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Cahoot falls short of target

Cahoot, Abbey National&#39s Internet bank has only signed up 45,000 customers in its first five months, which could leave it far short of its year target of 200,000.

While admitting that figures “are slightly below target” an Abbey spokesman says recent initiatives such as the launch of a new account with an attractive rate would boost the number of applications for the online bank.

Cahoot has experienced technical problems in the early going as large numbers of users crashed the service. It is not alone in suffering from technical glitches, rival Barclays online had to shut down earlier in the summer because of security concerns and Halifax&#39s Intelligent Finance has yet to provide access to its internet site because of fears the system might not manage.

The parent company has posted its some of its strongest numbers in recent years for the third quarter. Funds under management increased by 27 per cent boosted by strong sales of savings products.

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