Cahot

By: EconomyWatch Content   Date: 6 November 2009

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Although it is the online extension of Abbey National, Cahot is known for its unique portfolio. With innovative products and technology integration, Cahoots has struck the right cord with consumers. Its wide portfolio offers enough choice for all kinds of requirements.

Cahot: Products and Services

From current accounts and mortgages to loans, Cahoots has almost all products that other banks offer. With internet being its medium, Cahot has a cost advantage, offering extremely attractive interest rates, returns and terms. Products offered by the bank include:

·        Current accounts: Awarded the ‘Which? Award’ 2008, Cahoots’ current accounts offer 1.10% AER on the balance and consumers can withdraw up to £100 without getting charged any interest. Consumers also get free of cost purchase protection on items they buy.

 

·        Mortgage: With three options, in the form of trackers, fixed rates and flexible mortgages, the bank offers pocket-friendly options for mortgages. Although Abbey National issues these mortgages, the cost advantage is still evident with low upfront charges and plenty of options. Trackers mortgages track the Bank of England rate at the start of the mortgage. With fixed rate mortgages, consumers have the advantage of knowing the amount they need to pay right from the beginning.

 

·        Loans: Consumers can apply for loans ranging from £1,000 to £20,000, and can pay back in one to five years. These loans are issued by Abbey National.

 

·        Savings: For amounts greater than £750,000, consumers can earn up to 2.50% AER. These savings accounts let consumers withdraw funds at any time and do not charge any withdrawal fees. With online management, accounts can be monitored at any time and deposits can be made through the current account. These accounts can be opened for a single pound.       

 

·        Fixed rate bond: With an attractive 4.20% AER, these accounts offer great savings. The term is two years and the deposits have to be between £10,000 and £200,000. Once the bond matures, the account gets converted into a savings account.

 

Cahot also offers other products, such as insurance and share trading. Its award winning credit cards are not being issued any more due to strategical reasons, following the acquisition of Abbey by Santander of Spain.

 


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