cahoot Simple Saver

Scruffy_Meee

Just been looking at this as it pays 5.12% interest, however looking on a few review websites such as Trust Pilot they seem to get slated. I know reviews are generally more negative but just wanted to check if anyone has an real world issues with Cahoot before I put money in?

Futuristic

It's owned by Santander, they are ok. A lot of the things like online banking require you to get codes sent in the post, most reviews seem to be about that or ID verification. So if you pass online checks it should be fine, quite a hassle if you end up failing it and get asked to post stuff to them. 

Malchester

I have Simple Saver. No problems. Instant deposits and withdrawals. Not restricted to a nominated account. My only issue is the need for a code to be texted to you to log in. Otherwise excellent.

flossy_splodge

I bank with both a Cahoot account and a separate Santander account. Never had problems with Cahoot and a query with Santander was dealt with adequately. Cahoot have an advantage if you live in the middle of nowwhere as cheques etc can be posted in using prepaid envelopes. Wouldn't give up my Cahoot account.

happybagger

I echo the above. Was an existing Santander current account holder when I opened cahoot. First account required something to come through the post but everything good after that.

janusdesign

banked with them for nearly 25 years - they're fine... once you gone through the initial hoops of opening your first account with them, future accounts will be opened instantly... as @flossy_splodge said, I wouldn't give up my Cahoot accounts either.

jaypers

I’ve just opened their Sunny Saver. Really straight forward and just waiting for login details to come through the post. COP checks from another Bank recognised straight away for the new account. 

Cosmic_Life

I have their savings accounts and not had problems paying-in or taking money out.  Registering was quite quick, think it took 2-days for the access information to arrive in the post. No different to other banks or building societies I have accounts with.  I like the one time code being texted before you can login for that extra bit of security - same as Coventry and YBS

friolento

Cosmic_Life said:

I have their savings accounts and not had problems paying-in or taking money out.  Registering was quite quick, think it took 2-days for the access information to arrive in the post. No different to other banks or building societies I have accounts with.  I like the one time code being texted before you can login for that extra bit of security - same as Coventry and YBS

Agree but would add that YBS have an app, and Coventry promise one ‘soon’. The apps make account management so much easier. Do Cahoot have plans for an app?

allegro120

Cosmic_Life said:

I have their savings accounts and not had problems paying-in or taking money out.  Registering was quite quick, think it took 2-days for the access information to arrive in the post. No different to other banks or building societies I have accounts with.  I like the one time code being texted before you can login for that extra bit of security - same as Coventry and YBS

My account was opened on 18th January, but no access information has arrived yet.  They say up to 7 days, so may be tomorrow?

janusdesign

friolento said:

Cosmic_Life said:

I have their savings accounts and not had problems paying-in or taking money out.  Registering was quite quick, think it took 2-days for the access information to arrive in the post. No different to other banks or building societies I have accounts with.  I like the one time code being texted before you can login for that extra bit of security - same as Coventry and YBS

Agree but would add that YBS have an app, and Coventry promise one ‘soon’. The apps make account management so much easier. Do Cahoot have plans for an app?

they've been talking about it for many years - probably longer than Coventry BS lol.

their web login is now very similar to the Santander login, so assume technically it's not going to be that difficult to do one now if they choose to.

when Cahoot got rid of current accounts and credit cards for new customers, I thought the brand would die at some point and everyone moved over to Santander - but then Cahoot started offering fixed bonds in 2022 and savings accounts last year, so assumed Santander were going to use Cahoot as their savings brand... but Santander also launched their own high interest savings accounts under their own brand - so i've got no idea what the future holds for the Cahoot brand.