Not sure what to write here... but I may come back later and change it.
Not sure what to write here... but I may come back later and change it.
Member since:26.08.2001
Reviews:17
Members who trust:5
OK, so I'm a fan of Internet banking - not only because I'm in control (well, I like to think so) - but you get better interest rates, access to your information whenever you want (most of the time anyway) and I find it easier than phone banking or calling into a local branch. Still, there are people who aren't convinced for security reasons, but I'm OK with this so far - I haven't had any problems (yet!) in over 2 years.
I recently opened a Cahoot account as I wanted to maximise the interest I earnt on my savings. This happened to be a current account which offers 6.0% interest (as of August 2001 for balances under £50,000) and included a debit card. There's an option for a chequebook - but you get a reduced interest rate and there didn't seem much point to me.
The registration process was simple enough - I followed the instructions which lead me through the screen. Unfortunately, my modem then decided to disconnect at a vital point and I couldn't get back to where I was. I called their customer services and was talking to a helpful guy in less than a minute. He said I should register again, and the system would recognise me and I'd be able to carry on - true enough it did, and this time I completed it successfully. Then I was sent an e-mail to say I'd been conditionally accepted and was posted a form to complete.
After returning my address ID the account was open within a week and they'd sent me a joining pack, debit card and PIN.
For security, to activate your debit card you have to login to your account and enter the card details - all worked fine.
Logging into the account is more secure than some banks as the last item of information is randomly requested from your memorable date, mother's maiden name and a memorable address - although it does take a little longer to remember the right information to type! This is in addition to your username and password.
The personal home page gives you a summary of your accounts which is useful, and then gives the option to view a statement, pay a bill, view direct debits/standing orders etc as you'd expect.
So far the site's worked perfectly all the time and it's quite easy to navigate without too many graphics to download which makes it quite quick. Also, if you open a credit card account you can easily switch between them with a drop-down box.
Another benefit is they gave me a £250 interest free overdraft which I didn't expect - not that I'm planning to use it - but it's nice to have the option.
Overall, I feel that this is certainly a professional setup and with any luck it'll continue that way. In a nutshell this is pretty much a current account combined with a savings account, which makes it far simpler to use than having to transfer savings to and from accounts to pay bills each month. If the interest rate stays high then this'll certainly continue to be one of the highest interest earning accounts around at the moment.
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Just wondering, two years on are you still happy with Cahoot and the service they provide? Or have been tempted to try out any of the other internet banks?
STUARTSTIRLING 25.02.2003 15:25
I have just applied via their online form. It will be interesting to see how things work out as I am also a fan of online banking.
richardleonard 04.09.2001 10:29
I guess they don't want students joining in that case - mind you, I'm not anymore - YIPEE!!! (Sorry if you actually LIKE being a student) :0) RJL.
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
Advantages: 24/7 banking facility, instant access, £500 a day from cash machines, good interest rates. Disadvantages: Internet only manipulation. Deposits via the mail or post office can introduce some delay.
quoia 15.07.2001 (02.08.2001)
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Ciao members have rated this review on average: very helpful
Review of Cahoot
Aug 28th, 2001
very helpful by (93%):
helpful by (7%):
