Cahoot Savings Account Reviews

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3.5 stars
Average rating for this product is: 3.5 out of 5

From 1 rating and 2 reviews

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LenderAccountDescriptionInterestAEROverdraft  
Overdraft RateOverdraft Limit
ING DirectING Direct ISAOpen an account today in approximately 10 minutes. A simple way to save up to £3,600, without paying tax on your investment.Monthly2.50%N/A
NatWeste-ISAAvailable to existing Natwest Customers Only. The longer you save the more you can earn, save up to £3,600 in a tax year. See site for details.Monthly2.00%N/A
AbbeyDirect ISASave from just £1 to receive 2.00 AER (variable) tax free.Annually2.00%N/A

Average Ratings for Cahoot Savings Account

  • Value for Money3 stars
  • Reviewer Ratings3 stars
  • Overall Rating3.5 stars

2 Reviews For Cahoot Savings Account

  • Dobbfin 12th Jan 2006

    Reviewer rating: 1.5 stars


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    Bad Points: 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?

  • bathonians Rank: Lance Corporal 26th Jul 2005

    Reviewer rating: 4.5 stars


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    Cahoot is easy to set up and very flexible to use. Money can be moved swiftly into and out of the Savings account to ensure that you get the best rate of interest at all times.