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Cahoot Banking
Cahoot banking may be internet driven, but it's a full current account service. They also provide a flexible loan, a pretty good credit card, savings, insurance, mortgages and a rather overpriced share trading service.
The current account compares very well indeed to your high street account: interest rates hover at around the 3% mark (more like 0.1% from the big four) and with an automatic £250 overdraft facility, authorised borrowing will only cost you around 8% (up to 70% cheaper than the big four). The deal includes free purchase protection and if you have a Cahoot savings account too, you can pop money in there too for even better interest. By the way, duplicate statements are £2 each, and returned cheques are a whopping £20 each!
The credit card is great too- a deserved award winner. Aside of the cashback deals, this card wins on simple financial sense. You receive up to 6 weeks pre-statement credit, which will suit regular payers. And repayment options are very interesting- you can pay interest, or you can pay a fixed fee- which will suit folks who usually have a high level of debt on the card.
For loans, typical Cahoot banking loan rates are as low as 6.5%; a very reasonable rate, and with the flexibility to change, stop, or overpay amounts whenever you want. You can also pay back your loan whenever you want without penalties. One caveat: the rate you pay depends on your status and the loan amount. (That's standard practise- but do check out Egg who promise the amount you see is the amount you pay!). The savings product is flexible too, and rates are definitely competitive; so if you don't mind the lack of a branch network, and you want some innovative products, put Cahoot banking on your list.
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