cahoot Bonus Savings Account to be launched

cahoot is launching its Bonus Savings Account, which comes with a best-buy rate of 5.25 per cent.

The rate will stay at 5.25 per cent for the first six months, falling to 4.75 per cent for the next three and staying at 4.5 per cent thereafter.

John Goddard, managing director of cahoot, said: "This is one of the most generous rates available.

"For serious savers with fairly large balances this new rate offers very attractive returns, without locking your money in an account for a minimum period of time."

The minimum balance for the rate to apply stands at £15,000, with the maximum that can be deposited being £100,000.

For those with fewer funds to invest, the rate stands at 4.25 per cent, and the account is available to all customers.

Interest on the cahoots Bonus Savings Account is paid annually, and the account is available from September 30th.