Cahoot introductory rate (from last summer) extended

MarkyMarkD

Cahoot have sent out a system message dated 6 July stating that the 5.65% introductory rate many people have, which should expire 12 months from account opening, will be extended.

The timescale for the extension hasn't been mentioned, but Cahoot suggest that you might like to add further funds which suggests they aren't about to reduce the rate in the short term (famous last words).

So, cancel your plans to relocate your Cahoot funds, if you had such plans, at least for the time being.

deemy2004

Good news, had over 40k parked in the wifes name...

It must be a response to all the emails they must be getting...

Though I can't imagine that they can let things stand beyond September... not with the money market rates starting to discount a base rate cut !

alared

Have`nt checked the Cahoot site yet but did see on the Fool`s site the rate was being held but only on the first £50k

Kazza242

Here is the system message Cahoot sent:

Cahoot
6 Jul 2005
type: system message

Introductory Rate Savings anniversary notification. cahoot would like to remind all customers with an introductory rate savings account that although the rate guarantee period on your account is shortly coming to an end, we are pleased to tell you for the time being the introductory savings rate of 5.65% AER* will continue unchanged. This means that you can continue to save at a very competitive rate, and may want to add savings from elsewhere. *5.65% gross p.a./AER is payable on account balances up to £50,000.

deemy2004

Yes, like a hoover, cahoot likely will be sucking in funds over the coming months...

djblamire

alared wrote:

Have`nt checked the Cahoot site yet but did see on the Fool`s site the rate was being held but only on the first £50k

I think if you hold over £50K you get a lower rate on the WHOLE balance, rather than just on the portion over £50K !?

Daniel

Chippy_Minton

djblamire wrote:

I think if you hold over £50K you get a lower rate on the WHOLE balance, rather than just on the portion over £50K !?
Daniel

No:

"Thank you for contacting cahoot.

I can confirm that the interest rate on you savings account is as follows:

Annual Monthly
Gross Net Gross Net
£1-£49,999 5.65% 4.56% 5.51% 4.41%
£50,000-£249,999 5.15% 4.16% 5.03% 4.02%
£250,000 + 4.65% 3.76% 4.55% 3.64%"

amsjrt

Agree with Chippy_Minton, as I have checked with Cahoot too, and you definitely get 5.65% for balance below £50k. Any balance above that will earn 5.15%grs.

amsjrt

djblamire

amsjrt wrote:

Agree with Chippy_Minton, as I have checked with Cahoot too, and you definitely get 5.65% for balance below £50k. Any balance above that will earn 5.15%grs.

amsjrt

Thanks for the confirmation,

Daniel

Fastflys

My wife and I have £50,000, each invested with Cahoot with annual interest due this month and next.

We have not received the email quoted above but are delighted that Cahoot is extending their introductory interest rate.

deemy2004

Its not an email its an on line message as part of your cahoot account online account.

You need to Log in and read then read the message.