Cahoot Bank Account

Chris2000

CopperPlate wrote:

If you have a savings account and current account with them the transfer of funds is immediate

This is not quite true. The account balance updates immedately but the funds are not available to withdraw.

I discovered this when I transferred some money from my current account into my savings account then needed to transfer it back later the same day. Their system would not let me do the second transfer due to insufficient funds in the savings account.

Transfers requested before a certain time on a weekday are supposed to clear on the same day, otherwise it's the next working day.

Milarky

Can I ask if anyone knows if BACS payments leave the account immediately - i.e. same day - or leave on it following day and then take three 'clear' banking days [eg Tuesday-Thurs] before they reach their destination?

[Answered by cahoot: payment should leave on the same day]

[And an observation - the've replied to two secure messages by email - both in about 10 minutes - that is a very quick response by anyone's standards but is not as secure as saying, for example: "login to the website and see a secure reply there"]

Oh, and they seem to be different from other 'banks' in that account balances - including the current account - don't update until around 10am. You logon on first thing in the morning expecting an overnight payment to have credited but it's not there. come back after 10 am and it's appeared

EDIT: Cahoot qualifies as a 'slow' bank account - taking 1 day longer than standard BACS cycle of 2 days to send payments [use in conjuction with Egg Savings therefore to speed process up]

Kazza242

Chris2000 wrote:

This is not quite true. The account balance updates immedately but the funds are not available to withdraw.

I discovered this when I transferred some money from my current account into my savings account then needed to transfer it back later the same day. Their system would not let me do the second transfer due to insufficient funds in the savings account.

Transfers requested before a certain time on a weekday are supposed to clear on the same day, otherwise it's the next working day.

I have to say this has never happened to me. I usually try to get my (savings acc to current acc) transfers in before 4pm, but I have done transfers at later times and the money has been available for me to withdraw via a cash machine. I have done this many times (even on a Saturday) without a problem, as have some of my family members with their accounts.

klondyke

Graham1 wrote:

They have recently lengthened the time they require to clear a cheque - so it now takes about 7 days.

The one good thing is the postage free envelopes they provide for paying in cheques.

.... And their green envelopes for paying at a post office. Although cheques take a while to clear, interest is paid from the day of receipt by post office, so you can gain a day's interest (ie not using mail) if you can find a post office open!!!!!

Mind you, it has to be a VERY large cheque to make it worthwhile to brave post office queues!

margaretclare

Hi all

Well, I have to contradict what everyone else above is saying. I've been very satisfied with cahoot accounts.

They pay good interest. They respond promptly to queries. They don't send out paper statements with advertising literature which I don't want (unlike A&L and most others) so therefore they've very 'green'. I've now closed my A&L account and am using my cahoot a/c as my 'personal' a/c - we've now opened a joint a/c with my husband's bank, RBoS, just for household bills which go out by direct debit. Cahoot wouldn't allow me to open another current a/c with them. Otherwise I have no criticism of them at all!

Aunty Margaret

CTT_2

Cahoot are great as a back up but not too be relied upon. Customer Service hopeless and when you send an email the reply back has no bearing on the question you have asked.
Also I recently applied for a loan and was offered 8.9% and the max they would give was £9000. However tried my main bank Lloyds and they offered me the full amount I requested of £18,000 at 6.1%.
Just goes to show you cann't be the good old steadies in the banking world.

klondyke

margaretclare wrote:

Hi all

Well, I have to contradict what everyone else above is saying. I've been very satisfied with cahoot accounts.

I was just 'above' and not critical of cahoot - only post offices! No, I have become quite fond of cahoot with its interest free loan (no more, alas, so had to unstooze some dosh to pay off) and 5.65% savings account (soon to be past its 'introductory' status' and its clever webcard (not often used, I must admit, as I prefer cashback when available).

Lovely people. Won't hear anything against them (well, except from my daughter, who could really have done with an interest free loan while purchasing house - all approved etc; then they decided not to after all, as they 'couldn't find any details of her employers' - obviously not, as she had ticked the 'self-employed' box. They were apologetic when they realised the error, but, by then it was too late to take advantage of the original offer.)

CTT_2

Seems to me this is a brown nose day.....

margaretclare

klondyke wrote:

.... And their green envelopes for paying at a post office. Although cheques take a while to clear, interest is paid from the day of receipt by post office, so you can gain a day's interest (ie not using mail) if you can find a post office open!!!!!

Mind you, it has to be a VERY large cheque to make it worthwhile to brave post office queues!

Yes, I agree. I rarely go to a post office these days. Income arrives directly into my bank account, and no one ever sends me a 'large cheque'!

Best wishes

Aunty Margaret

sevlow

Really surprised at all the negative here. I have banked with Cahoot for a couple of years and use them for my current & savings account. I find them very competitive, reliable and any questions I have had have allways been promptly answered/resolve via email or telephoned.

Cahoot also provide a "webcard" service which allows you to generate a debit/credit card number for online transactions which you can limit to the amount you are spending. The funds are deducted from your normal account but the details you provide can only be used once for the amount you have authorised.