We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Cahoot, would you trust them with 1000s?

Just wondering if anyone has got £1000s in a cahoot account, are they trustworthy with that amount of money?
«1

Comments

  • I believe Cahoot is part of Abbey - so they're big enough and regulated enough to be trustworthy as far as I am concerned.  The Spanish takeover thing is a little worrying - but more so for shareholders (who, apparently, may be lumbered with having to complete Spanish taxation paperwork when they receive dividends).

    Anyway, they've had £X,000.00 of mine since July (just after the high interest rate was publicised on MSE).  
    30 years, 217 days!
  • dunstonh
    dunstonh Posts: 118,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The spanish takeover should have no impact on regulatory requirements of the Abbey. Many of the UK rules are in line or similar to Euro rules anyway.

    Having shares on the spanish stockmarket will mean a different section on the UK tax return needs to be filled in but you wont have to worry about spanish tax paperwork.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • smartsaver
    smartsaver Posts: 968 Forumite
    I have large sum 50,000.00 in cahoot 5.65 account. I was not worried as they are part of Abbey - will be interested to see what everyone else thinks...
  • FangKat
    FangKat Posts: 93 Forumite
    My wife and Ihave about 85k in 2 accounts to pick up the offer 5.65pc, not at all concerned to trust Cahoot (same as above re Abbey owned).
    (was more concerned about have so much in Nationwide at one time so was glad to split it away a little)
    My website has lots of info and photos from various Greek and Canary Islands esp. about walking. My profile has the site address cos not allowed to put it here.
  • fayraz
    fayraz Posts: 625 Forumite
    Part of the Furniture Combo Breaker
    I have transferred some money from my current account on the 4th to my cahoot savings account but still nothing has appeared, I know it takes four days but it has been more than that, what is happening?
  • FangKat
    FangKat Posts: 93 Forumite
    At the very least I would log on to both accounts and query this (using their secure email systems) so it can be checked from both ends. If you are talking of a considerable amount do it by phone for a probably quicker assistance.

    Have found transfers into Cahoot go thru in 3 days so far, i.e. a Monday transfer appears on Wednesday.
    My website has lots of info and photos from various Greek and Canary Islands esp. about walking. My profile has the site address cos not allowed to put it here.
  • fayraz
    fayraz Posts: 625 Forumite
    Part of the Furniture Combo Breaker
    Thanks for your reply,

    I forgot to mention the money left my current account on the 8th August does it take four working days from there?

    ???
  • mary
    mary Posts: 1,585 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Thanks for your reply,

    I forgot to mention the money left my current account on the 8th August does it take four working days from there?

    ???

    Do you really mean 8th August? If so, Securicor is much quicker!

    Seriously, it's that length of time, you should contact them directly.
  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Deposits up to £35,000 are covered by a government backed insurance scheme I believe so you are quite safe as long as you are using a reputable regulated in the UK Bank.

    If you have more than £35,000 it might be better to spread it about a bit. You should also consider more tax efficient places for your money such as national savings certificates or ISAs.

    With the exception of BCCI there hasn't been a big UK bank failure in recent history. I'd almost say your money is as safe as houses, but with settling house prices that may not be appropriate!

    R
    Smile :), it makes people wonder what you have been up to.
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    Got 40k of which approx half is from stoozing.

    They are part of the Abbey. So as safe as err houses .... crumbs..

    Seriously, they are as safe as any high street bank - so 99.9% probability nothing will happen in the forseable future.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.2K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.3K Spending & Discounts
  • 240.7K Work, Benefits & Business
  • 617K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 253.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.