Would you like to earn more interest? *************************************** I have been a customer of Cahoot since 2003, when I switched from Barclays. My main reason for switching was at the time the Barclays current account was paying me something like 0.01% for an in credit balance, whereas Cahoot offered 3.5%. I don't know whether you recall now but the only main stream advertising Cahoot has really done was around 2002-2003, TV adverts featuring a bunch of cowboys sitting around playing cards with the phrase 'The kids got Cahoot' as the punchline. It was enough to interest me anyway.
Cahoot regularly feature in best buy tables such as those in any of the quality weekend papers and have also recently been awarded the Which? Award 2008 for Best Current Account Provider.
Who are Cahoot? ******************** Cahoot is another part of the international finance company Santander, they
are the online banking arm of Abbey National within the UK.
How do they operate? *********************** As an online banking provider all contact is done either through the www.cahoot.com website, or via the Cahoot call centre. If you need assistance you can log onto your home page and send a secure message, to which you will normally get a response within a 1 day period. If its more urgent then the call centre is another option.
What do I like about Cahoot? ************************ Once logged into your Cahoot home page you can see all of your Cahoot accounts from one control panel. I have 3 with them now, my single account, a joint household account and savings account. This makes my life very easy indeed. On payday my salary hit's the joint account and I then transfer my spending money for the month into my sole account, plus any surplus funds into the savings account. Its all very clear and easy.
Other things that go onto the plus list are that if you decide you don't need a cheque book, then you get a higher rate of interest on your account.
Its rates at present are very attractive, my current accounts offer 3.75% up to a balance of £249,999 and then 3% for balances over that. Personally I cant see why I would ever leave more than a months salary sitting in my account so I wouldn't worry about the lower interest rate if you have over the £249,999. The savings account interest rate is 5% on any amount over £1 and then goes up to 6.55% on balances up to £1million. After that it decreases again to 5%.
Account Management ****************** You are in charge of everything from maintaining your direct debits and standing orders, to re-ordering your stationary and checks. Plus Cahoot get even more points in my book for introducing the self paying in pre-paid cheque envelopes. You don't even have to go into a post office and pay in over the counter anymore. Just slip your cheque in an envelope along with a paying in slip and pop it into a post box.
Overdraft Facilities **************** The overdraft facility is generous too. I can have up to £250 overdraft for free each month, should I wish. With the option of up to £500 for something ridiculously cheap like 0.3p a month.
What other products do Cahoot offer? ******************************* Cahoot have recently launched a fixed rate bond paying 7% grosse until the 16th of July. This rate is offered on amounts from £1,000 so £250,000. This might be an attractive option if you are interested in fixed interest products. Cahoot can facilitate loans of between £1,000 and £25,000 from Abbey National. If you are interested in this then there are full details on the home page.
Other products offered include - Mortgages, Web Card - a card that allows you to shop via the internet and not disclose your details, Insurance, and Sharetrading. Full details of all available on the home page via links.
Negatives on Cahoot ***************** I have been with Cahoot for 5 years now and have only ever had one real cause for complaint. That was when they blocked the pin on my card unexpectedly and then took a week or so to resolve the issue. But I got to the bottom of the issue eventually and everything has been fine since.
Finally ****** I have recently persuaded my husband, a long term customer of Lloyds bank to switch his current account to Cahoot as he was paying £12 a month for his current account. Admittedly this was covering the extras package that Lloyds offer which covers Travel insurance, free AA membership and some other services I wasn't aware of, but I felt that having moved from £8 to £12 in quite a short space of time we would be better served saving this money and using it to purchase the goods and services offered as extras independently.
I hope this review has been of interest to anyone thinking of switching from one of the traditional high street banks.
Shoka
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Feb 24th, 2006
(Jul 18th, 2008)
very helpful by (69%):
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