CAHOOT

sooty99_2

Applied before Christmas for the Cahoot 1yr Fixed savings account, but Cahoot keeps sending emails saying they are having difficulties coping with demand.

Has anyone else experienced this issue with Cahoot, and does this indicate that Cahoot is not a secure savings environment?

MX5huggy

Cahoot is part of Santander, safe as houses (how safe are those?), which brings up the point I don’t know if the cover for £85k is shared with Santander, check if that matters to you (ie you have funds with Santander). 

Presumably Cahoot are the current best buy this creates a sudden peak in demand, Santander did the same with their eSaver in October time they don’t have the staff available to deal with the sudden massive rise is demand. Plus for Santander the online application process failed creating even more customer service demand. 

happybagger

It's part of Santander, so would appear to be "secure" as regards the FSCS coverage (remembering that the limit of £85k applies to both added together)

Band7

You could try Atom Bank, Same rate as Cahoot. Or one of the other ones with similar rates. https://moneyfacts.co.uk/savings-accounts/1-year-fixed-rate-bonds/?quick-links-first=false

jimjames

Not sure why Santander have resurrected the Cahoot brand after running it down over the last few years. I had a cahoot current account until they decided they no longer wanted to be in that market, look at their website which shows very little in the way of products available.

Based on their previous history I'd avoid as it seems unlikely they'll want to maintain much for this brand.

mac20

Yes, I had that issue with them back in October. It took almost a full month for them to open the account and provide login details. My plans changed by then so I jus decided to put a nominal amount in it.

I agree with above to use Atom instead.

[Deleted User]

jimjames said:

Not sure why Santander have resurrected the Cahoot brand after running it down over the last few years. I had a cahoot current account until they decided they no longer wanted to be in that market, look at their website which shows very little in the way of products available.

Based on their previous history I'd avoid as it seems unlikely they'll want to maintain much for this brand.

So they can offer a lower rate to their Santander brand customers but still compete with the likes of Atom Bank and Zopa.

DjangoUnchained

had a problem trying to set up a santander account several months ago, meanwhile set up an atom account, done same day no problem. Recentley tried to set up a cahoot account ( didnt realise it was part odf santander) but nothing but problems so gave up and opened another atom account, again no problem.

qbs

Same as above. Email every Friday "Due to high number of applications for our Fixed Rate Bonds, it’s taking us slightly longer than usual to process your application."

Could reply "Due to high level of disgust at your pathetic levels of service, you can......" - well, you've got the idea. Two days to get written confirmation from a better offer this week.

Why are bank standards of service so poor? Do they not want our cash? Too many people "working" from home and slowing the processes down?
Three weeks and still waiting for a call back from Barclays to make an appointment to go into my "local" branch to open an ISA. The idiot on the phone expected me to make a 30 mile round trip just to make an appointment!