cahoot fixed 1 yr, anyone gone for this please

dazza-mac

Hi,

I'm looking to invest a lump sum for a year and was thinking of this:
Cahoot UK 3.65% AER Online. Min £25,000.

Has anyone gone with this? I'm asking because I believe (please correct if wrong) that cahoot is part of santander - and I've read a few bad things about santander.

Any views gladly accepted

m0n3y_3

Not this specific account, but I and many family members have been Cahoot customers since Abbey days (probably 9 years+) and fingers crossed we have no issues other than the very occasional website outage (but all banks seem to have this from time to time).
I also note there are lots of complaints about Santander, perhaps we have just been lucky so far.

buffman

I opened up the 1 Year bond last month. Everything went very smoothly. I am able to make multiple deposits into the account before the end of April. This flexibilty is very useful.

dazza-mac

buffman wrote: »

I opened up the 1 Year bond last month. Everything went very smoothly. I am able to make multiple deposits into the account before the end of April. This flexibilty is very useful.

Hello,

Are you sure you're talking about the same one as I've just looked and it states that no additional deposits can be made after opening.

dazza-mac

Hello again,

Can anyone explain to me why the T&C's state that the cahoot one year fixed rate bond matures on June 1st 2013? Surely it would mature exactly one year from opening and depositing your cash in it?

Reaper

dazza-mac wrote: »

Are you sure you're talking about the same one as I've just looked and it states that no additional deposits can be made after opening.

Some fixed term accounts have an open period. During that time they accept money into both new and existing accounts then stop accepting money into both once the company has reached its quota. I am guessing that was the arrangement last year though see no mention of it on this year's.

dazza-mac wrote: »

Can anyone explain to me why the T&C's state that the cahoot one year fixed rate bond matures on June 1st 2013? Surely it would mature exactly one year from opening and depositing your cash in it?

For simplicity I imagine. They must find it easier to have one end date for everybody rather than a different one for each person.

What they don't make clear is whether you earn interest on money deposited now up to 1st June. If not their AER is figure is wrong and legally ought to be changed.

buffman

I opened a 3.65% bond at the end of February. I am allowed to make as many deposits as I like until the end of April (open period). From May 1st, my bond is closed and no further deposits are permitted during the fixed term (till 1 May 2013). The current version on sale is identical to mine except the closed period commences one month later on 1 June.

claire07

I opened this a few weeks ago and never had any confirmation it was open, just logged in using the user name and password details and found I had been given an account number. I have just tried to pay in with cash from a maturing bond and find I have no sort code to give my bank. How has everyone else paid in and did you have a welcome pack with sort code details, etc., in it?

I've just tried to phone them but the automated voice asks for either a customer ID (don't have) and a letter in my password that is not there and won't let me go any further.