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Visit - Cahoot
Description - Since its launch in 2000, they have become one of
the UK’s most successful online banks.
Posted on 18 / 11 / 09
Cahoot have appeared at the top of the best-buy tables in the personal finance press. Their current and saving accounts have rates which make them market leading products. Which is why they were the 'Winner – Which? Award 2008 Best Current Account Provider'.
During the end of 2009, their fixed rate saving bond had a rate of 4.2% (two years). Cahoot are a division of Abbey National plc, which is a UK based bank. The post office are offering saving bonds of a similar rate, but the financial institute behind that offer are the Bank of Ireland. The Irish government are currently only guaranteeing savings of up to £100,000 until September 2010. Therefore if you take out a two year fixed rate bond with them, you may be in a situation where your money is not guaranteed. In the UK the government guarantees any savings up to £50,000.
In November 2009 Cahoot are offering a rate of 0.5% for their savings account. Taking into effect inflation, you will lose money be placing your money into this account. If you search about, other providers such as Alliance & Leicester have offered 3% on their saving accounts.
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User - UK Shop Index editor
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Posted on 26 / 04 / 2006
Cahoot have an "In Credit" interest rate, the fact you can increase this figure if you opt not to get a cheque book. Alongside this they also have class leading APR for any loans and credit cards you use. The site also simple to understand and use. You can easily pay money into your account electronically, the only inconvenience is the work required in setting up these things in the first place. It's also just as easy to receive money into your account via the standard BACS transfer protocol. Problems? well you are restricted to only three accounts, if you complex financial needs like myself this is a problem, because I need a current and savings account, and so does my partner. Also add in the fact we are both self-employed and need a couple of business accounts too and you're way over the limit. Online banking?, whats happens if the site has been down for maintenance causing inconvenience, and the online statements include all the details I need?
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