Cahoot 5.5%

System

you have to wait 10 working days from the opening date of your account before the direct debit is up and running.

Hope that helps.

t_i_g_e_rr

Having given my advice on the data protection act, I then signed up for a Cahoot account (yesterday). I didn't think the questions were intrusive at all, it just took ages to fill out all the forms. Still, I think it will be worth it.

sly_dog_jonah

So with interest rates rising 0.25%, I wonder whether the Cahoot 5.5% rate will be increased? Somehow I doubt it but it would be nice Maybe in a few weeks time they'll be an account which beats it, in the meantime those people who have M&S and Abbey Postal Cash ISAs can smile that their interest rates will be bumped up nicely soon ;D

Leia_Stephens

And Smile has been bumping up the rates on its ISA and savings a/c, hopefully the ISA will be 5% and the no-notice savings will be 4.25% ;D. But to get these rates you do need a Smile current a/c .

alared

With the "pundits" forcasting more rate increases to come Cahoot won`t seem like such a hot deal.
They`ve attracted the money now and won`t be too keen to increase from 5.5% no matter how high they go.
They`re now relying on peoples inertia.
I`m now six weeks down the line since applying and still not been able to transfer any money,now waiting for the DD to be set up.
If it takes much longer ING will have caught them up!!!!!!!

sly_dog_jonah

You don't have to wait until the Direct Debit is set up, you can just quote the sort code and a/c number of your cahoot and organise a transfer manually from your non-cahoot current account. I did this fine from my LloydsTSB internet banking on the day they activated my account. Tested it with £1 at first though then transferred the rest a day or so later

You're right about the inertia though. However my big bro was able to open a 2nd cahoot savings a/c at the new promo rate so even if they do bring out a new deal we should be okay

alared

You`re correct I could transfer using BACS and lose three if not four days interest.
If ING are a lot quicker off the mark than the last time I might just leave well alone for all the hassle I`m getting with Cahoot.
You`d think I was asking them for money.

sly_dog_jonah

I transferred from Egg to Cahoot using BACS:

Money left egg savings account 26 July, arrived in Cahoot 28 July.

And from lloydsTSB to Cahoot using DD:

Money left LloydsTSB 5th Aug, arrived Cahoot same day

So while you might lose a day or so of interest doing BACS, its often better doing one BACS between two savings a/c's (if you can) than doing two DDs to move from savings->current a/c->cahoot, especially if your current a/c has poor interest rates.

alared

I`ve finally given up with these clowns.
Six weeks on after first applying and on the tenth working day for the DD to be set up

---

they`ve lost it and need me to send new details.
They can whistle

lisyloo

Why not just send it by BACS?
Surely the small loss of interest over 3 or 4 days is more than made up for by the higher rate?

Obviously it's your choice if you want to walk away, but seems a shame when theres better rates to be had.