cahoot Simple Saver
Enjoy 5.12% AER on up to £500,000 in easy access savings
- 5.12% AER*/gross** variable rate interest for 1 year
Things to keep in mind
- Minimum opening balance £1, maximum £2 million
- Interest is paid on balances up to £500,000
- No interest paid on balances over £500,000
Summary box
cahoot Simple Saver (Issue 2)
| Account name/term | Maturity date | Tier | If interest is paid annually | If interest is paid monthly |
|---|---|---|---|---|
| cahoot Simple Saver (Issue 2)/12 months | 1 Year/12 months after account opened | £1-£500,000 | 5.12% AER*/gross** (variable) for 12 months from account opening on balances up to £500,000 | 5.00% gross** (variable) for 12 months from account opening on balances up to £500,000 |
Balances over £500,000 - No interest paid.
Interest is calculated daily and can be paid annually or monthly. Once the frequency has been chosen (annual or monthly interest), this can’t be changed.
We'll pay the final interest payment to your account on the date it matures. If any interest payment date is on a Sunday, we'll pay that interest payment to your account on Monday (with the final interest payment available for withdrawal on Tuesday).
AER is based on funds deposited on the day the account is opened. If you deposit funds after the day the account is opened, the interest you receive may be less than the advertised AER.
Yes, the rate can go up or down, such as in response to industry and market conditions. If the rate goes down, we’ll let you know around 60 days before the rate changes.
| Account name/term | Interest earned | Balance at the end of the term of the account |
|---|---|---|
| cahoot Simple Saver (Issue 2)/12 months | £51.20 | £1,051.20 |
- The account is opened, and deposit is made on the day the account is opened with an opening balance of £1,000
- Interest is paid annually and back into the account
These illustrations are only an example and don’t take into account individual circumstances.
- Be a UK resident; and
- Be aged 16 or over
- Be registered or will register for Online Banking
- Provide us with a valid email address. We’ll use this to let you know when we have sent you an e-Document
- The account can be opened in single or joint names
- You need to open the account with a minimum opening balance of £1, maximum £2 million.
- When you’ve opened the account, we’ll send you a sort code and account number you can use to pay in.
- You can manage the account in Online Banking.
Yes, withdrawals can be made at any time by transfer to another account in online banking.
- You can cancel the account within 14 days of opening and your money will be returned in full with interest.
- Subject to availability and may be withdrawn without notice. Rates and information correct as at 9 October 2023.
*AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.
**The gross rate is the interest rate we pay where no income tax has been deducted.
Interest is calculated daily and can be paid annually or monthly.
Key Information
We recommend reading the information in the documents below before you apply. You may like to save or print them so you can refer to them in the future.