Info for Cahoot 5.65% intro savings a/c holders

MarkyMarkD

They can't logically afford to pay 5.65%, as Deemy points out. They must be losing a fair chunk of money on these accounts ... but I'm not complaining

murphydavid

Wonderful, I also am one of the privileged few (If we are a few that is). I recon they know that most of the guys getting this 5.65% are not the kind to hang about if it drops. I just sent a nominal sum to ICICI to open an account with them, ready to move my money, but I don't need to do it now. Yippee. And I must add my thanks to Martin because without him I would never have the time to keep up.

deemy2004

Yep, I had an account ready to take the cash too - fixed for 1 year at 5.2% - Now just awaiting to see when the rate at cahoot drops.

buffers

Just shifted my money from A&L On-line Saver - (I had no notification that their rate had dropped. Just found out by chance from this website!). It will go to Cahoot as soon as it arrives in my nominated account. Will watch Cahoot with an 'eagle eye' from now on but no doubt some MSE'er who is on the ball will post the news of a drop when it happens!!!

murphydavid

moneyextra.net send me a free automated email on a weekly basis telling me who is currently the best. They don't get absolutely everybody and they sometimes confuse introductory offers with permanent rates but I find it very useful none the less. I presume it is still open for newcomers to apply.

WaltD

Kazza242 wrote:

I've just received this e-mail from Cahoot:

"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. "

So annual interest will continue and as we know from the other thread, the interest rate of 5.65% will remain for the time being. In a market of falling interest rates, I thank Cahoot for choosing to be different from the rest. Even if the 5.65% rate falls after September, well done to Cahoot for giving us such a high rate in the first place. :T

Just a word of caution. See the double asterisks beside the 5.65% AER rate? The footnote says the 5.65% applies only to balances up to 50,000 GBP. According to the Rates & Fees section on the Cahoot website, amounts above the 50,000 GBP limit attract only 5.00% AER, and above 250,000 GBP (I wish!) get only 4.50% AER. So it may not be a good idea to transfer huge balances into this account.

Ollie18

buffers

WaltD wrote:

Just a word of caution. See the double asterisks beside the 5.65% AER rate? The footnote says the 5.65% applies only to balances up to 50,000 GBP. According to the Rates & Fees section on the Cahoot website, amounts above the 50,000 GBP limit attract only 5.00% AER, and above 250,000 GBP (I wish!) get only 4.50% AER. So it may not be a good idea to transfer huge balances into this account.

Ollie18

Good point(s). Thanks for this.

deemy2004

No way this rate will stick.. NO way ! Give it 2 and half months TOPS !

But still the changed rate will hopefully remain competitive.

buffers

deemy2004 wrote:

No way this rate will stick.. NO way ! Give it 2 and half months TOPS !

But still the changed rate will hopefully remain competitive.

Keep your eyes skinned deemy2004 in case I miss it! I am relying on you:T

deemy2004

Okay....................