Cahoot

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cahoot

Type of Company	Division of Abbey National plc
Founded	2000
Headquarters	Coventry, United Kingdom
Key people	John Goddard, Managing Director
Industry	Finance and Insurance
Products	Financial Services
Slogan	Who would you rather be in cahoots with?
Website	www.cahoot.com

cahoot is an internet bank in the United Kingdom, launched by Abbey, which is now part of Grupo Santander of Spain. The bank was launched in 2000 as the internet bank of Abbey, and as at the end of 2004 had some 650,000 customers. cahoot is based in Coventry, England.

1 History
2 Products
3 References
4 See also
5 External links

[edit] 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.

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. The situation was discovered by a customer who input his details incorrectly, cahoot closed their website 12 days after the update for a period of 10 hours to rectify the faults.

Prior to takeover by Santander, cahoot recovered from its launch and security issues to achieve over 600k accounts and a significant share of the unsecured lending market in UK. It was consistently rated in Consumers Association and Guardian surveys as top 3 best banks in UK for service and pricing.

Initially led by Tim Murley, the bank was taken over by Tim Sawyer in 2002 and then later succeeded by John Goddard in 2005

[edit] Products

Cahoot offers current accounts, savings accounts, webcard and share dealing. Within its product range, cahoot's innovate webcard is notable for its ability to generate an individual, one use card number for each online transaction.

In 2006 Cahoot closed all new sales of credit cards, personal loans and mortgages and redirects all enquires to its parent bank, Abbey.