Cahoot, would you trust them with 1000s?

deemy2004

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?

I transfer Monday (AM) and its on the account by Thursday afternoon. So your transfers maybe a day late, depending at what time on Monday you transferred.

philipmse

I'm interested in this topic since I was considering transferring my life savings to Cahoot (currently with Halifax Web Saver).

I agree, there's no question about the _solidity_ of Abbey. But that's not the point - any number of things can and do change after a takeover, for any number of reasons. Very often the reason is no more than "culture clash".

Do we know for certain what the new Spanish owners think about Cahoot? Are we absolutely certain that it fits their culture and business model?

Is _right_now_ the very best time to transfer one's entire life savings into Cahoot, or might it be slightly wiser to leave it for a while to see what the Spaniards do with it?

Thanks
--Philip

deemy2004

Transfer upto the guaranteed limit that if the bank collapses the FSA will pay out 90% on. I think its around 35k.

ic

I've nearly 30K sat in a Cahoot savings account on 5.65%, and have my main current account with them. I've never had any concerns as I know they're backed by Abbey and belong to the FSA scheme.

However I have lately been moving my cash little by little into these regular savings accounts that crop up only to get the best rates available.

smartsaver

Problem with high interest savings account is that you are limited how much you can save per month.. I feel with the interest lost while money is in transit it not worth the effort... :-/

deemy2004

Only 4 or 5 days interest is lost whilst in transit

Which is the same as what is lost with any account on opening so the monthly transfers employ exactly the same effect.

As you only perform each monthly transfer once !

smartsaver

Only 4 or 5 days interest is lost whilst in transit

Which is the same as what is lost with any account on opening so the monthly transfers employ exactly the same effect.

Yes but if I leave my money in a high interest account like cahoot, no interest is lost in transit because no money is moved  :D. I am talking about stoozed money not monthly saving and I think this is what IC is referring to?