Cahoot savings accounts 'competitive'

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Cahoot savings accounts 'competitive'

Cahoot has made a number of changes to its savings rates following yesterday's decision by the Bank of England's monetary policy committee to increase the base rate to 5.5 per cent.

As of May 21st, rates will be increasing between 0.25 per cent and 1.4 per cent, for amounts invested of between £1 and £500,000.

With Cahoot savings accounts, those people willing to invest more than £500,000 will receive the highly competitive rate of 6.15 per cent.

From December 2008, customers will receive a rate equivalent to the rate applied to balances between £1 and £249,999.

While Cahoot accounts can be instantly accessed, they also allow for monthly or annual interest.

Penalties on the Cahoots savings accounts will also not be imposed for withdrawals, with Reza Attar-Zadeh, head of savings at the group, said that the "rate-busting increases reward those who save more with Cahoot".

He added that the group was "committed to encouraging a culture of long-term savings".

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