UK-based Online Bank cahoot Increases Interest Offered on Certain Saver Accounts

cahoot, the UK-based online bank, has increased the interest offered on its Simple Saver account.

cahoot Simple Saver (issue 2) now “pays customers 5.12% AER/gross variable rate interest for 12 months, on balances up to £500,0001.”

Simple Saver (issue 2) is described as an easy access account which “lets customers deposit as often as they like, as well as withdrawing their funds without any fees or restrictions.”

A customer with £10,000 saved in the account “will earn £512 a year in interest.”

The account can be opened online “with a minimum opening balance of £1. The Simple Saver can be opened as either a single or joint account.”

To be eligible for the cahoot Simple Saver account, customers must:

  • be a UK resident
  • be aged 16 or over
  • be registered or will register for Online Banking with a valid email address.

More information about cahoot’s Simple Saver and other savings products can be found on the cahoot website.

Customers who choose to have their interest paid monthly, “rather than annually, will earn 5.00% gross (variable). The maximum balance of Simple Saver (issue 2) is £2 million, but interest is not paid on balances over £500,000.”

cahoot Simple Saver previously paid 4.90%.

cahoot is a digital financial services provider in the UK “launched in 2000, offering savings and loans to new and existing customers, and servicing existing customers with credit cards and current accounts.”

At 30 June 2023, cahoot serves “around 63,000 active customers through online banking. cahoot is a division of Santander UK and is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. cahoot customers’ eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK.”

Santander UK is a financial services provider “in the UK that offers a wide range of personal and commercial financial products and services.”

By 30 June 2023, the bank had “around 19,400 employees and serves around 14 million active customers, 7 million digital customers via a nationwide 445 branch network, telephone, mobile and online banking.”

Santander UK is subject “to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.”

Banco Santander claims it is “a leading commercial bank, founded in 1857 and headquartered in Spain.”

It has a meaningful presence “in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments.”

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