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.
Here are the current rates & fees for products that are open, but are no longer on sale.
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.
| Account balance (with or without a chequebook) | Gross p.a. / AER* (variable) |
|---|---|
| £1 plus | 0.00% |
We don't pay interest on this account. Rates are subject to variation and correct as at 8 June 2015.
The information below shows you how you’ll be charged for using your overdraft.
How does our overdraft compare? The purpose of a representative APR is to enable customers to compare the costs associated with different credit products.
cahoot current account: overdrafts interest rates and charges
| Arranged overdraft interest and charges | Representative 9.40% APR***/ EAR**(variable) |
| Unarranged overdraft interest and charges | Representative 0% APR***/ EAR** (variable) |
*For full details of the arranged overdraft interest applicable to your account, please go to ‘View transactions’ in online banking at cahoot.com
**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)’
***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.
There’s no cap on arranged overdraft interest.
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.
| Foreign currency conversion fee | Additional 2.95% of the withdrawal or purchase amount |
Other charges*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.
Using your card abroad calculator
You can use our calculator to see daily exchange rates and calculate the total cost of using your debit card abroad. For EEA currencies you’ll also be able to see how this compares to the ECB exchange rate.
| Paper statement | £5 |
| Banker's reference | £10 |
| Copy cheque | £4 |
| Foreign currency cheque processing fee | £10 |
| Late repayment on cahoot credit card | £12 per late repayment |
| Returned payment fee on cahoot credit card | £12 |
| Over limit fee on cahoot credit card | £12 |
| EEA (CHAPS) and International Payments | £25 |
| International Euro Payments (non-urgent- SEPA) | No fee charged |
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.
| Cash withdrawal fee | 1.5% of the value (minimum £1.50) |
| Over the counter cash transactions | 1.5% of the value (minimum £1.50) |
| Foreign currency cash withdrawal fee | 1.5% of the value (minimum £1.50)* |
| Foreign currency conversion fee | Additional 2.95% of the withdrawal or purchase amount |
1 From banks, organisations or cash machines displaying the VISA or Mastercard logo but which are not part of the LINK cash machine network.
Using your card abroad calculator
You can use our calculator to see daily exchange rates and calculate the total cost of using your credit card abroad. For EEA currencies you’ll also be able to see how this compares to the ECB exchange rate.
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.
| Account name | Tier | If interest is paid annually | If interest is paid monthly |
|---|---|---|---|
| cahoot Savings Account | £1+ | 1.20% AER/gross (variable) | 1.19% gross (variable) |
Rates are subject to variation and correct as at 18 September 2023.
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.