Cahoot 5.5%

A question about : Cahoot 5.5%

According to today's Daily Express (no I don't actually read it, i get press cuts at work), Cahoot will tomorrow be launching a new instant access savings account at 5.5% (guaranteed to be at least 5.5% for 12 months). 5.5.% will apply up to Ј50k, 5% on the next Ј200k and 4.5% after that. No limits on deposits and withdrawals.

Likely to be available for less than 2 months according to the spokesman, so best get in quick. Let's hope the Express is right (I haven't been able to find it onthe Cahoot site) - this is nice timing for me as my Egg bonus intro is about to run out! ;D

HTH,

Chris

Best answers:

• This is a cracking account and will be online from tomorrow - i have updated the savings account article and will put it online and link to it from my tip (just waiting for Cahoot to go live)
  martin
• It will be interesting to see whether they will allow existing customers like myself to apply for this account (not that the existing savings account isn't competitive).
  I'm just concerned about the fact that this appears to be an introductory rate savings account probably for new applicants. I hope there will be an Egg-style loophole.
• It said in the article it's for both new and existing customers.
  Chris
• There is an article about the new Cahoot account at https://www.thisismoney.com/20040623/si79692.html
• only the first 50 grand at 5.5%
  (only joking ;D)
• Wow 5.5 % this sounds too good to be true. How can they offer such a high interest rate ?! I shall reading the smallprint on the Cahoot website tomorrow.
  So far I have stuck with Ing and have found them faultless so far.
• You can apply here
  https://www.cahoot.co.uk/cahoot_produ...sy_access.html
• Do existing customer have to apply for this? It looks like the same savings account but with a higher interest rate. Surely existing customer should just get the new rate automatically?
  I'm going to try to apply anyway but I don't see how it's going to let me have two savings accounts open.
• Yes existing customers need to apply. It is a completely separate account and the existing Cahoot Savings account will be paying 4.85% from 8th July. It is shown as a separate account on your personal homepage as savings and investments rather than the savings account.
• The catch with this account (there always is one) is that although they guarantee the rate will be at least 5.5% for 12 months, it probably means the rate will be fixed at 5.5% for 12 months.
  This means if interest rates rise another 0.5% or so in that time, other savings accounts may start to be more attractive. I would look at this account as a short term punt but be prepared to move your savings when the rate starts to be less attractive.
  For my part I'm sticking with Egg for now (5.25% for 6 months) because this is guranteed to increase with the base rate over the next 6 months. I'll move my money when this special rate comes to the end.
• Opened an account this morning. Do not have to transfer any money immediately. Take your time to print and read the terms & conditions.
• I have tried, 6 times, to open this account. If there is a prize for the most difficult site to get around then this it it!
  I still have not open the account, so am giving up.
• norman-b
  where are you getting stuck?
  isn't there a phone number on the website you can call?
• Since this rate is fixed for 12 months from opening, but won't rise over the next year, it makes most sense to open it with Ј1 (or whatever) ASAP - since it will soon be withdrawn. My Egg special rate will end about middle of August but I'm betting this cahoot account will be pulled before then.
• I don't need to open a current account with them also to get the savings account do I?
• Laminki, yes there is a telephone number BUT you can only open the ac online. They had problems with the sute all day and despite 4 phone calls i could not open the ac.
• Sorry, should read, Site. :
• Have any existing Cahoot members opened an account yet? I believe I may have done, having opened an account that suggests it's the highest rate variable rate savings they offer, but there were no specific T&C or confirmation of the deal at at any point - just a general Cahoot T&C page. I'm particularly keen to get a confirmation of monthly v. annual interest.
  Cahoot have always won the prize for confusing websites, but you'd think they would make more of an effort when launching a market leading rate.
• I'm an existing Cahoot member and have been provisionally accepted but the account isn't showing on my personal homepage so will probably have to comply with various money laundering regulations before the account is actually opened.
  The interest is definitely being paid annually but couldn't see whether it was on the anniversary of opening the account or whether there is a set date to pay the interest.