Cahoot 5.5%

lisyloo

Where do you stop?

I understand the problem.
It depends on a number of factors - what tax rate you pay, how desperate you are for the money, your tolerance for hassle and how much benefit it will give you e.g. capital available.

Personally I wouldn't swap for 0.25% but I will for 0.8%.

I generally try to work out how much it is worth to me over a year after tax.

For £15 or £20 then I won't change an account.
It's simply not worth my time.

Everyone has their own limits.

MiserlyMartin

Just opened up a new Cahoot account. Yes their site is a bit crap for being a general application. Rubbish that you have to confirm your country after having put your postcode in to find your address!. They can tell your road but not your country from a postcode!... silly. But good that you can set up a DD online to transfer your deposit over.

Have most of my money back in Nationwide esavings. That is now paying 4.75% -- more than ING. I think ING is now a dead duck, they started off well but now it
seems they are not going to remain above the rest. I will move it from Nationwide to Cahoot as soon as I can. Long may this good rate continue. If cahoot doesn't move up with the rest I'll just move it back to Nationwide or whoever is doing the better deal. Lets all just open up accounts and switch back and forth if the rate goes crap. That'll teach 'em!

FangKat

Agree the silliness of the postcode // country boxes questions, was tempted to put in Scotland to see if it would kick back (my postcode being an English one) - wish I had now just to see.

Run NW e-savings and also ALR e-account - it's great how you can move your money around these days to get/move to a deal or two - long may it continue.

I see this Cahoot as in effect a 1 year Bond without the restrictions - - 5.5 is a good rate for a 1 year bond is it not?

FieryBlondeScot

apologies in advance for any silly questions ::)

i have also applied for the cahoot 5.5% thing
i have also just opened an Isa and current account with IF. i think t he isa pays 4.6% but no too sure, ive done some sorts of offsetting or something dont really understand that bit but 4.6 sounded good.

the plan was to transfer my £70.20 child benefit through to the IF isa each month but would i be right in saying it would be more profitable to transfer it to the cahoot one instead (ok may sound obvious but is there not some rules about tax or something?)

can any maths geniuses (i failed maths at school and cant even do percentages with a calculator) work out what the 70.20 per month would earn over a year?

phew and once ive sussed this bit i may graduate to the savings fountain thread

FieryBlondeScot

eek just confused myself further. it seems the halifax regular saver is even better at 6.05 (although then it says it is 4.85 after tax)

and the abbey postal isa is 4.85% which is better than my IF isa. if i swapped my isas again then my current account rate with #IF would drop to 2.6% so would i be better off swapping right out of IF's current account AND isa?

what a tangled web ive weaved since i started all this!!!!

please help

MJSW

FieryBlondScot - a lot of questions there! Firstly, the rates you quote are now out of date. IF's ISA rate has increased to 4.85%, but the Abbey rate has also gone up to 5.1%, so it is still ahead.

If you deposit £70.20 each month into an ISA paying 4.85%, then in 12 months time you can expect to earn interest of roughly £22 (assuming rates don't change during the year, which of course they probably will). At 5.1% you would get roughly £23, so switching to Abbey would make you about a pound better off over the year.

If you are a taxpayer, then the after tax rate on the ISA will still work out better, even though the Cahoot and Halifax accounts have a better rate gross rate. Cahoot's rate is equivilent to 4.4% for a basic rate taxpayer, and Halifax is 4.84%.

If you do decide to switch the ISA from IF to Abbey, then you could easily maintain your IF current account rate at 4.5% by opening a savings account with them (£1 is enough!).

FieryBlondeScot

ohhh i was workin it out as 70.20 x 12 months =£842.40 /100 x 4.85% = 40.85 interest in the first year, or do they do something that halves the interest? ???

System

Yes, but not all of your £842.40 will be in the account for the entire year.

ffacoffipawb

Yes, but not all of your £842.40 will be in the account for the entire year.

The clue is in the middle of her name!  

cport80

I was really excited when I saw this until I realised it was Cahoot. I struggled to get an account opened with them several months ago as no matter what forms of ID I sent back, they kept saying they needed something else.

The second time I actually rang them to check my documents were acceptable before I sent them. The guy on the phone said they were so off they went and back they came. 3 weeks later I ring them back to ask why the account isn't open and they tell me they need proof of my address so I gave up on them at that point.