Cahoot rate changes

poppy10_2

Just got a nice email from Cahoot. The good news is that you can now earn 6.35%!!!!!.....on savings over £1,000,000 :rotfl:

How pointless.

The good news is that they don't seem to have cut their rates following the BoE cut this week - the rate is still 5.25% on savings upto £50,0000.

ffacoffipawb

poppy10 wrote: »

Just got a nice email from Cahoot. The good news is that you can now earn 6.35%!!!!!.....on savings over £1,000,000 :rotfl:

How pointless.

The good news is that they don't seem to have cut their rates following the BoE cut this week - the rate is still 5.25% on savings upto £50,0000.

I got the e-mail before the base rate cut.

Expect a 0.25% cut shortly would be my guess.

Milarky

ffacoffipawb wrote: »

I got the e-mail before the base rate cut.

This is a recent trick of the banks to get you to forget about the upcoming cut. They use the fact that if (say) they were to cut rates again on Friday we would not have to be notified by them for up to 30 days thereafter. If the Banking code got the timescale down to something much less generous like (say) 7 days they could scarcely time cuts coincidentally in this way..

Caparn

WARNING to long term Cahoot savers:

If you have had your cahoot savings account open for a few years it might be classed to have a different interest rate to the normal savings accounts. If you look at cahoot interest rates without logging on you won't even see the interest rates on older accounts. To see these you have to log in then view interest rates. It's also very difficult to work out which interest rate applies to the account you have as they are all called 'savings account'.

For example if you took out your savings account between 24 June 2004 and 1 September 2004 the interest rates on your account will have changed on 8 April 2008

FROM:
£1 plus 5.25%
£250,000 plus 6.00%
£500,000 plus 6.20%

TO:
Up to £49,999 5.15%
£50,000 to £249,999 4.90%
£250,000 plus 4.85%

They have lowered all the interest rates to lower than the regular savings account and restructured the rates from giving higher rates to savers with more savings to giving less interest the higher your savings are. It seems just a way them making money from long term savers.