Advantages Low rates, Good service
Disadvantages Site down time
I also make use of the flexible loan facility. This works much more like a credit card than a loan where cash can be called on whenever necessary and the interest rate is fixed regardless of amount borrowed. Interest is calcuated monthly and added to the outstanding balance. The repayment amount can be varied within certain minimum limits to whatever amount is most suitable. There is also an online calculator to help you work out the repayment level required to pay off the loan within certain limits. Payment are based on 3% of the outstanding balance or £50 if higher. You can change the regular payment amount to any figure above this if you wish.The current account I use as a savings account as it certainly gives a much better interest rate than most instant access account on the market, at least that I could find. A slightly higher rate is offered by not having a chequebook. I've had no trouble getting the debit card accepted in any outlet. Paying into your account can be made by automatic internet transfer or by paying into your local post office. I was a little concerned that only two paying in envelopes were provided with the account but I made a request on the website and a paying book arrived within two days. Payment from your account can be made with your debit card or made straight from the cahoot website.
A telephone helpline number is provided on the back of all the cards. I have called it on a few occasions and was pleased to find the service friendly, efficient and I wasn't kept on hold for ages.The site is fairly easy to navigate, although it has been down a few times since i've had the account, but the provision of adequate telephone services means that this is not too disastrous. Security wise, in order to log into your account you will need a username, a password and one of a series of memorable passwords (memorable year, mother maiden name etc) If you remain logged in and inactiave for more than 15 minutes the site will log you out.
On the site you can do a great number of things, request a higher creit limit, change your payments, view your statements etc. The facilities can be a little difficult to find if your not familiar with the site, but can be found with a little digging.All in all I think Cahoot offers great service and rates. It's not perfect by all means, but it works well for me.
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