly stretch it out, in my experience. They usually quote something like 10 days. I would definitely keep on their case, and make a nuisance of yourself by phone/email to keep them on their toes.

They are also not very good at issuing closing documents/statements, so I would make sure that you print everything off for your records, and request closing tax certificates on-line. They tend to eventually close the account unannounced, and you are left with no access to the history (unless you have printed it out as mentioned above.)

HTH.