Unfortunately, this deal has expired 3 days ago.
168° Expired
Posted 6 days ago

4.70% AER - 2 Year Fixed Rate Bond - Min deposit £500, FSCS protected @ Cahoot

Shared by sajidtg
Joined in 2010

About this deal

This deal is expired. Here are some options that might interest you:

  • Enjoy a fixed rate of interest for locking a lump sum of money away for a set term
  • Minimum deposit £500, maximum balance up to £2,000,000
  • Minimum opening balance £500, no additional deposits, withdrawals or account closures permitted during the fixed term
More details from merchant
Community Updates
Edited by a community support team member, 6 days ago
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  1. Avatar
    Out of curiosity - why do they ask if you want interest paid monthly or annually on this type of account when all interest is basically paid on maturity?
    Zopa only pay out the interest at the end of the term (which could be three years before you can access the interest) but if this account has monthly interest then its just the investment you cant access

    Monthly interest paid away is useful to people who want an income but you get a slightly lower rate

    Monthly interest left in the account to compound (so you end up getting the full rate) is pretty much the same as opting for annual interest except the tax liability is when you can access the interest (edited)
  2. Avatar
    This is in the FAQ's:

    "You can’t withdraw or close the account during the fixed term.

    At the end of the term

    On maturity, we'll transfer your money into a cahoot Savings Account. We'll contact you with more details, together with your new interest rate, closer to your maturity date.

    Estimates assume:

    • Account remains open for 12 months
    • No further deposits or withdrawals are made and interest is paid into the account
    These illustrations are only an example and don’t take into account individual circumstances."

  3. Avatar
    I currently have the santander easy access at 2.72% monthly as I always thought it best to be able to have easy access to a relatively large sum of cash quickly in case of an emergency (job loss, house emergency etc...).
    Do you guys think the same?
    Maybe put half in this and leave half in easy access?
    Your rainy day fund should be 6 months mortgage + bills including any credit commitments you can’t sell to terminate. Use Santander for that.

    Anything else you can tie in to a fixed saver if you like.
  4. Avatar
    Is the percentage of bond rate higher than the rate of that inflation? If not you're maybe gaining in numbers, but end up with less purchasing power, so in real terms you lose
    Always find this interesting as you have no control over inflation etc but you can try and maximise savings return. In real terms you may lose but would lose more without earning best interest available

    What do you recommend doing with savings to beat inflation whilst mitigating risk to money invested?
  5. Avatar
    Gotta think the Virgin deal is better as although the interest rate is lower it has much more flexibility.

    Unless that is you are happy locking large chunks of cash away that you have zero access to and no ability to add to.
    That's exactly what i thought.
  6. Avatar
    Remember, as savings interest rates finally start to go up again any decent sized deposit will put you into income tax territory as your annual tax free interest allowance is only £1000 (less for higher rate tax payers). In many cases you'd be better off with a lower interest rate on an ISA (£20k/year ISA deposit limit). (edited)
    I guess that's another tick for the Virgin deal (or the other Cash ISA deals out there).
    I'm at my interest limit now so ISA has to be the way forward for me now.
  7. Avatar
    Not this rate anymore……dropped.
  8. Avatar
    Appears to be 4.3% now. Expire?
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