Top Cash ISAs

Aidanmc

debjay said:

Sorry if this has been asked before. If I invest in the trading 212 cash isa, do I enable interest if I want the money saved in banks to get maximum protection?

There is no enabling interest in the Cash ISA.Its currently 5.2% and FSCS protection up to 85K

Only the Invest account and S&S ISA has the option to enable interest.

PegasusPJ

Traxing 212 is bringing down cash Isa interest to 5% from 9 September.

redfox05

I'm confused on the current ISA accounts listed. Why is Cynergy bank not listed with their 4.60% ISA account? Am I missing something in their small print? It used to be on there as that's how I opened the account, by seeing them in the MSE tables.

https://www.cynergybank.co.uk/personal/online-isa

It must be for new customers though as I am confused how my account details there show 1% interest rate. It must have been a bonus rate then or something? As it was certainly higher when I opened it. So I'm definitely looking to change.

dekkard

redfox05 said:

I'm confused on the current ISA accounts listed. Why is Cynergy bank not listed with their 4.60% ISA account? Am I missing something in their small print? It used to be on there as that's how I opened the account, by seeing them in the MSE tables.

https://www.cynergybank.co.uk/personal/online-isa

It must be for new customers though as I am confused how my account details there show 1% interest rate. It must have been a bonus rate then or something? As it was certainly higher when I opened it. So I'm definitely looking to change.

If you think there's an error or omission on any MSE page, they provide an email address at/near the bottom of the page where you can contact them.

refluxer

redfox05 said:

I'm confused on the current ISA accounts listed. Why is Cynergy bank not listed with their 4.60% ISA account? Am I missing something in their small print? It used to be on there as that's how I opened the account, by seeing them in the MSE tables.

Cynergy's Online ISA doesn't feature in MSE's current Top Cash ISAs table because the rate isn't high enough to make the 'top paying accounts' section, but presumably it was high enough to feature in this section of the table when you opened it. The reason why it won't feature in the 'Top well-known accounts' section is because Cynergy probably aren't a well-known enough name - providers that feature in this list tend to be high-street banks and building societies, supermarkets and national institutions like the Post Office or NS&I.

redfox05 said:

https://www.cynergybank.co.uk/personal/online-isa

It must be for new customers though as I am confused how my account details there show 1% interest rate. It must have been a bonus rate then or something? As it was certainly higher when I opened it. So I'm definitely looking to change.

It sounds to me like you may have fallen foul of Cynergy's tendency to release a new issue whenever there's an interest rate increase for one of their easy access accounts, rather than changing the rate of existing accounts. This means that if you open one of those accounts and the interest rate rises, you won't get the new rate unless you spot this and apply to upgrade your account, therefore you have to keep on top of this to avoid losing out. 

Judging by Cynergy's current historic interest rate document, presumably you've got an issue that falls between issue 1 and 21, in which case you'll have been stuck on that appalling rate since August 2023. The best easy access cash ISAs rates reached just over 5% not long after that and Issue 43 of the Online ISA topped out at 5.07%, although it's fallen back a little since.

There have actually been a number of unhappy Cynergy customers complaining about this exact issue in this forum in recent years. Here's one example...

https://forums.moneysavingexpert.com/discussion/6429114/getting-the-interest-rate-updated-on-your-cynergy-online-isa
  

redfox05

Thanks for the replies. Yup think I'm going to switch, they don't even provide a simple monthly statement pdf section for me to trace when the rate dropped. The site UI is pretty poor too.

refluxer

redfox05 said:

Thanks for the replies. Yup think I'm going to switch, they don't even provide a simple monthly statement pdf section for me to trace when the rate dropped. The site UI is pretty poor too.

Have a look at the interest rate document I linked to above - it's a PDF of interest rate changes for all their accounts so you'll be able to find out when each interest rate change was applied to your account. The rates for all the Online ISA issues start on page 31.

EliBo123

Trading 212 has just emailed to advise that their Cash ISA is dropping from 5.17% to 4.9% as of the 1st December :-/

Gooner999

Be careful with Plum - they change terms mid-contract. They were paying interest at the beginning of the month now they have changed it to the end of the following month, so no interest shown now until end of December.
Also tracking is not great, and they also keep the money in a holding account for about 5-7 days before it hits your account so the minimal interest rate increase you are swapping for is lost in those days.

Colonial

Hello: I just tried to open a Cash ISA with Trading 212 online, but all the security questions have frightened me off! They wanted my National Insurance Number and Birthdate, but when they wanted me to enable the camera on my laptop to take a picture of my Driver's Licence, front and back, that felt too much like a criminal scam! Can anyone please tell me if all this is normal? Am I overreacting to think it might be identity theft?  Thank you, Arnold