Cahoot offer 5.25% for 6 months on £15K+

charlieboycat

innovate wrote:

- but the 5.25% is still only available at the cost of a much reduced rate [4.25%] for your first £14,999! ....

Oh dear - I hope not. That isn't how I read it. The notes to their rate table say "Please note that the tier of interest above, that is applicable to the balance of your account, is applied to the total balance." I took this to mean that so long as you have more than £15k in the account you get 5.25% on the whole balance.

What do others think?

Anon

Cahoot, like others, have tiered interest - therefore if the overall balance is 1-14,999 you get the lower rate, 15,000 to 100,000 the higher rate (not sure over the 100,000 though!).

Anon

Anon

And in answer to the question, can I have more than one Cahoot account, the answer according to their really helpful help system (online in the account area) is:

You can apply for up to 3 cahoot savings accounts. Also, whenever bonus savings accounts are offered, you can open 1 additional account of each type. (subject to availability) Transferring money between these accounts is made simple and fast using your personal homepage.

Worth remembering.

Anon

kmhtkmhtkmht

So on 10000 pounds how much would I get back in 6 months if I was to shut the account down on the account down after the 6th month?

I.e. How much money will I have profited?

johnllew

You can get £10 when you open a Cahoot savings account.
More details here: http://forums.moneysavingexpert.com/showthread.html?p=273522#post273522

charlieboycat

Anon wrote:

Cahoot, like others, have tiered interest - therefore if the overall balance is 1-14,999 you get the lower rate, 15,000 to 100,000 the higher rate (not sure over the 100,000 though!).

Anon

The confusion is over Cahoot's inconsistent use in its rate tables of the word "tier" as opposed to "account balance". Especially given that the different Cahoot accounts work in different ways. My understanding is that:

1. Cahoot's new Bonus Saver works by applying one rate (determined by the account balance) to the whole balance.

2. Their original non-introductory rate (now 4.85%) a/c works in the same way.

3. Their 2004 introductory rate (now 5.3%) account works very differently - in that case you earn different rates on the different tiers within the account balance.

Anon

johnllew wrote:

You can get £10 when you open a Cahoot savings account.
More details here: http://forums.moneysavingexpert.com/showthread.html?p=273522#post273522

Bother - wish I had seen this a few minutes ago before applying! Never mind, would it have been available for existing customers anyway? On the off-chance this might work, I have been to Rpoints and followed through the link to Cahoot's website and logged in again - I cannot see how they track this as it would surely get stopped once you go through into your account with the security? Worth a try anyway!

Anon

kmhtkmhtkmht

10000 would net how much in interest in 6 months?

charlieboycat

kmhtkmhtkmht wrote:

So on 10000 pounds how much would I get back in 6 months if I was to shut the account down on the account down after the 6th month?

I.e. How much money will I have profited?

On £10k the answer is 4.25% regardless of interpretation - not a good rate at all.

kmhtkmhtkmht

so I would make 42.5 pounds making my total 10042.5?