Cahoot Savings Account

Rikki

Just received an e-mail from Cahoot.

We are delighted to tell you that the rate on your savings account has increased!

Your savings account rate is now 5.00% AER* on balances from
£1 to £250,000. The new rate was effective from 9 November 2006.

gil13

yep, it's not a bad option, not the very highest payer, but in tandem with using their current account is useful, we use both.

dealsearcher

Yeah, but can you get a direct debit setup with them?

Actually Cahoot are quite good at passing on interest rate rises. Many other banks are not so good. I am still waiting for the Abbey to raise their eSaver rate.

CopperPlate_2

AFAIK cahoot stopped the direct debit facility for their savings accounts a few months ago.

Rikki

dealsearcher wrote:

Yeah, but can you get a direct debit setup with them?

I just go online and transfer money accross as and when I like. I have never looked into a direct debit.

dealsearcher

CopperPlate wrote:

AFAIK cahoot stopped the direct debit facility for their savings accounts a few months ago.

They have been supposedly setting up a direct debit for me since July. I have just been told that this facility has been temporarily suspended. It is clear that they are having problems with their Bradford address where the direct debit applications are sent to.

lolly5648

I received an email last night which said the 5% rate will be effective from the 5th of December for balances up to £50,000. Didnt realise Cahoot had different savings accounts

gil13

if we want to direct debit we usually just transfer across to our cahoot current account and work it from there, money changes between the 2 accounts same day.

dealsearcher

lolly5648 wrote:

I received an email last night which said the 5% rate will be effective from the 5th of December for balances up to £50,000. Didnt realise Cahoot had different savings accounts

It looks like you have an introductory rate account. Interest rates have risen since then and there is now no advantage to that account. You will get the 5% on an ordinary savings account now so it would be better to open an ordinary account and transfer your money. Then you can have 5% interest up to £250,000.