Info for Cahoot 5.65% intro savings a/c holders

Kazza242

To those of you that took advantage of the awesome 5.65% rate offered by Cahoot on their savings account launched last June:

I sent a secure message to Cahoot yesterday enquiring into what the interest rate will be after the 1 year bonus expires. The account offering this rate was available between 24 June 2004 - 1 September 2004. They replied:

"Thank you for contacting cahoot.

I would like to confirm that the rate your savings account will be changed to after a year is 5.10% AER".

This is also the rate that they are currently offering on their standard internet savings account, which pays monthly interest. I assume that once the 5.65% intro savings account rate falls to 5.10%, it will also become an account paying monthly interest? They couldn't confirm this in their secure message. I guess we'll all find out soon enough.

Milarky

On a somewhat unrelated product, I phoned First Direct today to ask them about the terms on their current promotional-rate cash ISA. Their response was to suggest that they would 'review' the offering when the rate drops in October - the implication being that they may roll out a further offer to attract customers at that stage. [There may be no new offers, or any offers might only apply to 'new customers', of course, as does the current one. But watch this space!]

deemy2004

The cahoot savings accounts becomes the same as the current offering i.e. pays monthly interest at an AER of 5.10%

Daniel

I enquired about this today and cahoot have confirmed that the rate won't change until they advise you of the change. So when the first year is up, the interest rate will remain the same until they tell you otherwise.

And apparently the interest will still be applied annually!

deemy2004

LOL

I wish that were so, so SO... i.e. that it sticks at 5.65% for another year.... but it ain't goign to happen.

Perhaps your confusing the 5.10% AER ....???

djblamire

deemy2004 wrote:

LOL

I wish that were so, so SO... i.e. that it sticks at 5.65% for another year.... but it ain't goign to happen.

Perhaps your confusing the 5.10% AER ....???

Where are most of you moving your money to when the Cahoot rate reduces ?

Thanks
Daniel

buses7675

Hi All,

I was going to move my cash back to my A&L Online Saver, but as its now got a lower rate than the standard Cahoot rate, and as I've already used this years ISA allowance, its staying where it is for now! My 5.65% is due up next week sometime, be good to see the interest arrive!

Cheers

Steve

deemy2004

I'm moving to the coventry savings account linked to the benefit saver account... It pays 5.25% fixed for a year.

Though you need to have a child to get the 5.25%

Daniel

Hey Deemy,

Im not saying it will stay at 5.65% AER for another year. But when the first year is up ie the anniversary of the account opening, the rate wont change straight away according to cahoot. They said I'd get an email to say when the rate will change.

Might get another month or so of the higher rate. Suppose it doesnt make much difference but its better than 5.10 % straight away.

Daniel

alared

You can`t get much better than 5.1% for "instant access" anyway.

Walletwatch

How'bout ICICI? Is nobody giving that a try?