Info for Cahoot 5.65% intro savings a/c holders

[Deleted User]

Deleted_User wrote:

Content of email received from cahoot this evening...

Thank you for contacting cahoot.
In response to your email I can confirm that all cahoot customers will be advised of any changes to the current interest rates by email and secure message between Wednesday 17th August and Saturday 27th August 2005.

Further to the above post of 16/8, the only email I have received to date has been in connection with revised rates on the current account from 23/8. Has anyone had anything else?

HGLTsuperstar

Deleted the email so can't post. Basically applied online for the savings account at 5.1%, and application going through. Then next day get message saying being dropped from 5.1 to 4.75%, so no reason to leave ING for me

smudgie2

Thanks HGTL - it is becoming a little clearer ! in that it appears from your info that an internet saver account holder on 5.10% is facing a reduction to 4.75%. For those of us who are, fortunately ,still on 5.65% the question remains unanswered

derrick

The rate on the cahoot introductory bonus account is a guaranteed minimum
of 5.5% for 12 months from opening account, so untill your 12 months is up, it will not drop below 5,5%. The extra 1.65% could be dropped re the BOE rate drop on the 5th August

Loobeylou

This is what I received from Cahoot this weekend:

"Following the Bank of England base rate change on 4th August 2005, cahoot will be decreasing the in-credit interest rate on your current account on 23rd August 2005.

The new current account interest rates effective from 23rd August 2005 are as follows:
__________________________________________________________________________
Without chequebook With chequebook
Account balance GBP AER Gross p.a. AER Gross p.a.
__________________________________________________________________________
Up to 249,999 4.00% 3.93% 3.90% 3.83%
250,000 + 3.00% 2.96% 3.00% 2.96%
__________________________________________________________________________

Cahoot are also decreasing the overdraft interest rate - this will not affect you unless you go over the 250 GBP interest free overdraft facility on your cahoot current account

For you this means

Account number ending **** overdraft interest rate will change from 10.0% APR to 9.8% APR."

So ... anyone got any ideas on moving money for a better savings rate?

afro_2

Loobeyloo, thats the current account rates, not the savings account rate. Hold tight!

Macce

As far as I am concerned my 5.65% Savings account still stands. I have recieved no emails, system messages or letters indicating otherwise.

isasmurf

I'm afraid you can't take that attitude where banks are concerned. They are under no obligation to inform you about small drops in interest rates. The previous interest rates on the introductory account are

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 + 4.50%

Cahoot do not have any published current interest rates for this account, so we have to assume it falls to the standard savings account currently paying
Savings Account:
account balance A.E.R. Gross p.a.
up to £249,999 5.10% 4.98%
£250,000 + 4.05% 3.98%

(Although their interest rate page is out of date as it tells me the BoE Base Rate is 4.75%)

MarkyMarkD

My wife's account still says this when you click on "interest rates":

Savings rates for introductory rate accounts available between 24 June 2004 and 1 September 2004 Account balance AER/Gross p.a.
Up to £49,999 5.65%
£50,000 to £249,999 5.15%
£250,000 + 4.65%

alared

email from Cahoot dated 12/7 clearly states they will email you to tell you of any changes to the interest rate on your account.


Dear xxxxxxxxx
As the interest rate guarantee* on your introductory savings account is shortly coming to an end, you may be wondering, will the interest rate or my annual interest change?

We are pleased to confirm that the current variable savings rate of 5.65% gross p. a./AER** and annual interest will continue unchanged, which means you can continue to save at this very competitive rate.

We will of course continue to monitor the savings market to ensure your rate remains competitive, and if the Bank of England decides to change the base rate, we will email you to let you know of any changes that affects your account.

Remember you can deposit additional funds into your account at any time. Funds can be transferred by Direct Debit, Standing Order or as a one off bill payment.

So why not take advantage of this great rate and make your money work harder!