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Cahoot, would you trust them with 1000s?

fayraz
Posts: 625 Forumite

Just wondering if anyone has got £1000s in a cahoot account, are they trustworthy with that amount of money?
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Comments
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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!0 -
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.0 -
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...0
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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.0 -
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?0
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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.0 -
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?
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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?
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Do you really mean 8th August? If so, Securicor is much quicker!
Seriously, it's that length of time, you should contact them directly.0 -
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!
RSmile, it makes people wonder what you have been up to.
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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.0
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