cahoot, the UK-based online bank, has today launched its Simple Saver (issue 10) paying 4.55% AER/gross variable for 12 months, on balances up to £500,000 – a leading rate from a mainstream savings account provider.
The new Simple Saver marks a 0.14% increase from the previous cahoot Simple Saver (issue 9) which paid 4.41% AER/gross (variable) for 12 months – bucking the anticipated trend for savings rates cuts following the recent Bank of England base rate reduction.
As an easy access account, customers can make deposits as often as they like, as well as withdrawing their funds without any fees or restrictions.
A customer with £10,000 saved in the account will earn £455 a year in interest.
The account can be opened online, with a minimum balance of £1 and can be held as a single or joint account.
To be eligible for the cahoot Simple Saver account, customers must:
- be a UK resident;
- be aged 16 or over; and
- be registered or will register for Online Banking with a valid email address.
More information about cahoot’s Simple Saver and other savings products can be found on the cahoot website.
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