Cahoot Closes 5.5% Acc.

pc1149

Opened a Cahoot Account only 1 week ago and all the paperwork etc was sent by return. Also, received and E-mail from Cahoot on Tuesday 24.8.04. informing me that the interest rate was being raised to 5.65%!! So it's still worth a punt until the account is closed.

Katys_Grandad

It might be that the key factor is whether you already have an account. As they already have your details set up the e-mail is straightforward.

I applied last week as an existing customer. My new account was shown on my Cahoot homepage within 48 hours and I hade the 5.6% email on Tuesday.

Kazza242

I received an e-mail from Cahoot notifying me of an increase to their current account interest rate, but I didn't receive any information about an increase to their introductory savings account interest rate. So I contacted them this evening and received a response via e-mail 20 minutes later.

The e-mail read:

"Thank you for contacting cahoot.

I can confirm that the interest rates on your savings account will also be increased from 5.5% to 5.65% as the Bank of England base rate has increased. This change will be effective as of the 2nd September".

;D

pin

So I call Cahoot up this afternoon, lady and her supervisor don't know what I'm talking about (explain that people I know have been getting emails saying their interest rates are going up). Supervisor thinks it may be an email relating to a new savings account Cahoot will be launching (as they are shuttind down the existing 5.5 / soon to be 5.65% one), however he does not the interest rate. The supervisor says he will investigate.

Come home this evening and surprise, surprise, in my inbox there is confirmation that from 2 Sept the interest has gone up to 5.65%.

Rjohnmatt

Hang on chaps, I have just applied yesteday evening for this Cahoot savings account and was ACCEPTED!!!
So to all you out there who would still like to open one , dont give up trying.Have called them after that and they have confirmed that my account is active.

smartsaver

My account is now up and running - have transfered the dosh into it ;D. Cahoot are not so bad after all

Unbelievable_2

Can anyone clarify if this is a tiered rate account?
If you put say £51000 in do you get the first £49999 at the higher rate and the rest at less or is it all at less? ???

Milarky

Can anyone clarify if this is a tiered rate account?
If you put say £51000 in do you get the first £49999 at the higher rate and the rest at less or is it all at less?

The higher rate is paid on the initial balance in all cases

BTW, I got my email last night, but the funny thing was that cahoot had left a 'secure message' on  their website saying something like "we are sending you an email about the rates on your account". Wouldn't you think they would put the actual rate information in that message too - I was 'waiting' for the email when it did arrive - and - thanks to this site - I knew what it was going to say anyway!

klondyke

On the introductory savings ac, anything over £50000 was 5% - on the same email as peeps are mentioning it says that will rise to 5.15%

MikeK

Can anyone clarify if this is a tiered rate account?
If you put say £51000 in do you get the first £49999 at the higher rate and the rest at less or is it all at less? ???

Taken from cahoot website -confirms as you state above

Interest is calculated daily based on the amount in your account at the end of each day and is added to your account annually. Please note that the tier of interest above, that is applicable to the balance of your account, is applied to the amount of funds held within that tier and not the total balance. e.g., an account balance of £60,000 will attract an interest rate of 5.50% up to £49,999 and 5.00% on the remaining £10,001