Banking/Savings Section

Cahoot Trumps The Savings Competition - Only For £15,000+ Deposits

October 2005

Cahoot the internet bank has come up with a great deal for those with cash deposits of £15,000 to £100,000. The account is called Cahoot Bonus Savings Account and pays 5.25% for 6 months, 4.75% for the next 3 months and then 4.5% thereafter.

Yes, Another Bonus Account

• The reason the account is so good is the 0.75% bonus for the first 6 months
• Often these bonus amounts are not that significant when you've only got £1,000 or so to deposit in savings
• But an extra 0.75% adds some real meat to this account because you can only get that on deposits on £15,000 or more

No Penalties & Instant Access!

• This is great news because not only can the account be run online but there are NO penalties for taking withdrawing your money
• The drawback on the account is the interest rate of 4.25% which is paid on balances of less than £15,000
• But we don't see this as a problem because if you're got less than £15k why not open a savings account with ING Direct who pay a solid 4.75% on £1 or higher alongside instant access and internet access

Summary

Industry experts think that this account will attract a lot of money especially as it's targeted at people with large cash sums. If you're looking for a top rate, if only for 6 months then get your skates on quick. And after the 6 months bonus period ends re evaluate the situation because there's bound to be some other account offering a juicy bonus.

See Also

• Cahoot Bonus Savings Account
• ING Direct pays 4.75%, minimum £1 deposit
• Find's List of Saving Account Links