Cahoot

Who they are

Cahoot was launched in June 2000 as the internet-based banking brand of Abbey National. Following Banco Santander's acquisition of Abbey National in November 2004, Cahoot was integrated into Santander UK plc, where it continues to operate as a distinct trading name. When Abbey was rebranded as Santander in 2010, Cahoot was kept alive as a specialist savings brand, and that is broadly what it remains today.

Cahoot operates as a division of Santander UK, and shares Santander's banking licence and headquarters. That matters for savers: your deposits sit under the Santander UK licence rather than a separate Cahoot one. As of 2023, the only products available to new customers are savings accounts. No current account, no app, no frills - just savings.

Savings accounts

Cahoot currently offers one savings product on DepositScout: the Simple Saver, an easy access account paying 4.17% variable. It requires just £1 to open and accepts deposits up to £500,000, which is one of the highest deposit caps you will find in this corner of the market. There are no withdrawal restrictions and access is instant. The rate is variable, so it can move up or down over time - always check the live figure shown on this page.

On FSCS protection, the DepositScout data confirms deposits are protected up to £120,000. Because Cahoot shares Santander UK's banking licence, if you already hold savings with Santander, the two balances count together toward your FSCS limit. Worth bearing in mind if you bank with both.

The experience: what to expect

This is where Cahoot divides opinion, and it is only fair to be straight about it. The online banking feels very dated and is awkward to use on a mobile phone, since the web pages - there is no app - are designed for a bigger screen. The account opening process has not progressed with technology and is archaic compared to the competition; it can take over two weeks using post to gain online access. Your login credentials arrive by letter, and if you get locked out, another letter is on its way.

That said, once you are set up, day-to-day use tends to be straightforward for most people. Deposits and withdrawals are instant, and you are not restricted to a nominated account. Transfers to and from Santander current accounts happen immediately. The trade-off Cahoot asks you to accept is clear: a competitive rate in exchange for a login experience that feels frozen in the mid-2000s.

Is it right for you?

Cahoot suits savers who are happy to be patient during setup and do not need slick app functionality day to day. The Simple Saver stands out for its combination of instant access, no withdrawal limits, and an unusually high maximum balance - useful if you are parking a large lump sum and want flexibility. There are no switch bonuses or introductory teaser rates to navigate here, which some savers will find refreshingly simple.

If you do most of your banking on your phone, or you think you might need responsive customer support at short notice, the experience could frustrate. Equally, if you already hold significant savings with Santander, check your combined FSCS position before moving money across.

The rate shown here is variable and the live figure on this page is always the most up-to-date - compare it against current alternatives before you decide.