Info for Cahoot 5.65% intro savings a/c holders

alared

Lopo wrote:

No good to me! but thanks! ....any other alternatives...? Find it odd that there are no other good suggestions amidst all the clever ms'ers out there!!?!

Already posted on these boards Yorkshire internet account paying 5%

thor

Getting slightly back on topic again(at least about Cahoot)- They are my fave account at the moment and will be until they lower their rates and even then they could still be in my good books if they can manage to stick around the 5% mark.
There are 2 things which have particularly impressed me,

1. They were launched at 5.5% which most believed was a 1 year fixed rate only, as it was so good. But during the final boe rise they actually put up their own rate by 0.15% when they really had no need to.

2. After the year is up they will still keep the introductory bonus for an indefinite period of time. Again they did not need to do this and unlike most other banks(i.e. ING etc) are not using the money markets as an excuse do take actions which will make their savers suffer.

Of course sooner or later this must hurt them but it shows all the b*ll!!!! spouted by the other banks and building societies for what it really is. Most banks make huge profits with the biggest making 4 or 5 billion pounds, do they really need to screw us so much?

deemy2004

Its even more amazing because their parent company - Co-Op Bank is rubbish when it comes to paying decent rates.

klondyke

deemy2004 wrote:

Its even more amazing because their parent company - Co-Op Bank is rubbish when it comes to paying decent rates.

Cahoot is part of Abbey.

deemy2004

klondyke wrote:

Cahoot is part of Abbey.

Ooooops ! Smile belongs to Co-op...

Smitty

The downside of Cahoot is their website. I think it is over complicated and not very easy to use c.f. ING Direct's. The worse bit is that everytime I wish to make a withdraw, I have to key in my bank details each time as it doesn't store them anywhere, always leaving a slight worry that Ive made a keying error. Still its worth the hassle for 5.65%.

[Deleted User]

Smitty wrote:

The worse bit is that everytime I wish to make a withdraw, I have to key in my bank details each time as it doesn't store them anywhere, always leaving a slight worry that Ive made a keying error.

Before anyone says 'Oh, yes it does' , I have to agree with Smitty. There IS a 'payments address book' facility, but only on the Current Account and NOT on the Savings accounts.

Also if you want to make an internal transfer from the Savings accounts, there is apparently no way of post-dating it either, only processing it instantly.

Having said that, I suppose you could always transfer the funds from Savings internally and THEN withdraw from Current using the pre-programmed address book.

klondyke

Deleted_User wrote:

Before anyone says 'Oh, yes it does' , I have to agree with Smitty. There IS a 'payments address book' facility, but only on the Current Account and NOT on the Savings accounts.

Having said that, I suppose you could always transfer the funds from Savings internally and THEN withdraw from Current using the pre-programmed address book.

We do just that - and as the internal transfer really is instant, we can keep cash in savings until the last minute before withdrawal. (Though allowing transfer time, of course).

MarkyMarkD

thor wrote:

...

Again they did not need to do this and unlike most other banks(i.e. ING etc) are not using the money markets as an excuse do take actions which will make their savers suffer.

Of course sooner or later this must hurt them but it shows all the b*ll!!!! spouted by the other banks and building societies for what it really is. Most banks make huge profits with the biggest making 4 or 5 billion pounds, do they really need to screw us so much?

ING's money market explanation isn't an excuse. It's the truth.

And the other banks aren't screwing you (necessarily). Cahoot are choosing to strategically make a large loss on this account, in the hope some of the balances will stick, or the customers will like them sufficiently to buy other products like current accounts from them.

cgnao

Or, Cahoot hedged the 5.65% offer on the interest derivatives market. Because the offer is closed to new entrants, no matter what the interest rates do, their profits stay the same. It will last until the hedging contract runs out.

ING may not be hedged instead so have to follow the money markets.