A savings interest rate cut has been announced by cahoot. The bank has cut its savings interest rate by a quarter per cent, following the Bank of England's interest rate cut of 0.25 per cent.

The savings interest rate now offered by cahoot is set at 4.85 per cent AER. The savings interest rate is one of the best available for no-notice savings accounts.

New and existing savings account holders at cahoot will benefit from the new savings interest rates from August 23rd. cahoot has a history of letting any base rate changes work in favour of its savings account holders.

Last year, a new savings account offered an introductory savings interest rate of 5.50 per cent just before the base rate was increased. Even though the cahoot savings interest rate was fixed, the bank still raised the savings interest rate to 5.65 per cent.

Abbey, the parent company for cahoot, is one of the UK's leading personal financial services companies.

Abbey's range of services includes mortgages and savings, bank accounts , loans and credit cards , long-term investments including pensions and unit trusts, life, critical illness and unemployment cover and household insurance . It also provides offshore banking for expatriates.

Abbey is the sixth largest bank by assets and the second largest provider of mortgages and savings in the UK.