Info for Cahoot 5.65% intro savings a/c holders

djblamire

Walletwatch wrote:

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

Had nothing but problems trying to open an account with them.

There customer service is non-existant.

Daniel

buses7675

Hi All,

Just had my interest credited today, so my account has been open for exactly a year now. Had no email about a change in interest rates yet, and the 'account type' info site reads as follows:

Introductory rate applies for 12 months after account opening - for accounts available between 24 June 2004 and 1 September 2004

Maybe an email will arrive in a few days! Otherwise I'll know in a month if the interest is paid monthly now, instead of annually!

Cheers

Steve

deemy2004

Walletwatch wrote:

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

I would stear well clear of them.. their fixed rate bonds suggest that the high rate is purely for publicity and will be knocked down in a matter of months of opening the account

fairenoughclough

Daniel wrote:

But when the first year is up ie the anniversary of the account opening, the rate wont change straight away according to cahoot.
Daniel

Told today 5.65% rate is being held until you are informed of change.

As the offer was available until 1/9/04, I'm hoping that they'll keep the 5.65%rate until 1/9/05 for all customers to keep their administration straightforward.

deemy2004

Makes sense... Maybe they anticipate a large call on funds and thus are delaying the enevitable whilst they prepare for it.

Gambler

Daniel wrote:

.

And apparently the interest will still be applied annually!

I kept my original cahoot savings account open so I can always transfer the funds there to get monthly interest again.

Skint_Catt

Hi - thanks for this - it was just crossing my mind to think again about my Cahoot although I have another 6/7 weeks to run until my 'year' is up.

Always find the answers I want on here!

S_C

Milarky

I just got this by email from WB....

Move up to the Premier – and get two bonuses!

The Premier Bonus Tracker Account – the latest ‘best buy’ savings account from the West Brom - offers you a Premier rate and not one, but two bonuses!

Key Features:

-Apply online at https://www.westbrom.co.uk.

-5.40% gross pa (5.28% AER) variable including initial bonus of 0.90% paid until 4 January, 2006, which is replaced by Second bonus of 0.50% gross paid from 5 January, 2006 until 31 May, 2006

-The account then transfers automatically into a Direct Tracker Saver Account, with the added benefit of tracking changes to the Bank of England base rate

-Access without notice, with six withdrawals permitted each account year (to 30 April) – account closed where a seventh withdrawal is made.

-Minimum investment £1,000; maximum £150,000 (single/joint)
Monthly income option

-This account is a limited issue available on a first come, first served basis – so make sure you move up to the Premier now!

For more information call into your nearest branch, phone us on 0845 3300633 or visit our website https://www.westbrom.co.uk

West Bromwich Building Society
PRINCIPAL OFFICE 374 HIGH STREET WEST BROMWICH B70 8LR

The Society is authorised and regulated by the Financial Services Authority. FSA REG No 104877

The Society is a member of the Building Societies Association. Shares and Deposits in the Society are Trustee Investments.

Gross means the contractual rate of interest payable before the deduction of income tax at the rate specified by law (‘the specified rate’) i.e. the rate without UK income tax deducted. AER stands for Annual Equivalent Rate, which is a notional rate that illustrates what the interest rate would be if interest was paid and compounded once each year. Rates are illustrative only and are rounded to two decimal places. Rates correct as at 13 June, 2005. AER is based on an investment made from 13 June 2005 to 13 June 2006.

Calls and electronic communications may be monitored and/or recorded for your security and training purposes. Your confidentiality will be maintained.

It looks promising, so I'm going to check this now, and see if I can what else I can find out about it.

Update:
Right, it looks to me as though this is simply a 6 months home for your money - 12 months at a stretch. With the 0.9% bonus it becomes a 'Bank of England plus 0.65%' - which is good, with the 0.5% bonus it becomes a 'BOE plus 0.25%' - which is average, and when it reverts it becomes a 'BOE minus 0.25%'

The only thing to sort out is whether the bonus requires the account to be held for a set period beyond the attractive six months at the beginning? I would not think so if there is a monthly interest option - which there is - since otherwise they'd pay the interest in two lumps - which is unusal.

buses7675

Hi All,

That is good news if its still 5.65% - Question is, will interest now be monthly, or annually still?

Cheers

Steve

ffacoffipawb

I got this reply from cahoot regarding this account .........

Dear ************

Thank you for contacting cahoot.

The cahoot introductory rate savings account Guarantees to pay 5.50% for first 12 months from date of opening, although we are currently paying a variable rate above this at 5.65%.

When the guarantee ends; the 5.65% interest rate remains unaltered, unless we inform you otherwise the account will continue as it is unchanged, paying interest annually.


So still paying 5.65% post maturity, and still annual interest.