'Save an extra pound in Cahoot and you lose £7,000' blog discussion

Former_MSE_Lawrence

This is the discussion to link on the back of Martin's 'Save an extra pound in Cahoot and you lose £7,000' blog. Please read the blog first, as this discussion follows it.

Read Martin's 'Save an extra pound in Cahoot and you lose £7,000' Blog.

Click reply to discuss below.

Rikki

Interesting. :think:

Sadly it doesn't affect me.

DocBambs

Having been looking for an account to briefly store a large amount (though nothing like £1million) recently I was suprised how many accounts don't allow more than £250,000. As the money will only be stored for a couple of months (before going to Inland Revenue ) I have also noticed that a number of accounts don't pay interest for the month you remove the money.

This reduced rate risk just adds to the list of things to look out for.

I suppose I should also be considering the £35k compensation limit too - but the thought of opening 8 bank accounts just seems nuts!

DB

:xmassmile

harryhound

It is such a responsibility, perhaps you should risk opening a joint account with your partner?

(Have we met a property investor who saw the credit crunch coming?)


:j:beer::j

Pitstonerock

how sad for those poor people losing that interest. I wonder what sacrifices they will have to make as a consequence?

Queen.For.A.Day

I have an account at Cahoot, and can tell you that these rates are an improvement on the previous arrangement.

You can see previous rates if you can access
https://www.cahoot.com/rates_fees/rates_fees-1.html

However, that may be for customers only, so here is a copy of the relevant text:-

Previous rates effective until 22nd July 2007
Introductory rate Savings Account
(available between 24 June 2004 and 1 September 2004)
Account balance A.E.R. / Gross p.a.
Up to £49,999

---

5.50%
£50,000 to £249,999 --- 5.00%
£250,000 +

---

4.95%

That's right; the cut-off used to be £50,000!

[Deleted User]

Save £999,999 and you’ll earn £64,500 interest in a year
Save £1,000,000 and you’ll earn £57,500 interest a year

I hear the world's smallest violin playing for all those people with a million quid in the bank

MSE_Martin

I hear the world's smallest violin playing for all those people with a million quid in the bank

Ah yes but do remember there are rich moneysavers too - and good on them....

Admittedly though my point was more about the ludicrous structure than the gross injustice :P

poppy10_2

Yes, they've obviously done this to get into the best buy tables. Noone is going to have more than £500,000 in a Cahoot account, are they?

frodes1085

Queen.For.A.Day wrote: »

I have an account at Cahoot, and can tell you that these rates are an improvement on the previous arrangement.

You can see previous rates if you can access
https://www.cahoot.com/rates_fees/rates_fees-1.html

However, that may be for customers only, so here is a copy of the relevant text:-

Previous rates effective until 22nd July 2007
Introductory rate Savings Account
(available between 24 June 2004 and 1 September 2004)
Account balance A.E.R. / Gross p.a.
Up to £49,999

---

5.50%
£50,000 to £249,999 --- 5.00%
£250,000 +

---

4.95%

That's right; the cut-off used to be £50,000!

the introductory rate savings account is an old account cahoot used to offer, the account that has the market leading rate is a completely different account which existing (and new) customers can ask for. I can also confirm that for all those lucky people with £1,000,000+ that you can have upto 3 of the new accounts and can get the top rate by making sure that they have less than £1,000,000 in each of the accounts

RoCas

MSE_Martin wrote: »

Ah yes but do remember there are rich moneysavers too - and good on them....

Admittedly though my point was more about the ludicrous structure than the gross injustice :P

I wonder if it could possibly be a typo on Cahoot's website. Has there been any comment from them?