Dobbfin's Review of Cahoot Savings Account
12th Jan 2006
Overall Rating
- Value for money
Big cut in savings rate.
General Comments
In August 2005 Cahoot changed the previously excellent interest rate on it's savings account. Until then it had been 5.1%AER on savings up to £249,999. Since then it has offered a tiered interest rate of 3.5% on sums up to £14,999 and 4.5% on sums above that. This is a big cut for sums up to £14,999.
What's daft about this is that Cahoot currently offers 4.0% on balances in its current account. I was persuaded to open a savings account so that, according to Cahoot, I could transfer excess money into it to get a better rate of interest. That was before last August. Now I find that I would get a better rate of interest by closing my savings account and leaving money in its current account. That's topsy turvy. I have a feeling that the logical conclusion is that the interest rate on the current account will be cut substantially sooner than later.
There are plenty of other savings accounts that give a higher rate of interest than 3.5%. And I've still not been able to find one organisation that pays less on its savings account than it does on its current account.
Is this the start of the squeeze by Abbey National's new Spanish owner on Cahoot account holders?
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Members' Comments onDobbfin's Review
tantaluser on 14th Apr 2006
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The Cahoot savings rate is currently 4.85% for balances of £1 and upwards.
This week I applied for one savings account online and another savings account via telephone.
At no stage was I informed that the rate will decrease to 4.55% with effect from 28 April 2006. Furthermore the website still proclaims the 4.85% rate with no hint of the imminent decrease. Is this ethical?
You decide.