Cahoot - credit interest stopped.

janusd

I've received an email from Cahoot to say that credit interest will be stopping in June 2015.

I don't get a lot of interest from this account anyway, so I'm just passing on the information!

Rate removal

Taking into account the current market conditions, from 8 June 2015 we'll no longer be paying interest on your cahoot current account.

All other features and benefits of your account will stay the same and you can continue to use your account as normal. If you’d like to close your account you can do so at any time without charge by calling us on the number below. Alternatively, if you’d like to switch to another bank or building society, cahoot is part of the Current Account Switch Guarantee Service.

jimjames

We got the email too.

Interest is actually very good for a current account, obviously not up with the likes of TSB etc but 1% on up to £250k isn't bad compared to ISA and savings rates.

Looks like they really are trying to get rid of customers so I'm planning to move.

planteria

i used to have the old Cahoot Visa for 'seesawing':T
and their current account to go with it..

i am surprised they haven't just scrapped the brand and moved the accounts into 'Santander' brand.

Gizmo247

Not exactly subtle, with hints to either close or switch your account. I'm just amazed how many people persist in clinging to a 'dead' bank. I closed my Cahoot account 5 years ago when I saw the writing on the wall and even then I thought I was being slow.

I would suggest any remaining Cahoot account holders should start now to revamp your entire financial eco-system because if you are still with Cahoot, trust me, it is well overdue.

prixon

I have kept my account open because Cahoot supply postage paid envelopes for depositing cheques. If I occasionally get a cheque for a few pounds, I don't want the hassle of visiting a bank branch or paying postage. Does anyone else offer this facility?

supasaverbob

Cahoot, wow, there's a blast from the past. I still have an IF account and a smile one. Smile seems to be the only one still going strong(ish). On postage paid envelopes, Cater Allen does, smile doesn't anymore.

MABLE

I keep mine open because of the overdraft interest rate of 10%. Not used very much but there if I need it.