Cahoot increases instant access savings rate

Following the increase in the Bank of England Base Rate from 5.25 per cent to 5.50 per cent, Cahoot will make the following changes to its savings rates.

Rates increasing by between 0.25 per cent to 1.40 per cent

Highest instant access account rate of 6.15% for balances over £500,000

From 21 May 2007, the following cahoot savings rates are increasing:-

Balance: £1+, old rate 5.25%, new rate 5.50%, increase 0.25%

Balance: £250,000+, old rate 4.75%, new rate 6.05%*, increase 1.30%

Balance: £500,000+, old rate 4.75%, new rate 6.15%*, increase 1.40%

Balance: £1,000,000+, old rate 4.75%, new rate 5.50%, increase 0.75%

*From 1 December 2008, savers will receive a rate equivalent to the rate applicable on balances between £1 and £249,999.

cahoot savings accounts are instant access, offer annual or monthly interest and offer no penalties for withdrawal.

Reza Attar-Zadeh, Head of Savings, said: “cahoot is committed to encouraging a culture of long-term savings. These rate-busting increases reward those who save more with cahoot.”