Cahoot Idea

You only make 10 a year net profit if a basic rate taxpayer.

Not a tax payer at all - stay at home Mum....and a profit is a profit is a profit! J

What's the point in opening a bank account if you're not going to use it - it's people like you that waste companies money, and my money when they start charging me for services that are currently free to pay for people like you. Hopefully Cahoot will start charging fees for customers who don't use their account at all or make minimum number of transactions a year.

Who said I wasn't going to use it? I opened it to use as a day to day bank account and hadn't even thought about the interest free aspect until the account was up and running - but since they are offering to lend me £250 free of charge why shouldn't I use it in anyway I see fit?

So says the Bad Wolf..... :)

Quite so. Just ensure you don't ever go over that limit of OD or the charges will wipe out your profit in one go. If moron banks offer ridiculous schemes, make the most of them, as people have done with all these credit card "free transfer" schemes.

Putrid poetry, dismal doggerel, extrava-stanzas...

Absolutely - but I would question the "moron banks" part of what you say - for every 1 person who profits from such "offers" like this, there will be at least another 10 who unavoidably / mindlessly fail to keep within the overdraft and end up giving the bank lots of money.

I like these schemes - its good for people who are good with their money and its a good way to make money out of people who are bad with their money. Financial justice, I say. Let's have more deals like this please oh Banks of England.

That's totally untrue and unfair. It is the companies themselves that create these situations and it is THEIR responsibility. If you don't like it then don't utilise these companies.

That's actually a good point.

I agree entirely with you.

Tought shit to those who complain about ripping companies off (legally). Er, so what?