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Encyclopedia > Cahoot
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cahoot
Type Division of Abbey National plc
Founded 2000
Headquarters Coventry, United Kingdom
Key people [Matthew Timms], Managing Director
Industry Finance and Insurance
Products Financial Services
Slogan Who would you rather be in cahoots with?
Website www.cahoot.com

Cahoot is the internet division of Abbey National plc, a United Kingdom bank which since 2004 is a subsidiary of Banco Santander of Spain. Cahoot was launched in 2000 as the Internet bank of Abbey, and at the end of 2004 had some 650,000 customers. Cahoot is based in Coventry, England. Image File history File links Broom_icon. ... Image File history File links CahootLogo. ... Abbey Head office. ... The initials PLC after a UK or Irish company name indicate that it is a public limited company, a type of limited company whose shares may be offered for sale to the public. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... For other uses, see Coventry (disambiguation). ... Managing director is the term used for the chief executive of many limited companies in the United Kingdom, Commonwealth and some other English speaking countries. ... Finance and Insurance is an industry group that mainly handles the transfer of paper and money, financial assets. These include: Accounting, Asset Management, Electronic Communications Networks, Financial Services Regulatory Agencies, Investment Banking Investment Firms, Investment Funds, Lending, Outsourced Financial Products & Services Marketing, Securities Brokers & Traders, Stock Exchanges, Trade Facilitation, and... Financial services is a term used to refer to the services provided by the finance industry. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... Abbey Head office. ... Banco Santander Central Hispano is the largest bank in Spain and now has large scale operations in both the continents of Europe and South America. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... For other uses, see Coventry (disambiguation). ... For other uses, see England (disambiguation). ...

Contents

History

The launch of Cahoot was marred by technical issues that prevented many prospective customers accessing the website. At launch, Cahoot offered interest free overdrafts and credit cards to its first 25,000 customers as a pricing strategy. This article does not cite any references or sources. ...


In November 2004, Cahoot was hit by a security scare whereby customers' statements and balances could be accessed without going through security procedures, following an update to its online banking system. Online banking (or Internet banking) is a term used for performing transactions, payments etc. ...


Prior to takeover by Santander, Cahoot recovered from its launch and security issues to achieve over 600,000 accounts and a significant share of the unsecured lending market in the UK. It was consistently rated in Consumers' Association and Guardian surveys in the top three best banks in the UK for service and pricing.


Initially led by Tim Murley, the bank was taken over by Tim Sawyer in 2002 who was later succeeded by John Goddard in 2005. Murley remains at Abbey as head of wealth management whilst Sawyer left at start of 2005. Intriguingly, the Times newspaper, post his departure, reported that Sawyer was a long time member of the intelligence community and had returned to a more active role.


The future of Cahoot remains unclear, as bad debt has affected profitability. Santander states it remains committed to the brand but marketing spend has largely ceased, with most marketing staff being redeployed elsewhere.


Products

Cahoot offers current accounts, savings accounts, and the Webcard. Cahoot's innovative Webcard generates a one-use card number for each online transaction (Controlled Payment Number): this is designed to combat fraud, particularly when used for Internet-based transactions. Includes demand deposits, ATS, NOW, and other checkable deposits. ... The passbook is the traditional document to keep track of earnings in a savings account Savings accounts are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money (by, for example, writing a cheque). ... A controlled payment number (also called a substitute credit card number or one-time use credit card is an alias for ones credit card number. ...


In 2006, Cahoot ceased all new sales of credit cards, personal loans and mortgages and now redirects enquiries for such products to its parent bank, Abbey. It has increased many of its interest rates for existing customers.


References

  • http://news.bbc.co.uk/1/hi/business/3984845.stm
  • http://news.bbc.co.uk/1/hi/programmes/breakfast/3984641.stm
  • http://news.bbc.co.uk/1/hi/business/787267.stm

External links

v • d • e
Banks of the United Kingdom

Abbey • Adam and Company • Airdrie Savings Bank • Alliance & Leicester • Allied Irish Bank (GB) • Anglo Irish Bank • Arbuthnot Latham • Bank of Ireland • Bank of Scotland • Barclays • Birmingham Midshires • Bradford & Bingley • Bristol and West • Cahoot • Cheltenham and Gloucester • Clydesdale • Co-operative Bank • Coutts & Co • Drummonds • Egg • first direct • First Trust Bank • Halifax • Harrods Bank • HSBC • Intelligent Finance • Islamic Bank of Britain • Julian Hodge Bank • Lloyds TSB • National Savings and Investments • National Westminster Bank • Northern Bank • Northern Rock • Reliance Bank • Royal Bank of Scotland • Sainsbury's Bank • Standard Chartered Bank • Tesco Personal Finance • The Woolwich • Ulster Bank • Yorkshire Bank // The table shows the main independent British banks. ... Image File history File links Flag_of_the_United_Kingdom. ... Abbey Head office. ... Adam and Company is a private bank based in the United Kingdom, part of the Royal Bank of Scotland Group. ... Airdrie Savings Bank Limited is a small commercial bank operation in the Lanarkshire and Glasgow areas of Scotland. ... Alliance & Leicester plc (LSE: AL.) is an awful British bank, formerly a building society. ... Allied Irish Bank (GB) is a commercial bank operating in Great Britain. ... Anglo Irish Bank Corporation plc (ISEQ: ANGL), (LSE: ANGL), (Xetra: CKL), is a bank based in Ireland, listed on both the Irish Stock Exchange and the London Stock Exchange, and headquartered in Dublin. ... Arbuthnot Latham & Co is a small private bank (a merchant bank) based in Moorgate in the City of London in the UK. It achieved status as one of the twelve accepting houses. ... My wife and I went to visit our daughter in the UK. I used my Ulster Bank credit card and wasnt charged any extra fees. ... -1... The Barclays Group is based in One Churchill Place, Canary Wharf Barclays plc (LSE: BARC, NYSE: BCS, TYO: 8642 ) is a global financial services provider and sportswear consultancy operating in Europe, the United States, the Middle East, Latin America, Australia, Asia and Africa. ... Birmingham Midshires logo Birmingham Midshires is a commercial bank in the United Kingdom, a subsidiary of Halifax plc (part of HBOS). ... Bradford & Bingley plc (LSE: BB.) is a British bank headquartered in the Yorkshire town of Bingley. ... Bristol and West plc (B&W) is a commercial bank in the United Kingdom, a division of the Bank of Ireland. ... Cheltenham and Gloucester Cheltenham and Gloucester (C&G) is a commercial bank in the United Kingdom, a subsidiary of Lloyds-TSB Bank plc. ... The Clydesdale Bank PLC (Scottish Gaelic: ) is a commercial bank in the United Kingdom, a subsidiary of the nab Group. ... The Co-operative Bank is a co-operative bank trading in the United Kingdom with headquarters in Manchester, UK. It is an ethical bank, and refuses to invest in companies involved in the arms trade, genetic engineering, animal testing and use of sweated labour as stated in its ethical policy. ... For other uses, see Coutts (disambiguation). ... Type - Private Bank Motto - Prius Mori Quam Fidem Fallere Parent company - The Royal Bank of Scotland Founder - Andrew Drummond Established - 1717}} Drummondsis an English private banking housewho origins can be traced back over 290 years to 1717. ... Egg Banking plc is a British internet bank, with headquarters in Derby, Dudley and London, England. ... first direct logo first direct is a telephone and internet based commercial bank in the United Kingdom, a division of HSBC Bank plc. ... of Britains Best Business Bank from the Forum of Private Business, being ranked top for customer service and maintaining its lead over other major banks. ... Halifax is a commercial bank in the United Kingdom, one of the trading names of the Bank of Scotland plc which is part of the HBOS Group. ... Harrods Bank Limited is a private personalized banking service which operates from the Harrods store in Knightsbridge. ... HSBC Bank plc is a Clearing Bank in the United Kingdom, and is one of the Big 4 high street banks. ... Intelligent Finance (IF) is a telephone and internet based commercial bank in the United Kingdom, a division of Halifax plc which is part of HBOS plc. ... The Islamic Bank of Britain plc (LSE: IBB) is a commercial bank in the United Kingdom, established in August 2004 to offer Sharia compliant financial service products to British Muslims. ... Julian Hodge Bank is a small commercial bank in the United Kingdom. ... Lloyds TSB Group plc is a group of financial services companies, based in the United Kingdom, which was created in 1995 following the merger of the TSB Group and the Lloyds Bank Group. ... NS&I National Savings and Investments (NS&I), formerly called the National Savings Bank, is a state owned savings bank in the United Kingdom. ... National Westminster Bank Plc, or NatWest, is a commercial bank in the United Kingdom which has been part of The Royal Bank of Scotland Group Plc since 2000. ... Northern Bank, is a commercial bank in Northern Ireland. ... Northern Rock (LSE: NRK) is a British bank based at Regent Centre near Newcastle Upon Tyne in northern England. ... Formerly known as The Salvation Army Bank, Reliance Bank Limited was founded in 1890 by William Booth. ... The Royal Bank of Scotland Plc (Scottish Gaelic: [1]) is one of the retail banking subsidiaries of Royal Bank of Scotland Group plc, which together with NatWest, provides branch banking facilities in the United Kingdom. ... Sainsburys Bank is a UK based bank operated by J Sainsbury plc and HBOS plc (Halifax Bank of Scotland), with 55% and 45% shares respectively. ... Standard Chartered Bank (LSE: STAN, SEHK: 2888) is a British bank headquartered in London with operations in more than fifty countries. ... Historic The first self service Tesco, which is in in St Albans Tesco PLC is a United Kingdom based international supermarket chain. ... The Woolwich was the trading name of the Woolwich Building Society, founded in 1847 as one of the first permanent building societies. ... Ulster Bank (Irish: Banc Uladh[1]) is a large commercial bank, one of the Big Four in both the Northern Ireland and the Republic of Ireland. ... A high-street branch of the Yorkshire Bank. ...


  Results from FactBites:
 
Cahoot Personal Loan Review (199 words)
There is also a Cahoot flexible loan offer that has a typical apr of 6.9% and you can change your fixed rate personal loan to the flexible loan from Cahoot at any given time.
With the Cahoot loan you can borrow amounts ranging from £1,000 to £20,000 with 2 basic apr tiers.For loan amounts less than £5,000 the typical apr is 8.9% and for loan amounts £5,000 and over the typical apr is 5.6%.
The Cahoot personal loan is quite unique, you have the option of switching from the fixed loan to the flexible loan at any point during the loan term.
Cahoot felled by success - 22/Jun/2000 - ComputerWeekly.com (1182 words)
The answer, at the end of Cahoot's first week, was that it was impossible to say because the bank still did not know exactly what had gone wrong.
Even before Cahoot's launch, stockbroking analysts at Morgan Stanley Dean Witter were questioning the commitment of Abbey National's senior management to the Internet bank, saying that they had come away from an Internet strategy briefing with the impression that the bank's heart was not in it.
As it was, Cahoot's marketing department could not have dreamed up an incentive scheme for new customers that was better designed to produce a one-off surge of Web site hits than the one it chose.
  More results at FactBites »


 

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