Cahoot updates rates on savings accounts

Cahoot will be changing its savings rate on its standard savings account on 8 May 2008, following April's cut in the Bank of England Base rate by 0.25 per cent to 5.00 per cent.

Balances from £500,000 to £2m will see increased rates, despite drop in Bank of England base rate announced in April.

Tiers under £500,000 will see reduction of 0.25 per cent in line with base rate.

cahoot savings accounts are instant access, offer annual or monthly interest with no penalties for withdrawal. The cahoot Savings account is placed by Moneyfacts in their top five most consistent internet savings accounts.

Reza Attar-Zadeh, Director of Savings and Investment, cahoot said: "Not only is cahoot voted in the top five consistent instant access internet products, it also rewards loyal customers who save more."