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Member since:01.07.2001
Reviews:6
Members who trust:6
Cahoot.
<<<<<< UPDATE INFORMATION at end of op. >>>>>>
I had initial concerns about Internet banking until I found that some were front ends for well-established banks, cahoot for example being the Abbey National. Also Nationwide had an e-saver account
Some months ago, when I was looking at the best interest rates available without tying your money up for months or years, these came out as number 1 and 2. cahoot at 7.1% and e-saver at 7%.
As I already had accounts with the Nationwide, I setup and used their
e-saver for several months, not being tempted by the unknown cahoot for only an additional 0.1%. When the e-saver dropped to 6.5% and cahoot remained at 7.1% I decided to investigate.
Setting up an account was easy, no real problems that I can remember. Didn’t even have to send any money to do so. Requested the higher interest non-chequebook account. “Welcome” pack arrived about a week later. Full instructions, paying in book, envelopes for deposits either at a post office or via snail mail and a combined Link cash machine & Delta debit card.
First problem. When setting up the account one of the forms is to allow direct debits from one other account, so that you can easily move your savings (if all in one place) into cahoot. I had completed this but when I came to initiate the transfer, it had not been setup. This took almost 2 weeks from applying before appearing on my cahoot account. Customer service explained that they allowed something like 7 working days to allow the other bank, Nationwide e-saver in my case, time to process and setup the direct debit facility.
Then I was a rather concerned when the money took over a week to appear in my cahoot account having vanished from my e-saver.
The next problem was after the first month’s interest was credited. Although the correct form had been completed, the interest was paid net of tax and not gross as requested. Apparently I had to make the request online or my form had been lost according customer services. Anyway this was resolved before the next interest was added to the account.
After these minor initial hiccups I have been delighted with cahoot.
I can withdraw up to £500 a day from cash machines. I have made deposits at the Post Office and through the mail using the prepaid 1st class envelopes provided. They are usually deposited within 3 or 4 days of posting. You can set it up to receive email notification when a deposit is made exceeding a certain value. Not sure if there is a minimum setting to the value.
I opened the account prior to 4th April 2001, when new interest rates were set, and because of this I have continued to receive 7.1% interest on my savings, when accounts opened after this date were reduced. This only changed on July 3rd 2001. Now at 6.2% but this is still one of the best rates around.
I have only one complaint about the web site. You should communicate with customer services via a secure internal mail system. When filling in the form, because of the security timeout, you must hit the “submit button” within 5 minutes of the page appearing. There is no indication of the amount of time left, as with 2 other online banking sites I use, and it is very easy to lose everything you have just typed. After hitting submit you cannot go back and select the data because, as a security precaution, the form is cleared. I suggest always preparing the main message in Wordpad, Notepad or similar, then copy and paste.
Other than that I can only recommend cahoot as a place to put any spare cash you have languishing in bank accounts that are paying absolute peanuts in interest.
You can start with only a £1. You can have a chequebook if you want, but the interest is better if you don’t. You can withdraw £500 a day from cash machines. There is a £1000 overdraft facility if you are desperate!
If and when cahoot’s rates are no longer competitive, I will no doubt look and move my money elsewhere but for the moment, I’m happy!
Excellent op, very informative and easy to read...have been considering this option for some time, might look more carefully at it now..thanks .caroline:-)
one47 10.08.2001 23:45
Sounds excellent. Note that if you have a mortgage with I.F. then your savings interest rate is effectively equal to your mortgage rate (currently 6%). Good op. Steve
sue26 21.07.2001 15:47
The ability to withdraw upto £500 a day is good as most other banks and building societies will only let you withdraw between £250 and £350.
Advantages: Best rate of interest on deposits, good website generally, and ease of use. Disadvantages: Poor communications, certain features not working properly yet
RippedoffPete 14.07.2001 ·
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Ciao members have rated this review on average: very helpful
Review of Cahoot
Jul 15th, 2001
(Aug 2nd, 2001)
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