Info for Cahoot 5.65% intro savings a/c holders

MyUserNamesTaken

BoE has cut interest rates today to 4.5%.

deemy2004

MyUserNamesTaken wrote:

BoE has cut interest rates today to 4.5%.

Yep, the money markets have been discounting a cut for over a month i.e. falling from 4.8% to 4.45% (12 month LIBOR).

Thats whats good about the BOE MPC, they tend to signal cuts and raises well in advance of the events.

deemy2004

Hmmm

The bank's provisions for bad and doubtful debt soared from £58m to £110m in the half, because of growth in unsecured lending and a maturing loans portfolio in its internet banking arm, Cahoot.

Perhaps cahoot is a little short on cash, and expect that once the rate drops there would be a mad dash for the exit.....

buffers

deemy2004 wrote:

Hmmm

The bank's provisions for bad and doubtful debt soared from £58m to £110m in the half, because of growth in unsecured lending and a maturing loans portfolio in its internet banking arm, Cahoot.

Perhaps cahoot is a little short on cash, and expect that once the rate drops there would be a mad dash for the exit.....

Do we 'hang on in there' deemy2004?:think:

deemy2004

No interest rate bloodbath at cahoot yet !

alared

Even if Cahoot cuts by.5% they`re still miles ahead of the rest.
Don`t for get it`s a "closed" account.

buffers

deemy2004 wrote:

No interest rate bloodbath at cahoot yet !

Thanks 'deemy2004' - eyes, ears and nose close to the ground:wave:

Macce

I am expecting an interest rate drop from them. Thier standard savings account stands at 5.1% I reckon it will fall to 4.85%. Still I'm not complaining I'm still getting 5.65% (for those who got the introductory rate) fantastic !!

benllech

Someone at cahoot has given you the wrong info. The 5.65% is still applying ven after the year. But, as always, they can drop it, and probably will given that BoE have dropped base rate.

steveksullivan

some of this thread says their rate will drop ... but I'm with the last poster.... I've had an email from them saying the rate stays at 5.65 ............. anyone know for sure ?

I've got a lot of money there and will move it if not ...... anyone know why Martin's not recommending Chelsea BS's triple guarantee a/c ?????????