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Quick question about cahoot.
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fletcher1985
Posts: 453 Forumite
Hi i have a quick question about cahoot 5.20% account. if i pick paid interest annually but close the account after 6 months do i get 5.20% or would it be 5.08% interest. is it just 5.20% if you keep the account for 1 year?
| Account name/term | Maturity date | Tier | If interest is paid annually | If interest is paid monthly |
|---|---|---|---|---|
| cahoot Sunny Day Saver (Issue 1)/12 months | 1 Year/12 months after account opened | £1-£3,000 | 5.20% AER/gross (variable) | 5.08% gross (variable) |
| £3,000+ | No interest paid. | |||
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You would get slightly more than 5.20% AER because the gross rate is set for annual compounding, whereas you'd get the closing interest early (and could earn 6 months interest on it elsewhere).
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