Info for Cahoot 5.65% intro savings a/c holders

AceT

Is the interest added on monthly like ING Direct's account as I would prefer to keep my money here if it is...?

klondyke

AceT wrote:

Is the interest added on monthly like ING Direct's account as I would prefer to keep my money here if it is...?

No, it is added annually on the anniversary of opening. But their ordinary savings account, (ie not the introductory one, which is closed to newcomers) has interest added monthly. Can't remember interest rate offhand, but better than ING.

[Deleted User]

klondyke wrote:

Can't remember interest rate offhand, but better than ING.

5.10% AER, 4.98% gross p.a.

Lopo

...Dont know what account to switch to !

Kazza242

Lopo wrote:

...Dont know what account to switch to !

It would probably be wise to wait a week or so before making a decision. The MPC are due to meet this week to decide whether to reduce the BOE base rate. If they do decide to reduce it, you can bet that many banks will take the opportunity to cut their savings rates (again!).

In a fortnight or so, it should be easier to make a more informed decision.

[Deleted User]

Just beat me to it Kazza! Decision will be announced tomorrow (Thurs). US decision also due next Tuesday.The general perception is that there will be a reduction, and thence a shake-out of savings rates. A lot of institutions have made a pre-emptive reduction already. The more cynical may take the opportunity to make a further reduction, if there is a decrease in the BOE rate.

deemy2004

Lopo wrote:

...Dont know what account to switch to !

A fixed rate for 1 year..

Apart from my dosh in cahoot, everything else was fixed long ago, but still even at this late stage you could pick up 5% !

buffers

deemy2004 wrote:

A fixed rate for 1 year..

Apart from my dosh in cahoot, everything else was fixed long ago, but still even at this late stage you could pick up 5% !

Stay in there deemy2004. I am counting on you to give me the wink when it is time to move from Cahoot:cool:.

deemy2004

Oh, every month £4k gets sucked out of cahoot into a string of regular savers...

Probably from 1st of Sept 05 the rate will drop.

buffers

deemy2004 wrote:

Oh, every month £4k gets sucked out of cahoot into a string of regular savers...

Probably from 1st of Sept 05 the rate will drop.

:T deemy2004:A - better than an IFA!!!!:beer: - I'll keep my wits about me;).