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Santander digital banking offshoot cahoot increases interest to 5.12% on Simple Saver account

Source: Banco Santander

cahoot, the UK-based online bank, has today increased the interest offered on its Simple Saver account. cahoot Simple Saver (issue 2) now pays customers 5.12% AER/gross variable rate interest for 12 months, on balances up to £500,0001.

Simple Saver (issue 2) is an easy access account which lets customers deposit 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 £512 a year in interest.

The account can be opened online with a minimum opening balance of £1. The Simple Saver can be opened as either 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
be registered or will register for Online Banking with a valid email address.

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