Cahoot

Cahoot is a new type of internet bank. Although owned by Abbey, this banking entity is not selling the same products and offers different internet services. In order to attract clients, the bank offers two incentives: diverse pool of products and technological innovations. Cahoot is very agile with regard to technology. Online accounts may be accessed through WAP already while the digital TV will be incorporated during the next year. Cahoot has won awards for the best authorized overdraft and the Best Credit Card. In attempt to compete with other top institutions, the bank offers 10 per cent cashback on credit card purchases, made in some outlets.

Launched in 2000, Cahoot has managed to attract 650 000 customers in just four years. Its headquarters are housed in Coventry, England.

The bank offers credit card, loan, savings, mortgages, insurance, and a share trading system, considered rather overpriced. Its current account service can compete with other top rated accounts. The interest rate ranges around 3 per cent while the allowed automatic overdraft limit is Ł250. Borrowing is done at 8 per cent and compared to the big four, the rate is rather low. The tax for additional account statements is Ł2.

The credit card product is award winning as well. Apart from the cashback, a pre-statement credit is received for a period of six week. Two options are available for credit repayment: you can either pay a fixed fee or you can pay interest.

Cahoot`s loans run as low as 6.5 per cent which is a very reasonable rate. Clients may change or overpay the due amounts. In addition, the loan can be paid in full and no additional charges will be incurred.

Credit and current accounts are accessible through your mobile phone (via WAP). Statements and balances are accessed through a telebanking service, so that transfers between accounts are accomplished with the help of the phone. This service is excellent innovation for frequent travelers. Account alerts, using SMS text messages, may be set up as well.