Rates and fees
cahoot offers 24-hour internet banking. You can carry out online banking transactions whenever you want and it won't cost you a penny except for your own internet or phone connection. If there's a charge, such as for a copy of a statement, we'll let you know the cost so that you can decide whether you want to order it. We try to provide internet banking at all times. However, the service may be reduced if we have to, for example, update the site.
As well as the fees and charges listed on this page, you'll be responsible for any other reasonable costs which we may have to pay as a result of your failure to carry out your responsibilities. This includes the cost of letting you know about any failure to meet your responsibilities and making you pay any amounts due under the agreement.
Your everyday banking transactions - paying money in, writing cheques, setting up standing orders, Direct Debits and transfers, and paying bills in the UK - are absolutely free.
We don't pay interest on this account. Rates are subject to variation and correct as at 8 June 2015.
As a cahoot customer you'll automatically get a £100 interest-free arranged overdraft. The following table is an example based on a typical customer who asks us for an arranged overdraft limit of £1,000.
The typical rate reflects a rating we expect to be able to offer to most new customers. The rate we offer you will depend on your credit rating and your agreed overdraft limit.
You can use the cahoot debit card at millions of outlets worldwide - at Santander UK cash machines, LINK cash machines or any other cash machine displaying the Visa or Mastercard logo.
*This applies to banks, organisations or cash machines displaying the VISA or Mastercard logo but which are not part of the LINK cash machine network.
cahoot current account: overdraft rates and fees
|Before 6 April 2020||From 6 April 2020|
|Arranged overdraft fees and charges||As per your credit agreement*||9.4% APR*****/ EAR*** (variable)|
|Unarranged overdraft fees**||£6 per statement period||Fee not charged|
|Unarranged overdraft interest||21.9% EAR*** (variable)||0% EAR***|
|Fee for refusing a payment due to lack of funds||Fee not charged||Fee not charged|
|Monthly cap for unarranged overdraft fees****||£50||£0|
*For full details of the arranged overdraft interest applicable to your account, please go to ‘View transactions’ in online banking at cahoot.com
**Payable for each statement period during which you exceed your overdraft limit
***EAR stands for Effective Annual Rate and represents the yearly cost of an overdraft, which takes account of how often we charge interest to the account, and does not include any other fees or charges. Overdrafts depend on your circumstances and you must repay any overdraft when we ask, in line with the ‘cahoot current account – conditions (not currently on sale)’
****Before 6 April 2020, we cap the amount of unarranged overdraft fees that can be incurred in any monthly statement period. This includes unarranged overdraft interest, unarranged overdraft usage fees and fees for refusing a payment due to lack of funds. There is no cap on arranged overdraft interest.
*****APR stands for Annual Percentage Rate. It shows the overall cost of credit as an annual rate of charge, taking into account the interest, charges and any other costs involved in getting credit. It doesn't include any other fees and charges.
A fee information document is available for the cahoot current account which details the main fees and charges for the account.
Our Glossary explains the meaning for the main terms/services linked to current accounts.
1 From banks, organisations or cash machines displaying the VISA or Mastercard logo but which are not part of the LINK cash machine network.
All cahoot Fixed Term Bonds will be moved to this account when they mature. You can find the information document about the product below:
Annual interest available from 14 August 2002 to date, monthly interest available from 28 June 2006 to date.
Rates for interest paid annually (rates are variable)
Rates for interest paid monthly (rates are variable)
Rates are subject to variation and correct as at 3rd September 2018.
Annual or monthly interest can be chosen at account opening. Once chosen it cannot be altered at a later date.
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.
EAR stands for Effective Annual Rate and represents the yearly cost of an overdraft, which takes account of how often we charge interest to the account, and does not include any other fees or charges. Overdrafts depend on your circumstances and you must repay any overdraft when we ask in line with our general terms and conditions.
The gross rate is the interest rate that we pay where no income tax has been deducted.