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Cahoot
Instant
Access
This is
an instant access savings account from
Cahoot
that is operated online or
by
phone and is available to residents
of the UK (no applications from residents
of
the Isle of Man or the Channel Islands
can be accepted) who are at least 18
years
old.
The
minimum investment required is £1 (reduced
from the previous substantial
minimum investment
of £25,000 when funds had to be tied up for 2 years).
The
maximum investment is
the same, still being £2M.
Previously
the rate of interest was very attractive, at 4.01% gross
provided you
left
your funds intact for at least
2 years (the previous account was called the
2 year
fixed
rate bond). However, if you closed the account
and withdrew your
money
before then
you lost 120 days worth of interest.
Now,
the rate of interest (which can be added
to your account either on an annual
or
monthly basis) is much lower for those
who only have moderate funds to invest.
You
don't need to have a Cahoot current
account to open this savings account
and
any
UK bank account can be used to deposit
and withdraw funds.
You
are allowed to add extra funds
to and remove funds from your savings account
at
anytime.
It
usually takes about 10 days to process
the opening application.
If
you wish to close the account for any
reason you must request to do so online
only.
Cahoot is a division of Santander
and can be reached at Cahoot, PO Box 968,
Bradford, BD1 9EL. They now
only offer a
savings accounts as they
have
withdrawn
their current account, credit
card (including their Webcard), loan
and
mortgage
services.
Return
to UK bank account,
prepaid credit cards or
business bank account
page.
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