cahoot, the UK-based online bank, has today launched a new easy access account, the cahoot Sunny Day Saver paying 5.20% AER/gross (variable) on savings up to £3,000 for 12 months1.

A customer with £3,000 saved in the account will earn interest of £156 in a year 2. No interest is earned on balances above £3,000.

cahoot Sunny Day Saver is an easy access account which allows customers to deposit money as often as they like, as well as withdrawing their funds without restrictions.

Customers do not need any other cahoot accounts to open a cahoot Sunny Day Saver, which can be opened online with a minimum opening balance of £1.

After 12 months the cahoot Sunny Day Saver matures into the cahoot Savings Account3.

cahoot’s full range of savings products, which can all be opened online, are:

  • cahoot Fixed Rate Bonds (5.25%-5.30% AER/gross depending on term length)
  • cahoot Sunny Day Saver (5.20% AER/gross variable)
  • cahoot Simple Saver (5.12% AER/gross variable for 12 months)

More information about cahoot’s Sunny Day Saver and other savings products can be found on the cahoot website

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The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.

Notes to editor

  1. 5.20% AER/gross (variable) is the interest rate for 12 months from account opening if the customer chooses to be paid interest annually. If a customer chooses to be paid monthly, the interest rate is 5.08% gross (variable) for the first 12 months from opening. No interest is paid on balances above £3,000.
  2. £156 a year in interest is based on a customer choosing to be paid annually and always having at least £3,000 deposited in the account.
  3. cahoot Savings Account pays 1.20% AER/gross (variable) if the customer decides to be paid annually. It pays 1.19% gross (variable) if the customer decides to be paid monthly.

cahoot is a digital financial services provider in the UK launched in 2000, offering savings and loans to new and existing customers, and servicing existing customers with credit cards and current accounts. At 30 June 2023, cahoot serves around 63,000 active customers through online banking. cahoot is a division of Santander UK and is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. cahoot customers’ eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK. 

Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 30 June 2023, the bank had around 19,400 employees and serves around 14 million active customers, 7 million digital customers via a nationwide 445 branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.

Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of the third quarter of 2023, Banco Santander had €1.3 trillion in total funds, 166 million customers, 8,700 branches and 212,000 employees.