Cahoot savings accounts increase interest rates

Wednesday, 11 July 2007 12:00

Cahoot is increasing the interest rate it pays by 0.25% following the increase in the Bank of England Base Rate from 5.50% to 5.75%.

"When interest rates went up in May, Cahoot increased its savings account to a market-leading rate for customers with large balances," said Reza Attar-Zadeh, Cahoot head of savings.

"At 6.35% for balances of £500,000 and 6.25% for balances of £250,000 these rates remain the best in the market.

"We are also increasing rates above the base rate rise for existing customers with large balances in previous bonus accounts."

Cahoot savings accounts are instant access, offers annual or monthly interest and have no penalties for withdrawal.

New Cahoot interest rates

• More than £1 invested - 5.75%
  
• More than £250,000 invested - 6.25%
  
• More than £500,000 invested - 6.35%
  
• More than £1,000,000 invested - 5.75%

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