Cahoot announces new savings account

Wednesday, September 28, 2005

Online bank Cahoot has announced the launch of a new savings account available to both new and existing customers.

The Bonus Savings Account offers a best-buy 5.25 per cent rate for the first six months, reducing to 4.75 per cent for two months and then settling at 4.5 per cent for the remaining duration of the account being open.

Customers can benefit from these rates for any balance between £15,000 and £100,000.

Managing director of Cahoot, John Goddard, said: "Following the recent cut in the Base Rate, most savers have suffered a drop in interest and could be forgiven for thinking that they will face a tough time this winter.

"For serious savers with fairly large balances this new rate offers very attractive returns, without locking your money in an account for a minimum period of time."