UK Money News
7th May 2008
cahoot raises rates on savings accounts
cahoot has raised the interest rates on its savings accounts, despite the Bank of England's decision to trim interest rates last month, it has been announced.
The online bank will now offer a rate of 6.55 per cent on balances of between £500,000 and £2 million.
Meanwhile all tiers under this level will see the rate increased by 0.25 per cent.
The bank permits deposits from savers of up to £2 million, with the new variable rates in place on the balance until April 30th 2009.
Reza Attar-Zadeh, director of savings and investment at cahoot said: "Not only is cahoot voted in the top five consistent instant access internet products, it also rewards loyal customers who save more."
News of cahoot's move comes as more and more banks and buildings societies are offering increasingly attractive returns on savings accounts in a bid to attract more of their funding from customer deposits as opposed to the under-strain money markets.
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