Info for Cahoot 5.65% intro savings a/c holders

Loobeylou

After having contacted Cahoot by e-mail this morning I have now received the following response:

Thank you for contacting cahoot.

Following the Bank of England decision on 4th August 2005 to reduce the UK Base Rate from 4.75% to 4.50%, cahoot will be changing rates on the Savings Account, Introductory rate Savings Account, Credit Card, Current Account and overdraft with effect from 23rd August 2005.

cSA Pre-23.08.05 Rate
A/C Balance AER / Gross p.a.
Up to £50,000 5.65%
£50,000 to £250,000 5.15%
£250,000+ 4.65%

cSA Post-23.08.05 Rate
A/C Balance AER / Gross p.a.
Up to £50,000 5.30%
£50,000 to £250,000 4.80%
£250,000+ 4.30%

If you require any further assistance please do not hesitate to contact us again.

Kind regards,

Faye Williamson
Team Manager
cahoot

So there you have it. I am still not sure though why they pay less interest for accounts with more than £49,999 in.

I agree with others, it is still not a bad rate and there are a lot worse. However, I shall continue to look at other rates and change if need be.

Reaper

Loobeylou wrote:

I am still not sure though why they pay less interest for accounts with more than £49,999 in

Think what they will do with your money - much of it will be lent out for mortgages or other loans so they can make a profit. Those types of lending are not liquid, in other words they can't go asking somebody they just gave a huge mortgage to for all the money back because they are getting short (well, not if they want to stay in business!)

Now imagine somebody comes along and sticks millions in an instant access savings account. They start lending it out for mortgages etc then he wants it back the next day because he's found somewher better to put it.

That can cause them serious problems in the short term getting hold of enough money to pay him back. They either have to keep loads unused in reserve or they have to borrow the money. That's why they discourage large savers or even put a cap on how much you can put in.

alared

Deleted_User wrote:

That's as maybe, but it was not CONFIRMED by Cahoot in black and white until TODAY. Everything before was speculation. It's not about points scoring.

From YOUR post 124

"Beat you to it, by seconds obviously!"

oscarhugo

alared wrote:

From YOUR post 124

"Beat you to it, by seconds obviously!"

Now now, children -- dooo stop squabbling!

Macce

5.3% fantastic ! I'm over the moon !

[Deleted User]

alared wrote:

From YOUR post 124

"Beat you to it, by seconds obviously!"

I think you will actually find that the remark was a humourous one, as signified by the wink, not a pedantic one. Context is all.

EO.

alared

You seem like the type of person who ALWAYS needs to have the last word on everything,so I`ll just leave it like that.

pin

alared wrote:

You seem like the type of person who ALWAYS needs to have the last word on everything,so I`ll just leave it like that.

That would mean you had the last word on the matter.

(Health warning: I said the above in jest, please no-one take is seriously).

[Deleted User]

alared wrote:

You seem like the type of person who ALWAYS needs to have the last word on everything,so I`ll just leave it like that.

Ditto.

(Good point, pin)

alared

See what I mean!!!!!!!!!!!!!!