The Top Easy Access Savings Discussion Area

soulsaver

I've just done the Cynergy fast track.. and new account immediately visible. So if that didn't happen, it's likely disappeared into their twilight zone...

TiVo_Lad

soulsaver said:

I've just done the Cynergy fast track.. and new account immediately visible. So if that didn't happen, it's likely disappeared into their twilight zone...

This is what I don't understand. The two accounts (old and new) are showing and I got all the eMails confirming open and close, but the actual transfer and close hasn't (apprently) worked.... <shrug>

Shedman

soulsaver said:

Shedman said:

PlatinumChaos said:

mebu60 said:

You can thank me later when Gatehouse increase their rate. Have been away a couple of weeks but have just cleared down to £1.

Have also had to message Cynergy. Think I've hit the 20 account limit someone else mentioned a while back! Have had email confirming Issue 64 set up but it is not visible.

I switched to the new issue this morning and it took about half an hour for the new account to appear. What's this about a limit of 20 accounts though? I must have missed that.

See this thread.

https://forums.moneysavingexpert.com/discussion/comment/80161010#Comment_80161010

Think I've now been caught by it as opened new account on Friday evening but still no sign.  Will be moving from Cynergy if I have to go through the rigamorale described in the link

Cynergy has a software bug that on random occasions opens an account which doesn't appear in your list.

Then. after a few days they start sending you emails about an account that you haven't funded & when you check you can't see any non funded accounts. 

Happened to me a couple of times.

Open another by fast track and as sure as eggs you'll be able see it. You'll still get the funding reminders for the ghost ac... which you can just ignore.

ETA I've just done the Cynergy fast track.. and new account immediately visible. So if that didn't happen, it's likely disappeared into their twilight zone...

I've already tried opening another one (thinking maybe in a senior moment I hadn't actually completed the first one) but nothing appearing for either so I will be contacting CS later if not there late afternoon.

jpsman

Telegraph just published this on FCA findings today:
https://www.telegraph.co.uk/business/2023/07/31/banks-interest-savings-rate-rises-fca-review/

This may be of particular interest: 

"FCA also said it will review the timing of banks’ savings rate changes each time the Bank of England changes its base rate and pledged to publish a league table every six months of lenders’ easy access savings rates, ranking lenders from best to worst."

ETA: FCA also planning to:
"Analyse the difference between on-sale and off-sale products, challenging firms to explain how large differences offer fair value and considering further action if this gap does not continue to close." [from This Is Money https://www.thisismoney.co.uk/money/saving/article-12356387/FCA-cracks-big-banks-slowness-passing-base-rate-rises-easy-access-accounts.html]

InvesterJones

jpsman said:

Telegraph just published this on FCA findings today:
https://www.telegraph.co.uk/business/2023/07/31/banks-interest-savings-rate-rises-fca-review/

This may be of particular interest: 

"FCA also said it will review the timing of banks’ savings rate changes each time the Bank of England changes its base rate and pledged to publish a league table every six months of lenders’ easy access savings rates, ranking lenders from best to worst."

Oh dear, that just looks to me like it'll encourage lenders to save up their increases and apply them just before the cut-off every six months. If averaged then it's too long a time scale to be of much use.

AndyTh_2

PlatinumChaos said:

mebu60 said:

You can thank me later when Gatehouse increase their rate. Have been away a couple of weeks but have just cleared down to £1.

Have also had to message Cynergy. Think I've hit the 20 account limit someone else mentioned a while back! Have had email confirming Issue 64 set up but it is not visible.

I switched to the new issue this morning and it took about half an hour for the new account to appear. What's this about a limit of 20 accounts though? I must have missed that.

I've had my 21st account now opened fine. I think it's just some people applying after hours having their account delayed opening till Monday.

Bridlington1

jpsman said:

Telegraph just published this on FCA findings today:
https://www.telegraph.co.uk/business/2023/07/31/banks-interest-savings-rate-rises-fca-review/

This may be of particular interest: 

"FCA also said it will review the timing of banks’ savings rate changes each time the Bank of England changes its base rate and pledged to publish a league table every six months of lenders’ easy access savings rates, ranking lenders from best to worst."

ETA: FCA also planning to:
"Analyse the difference between on-sale and off-sale products, challenging firms to explain how large differences offer fair value and considering further action if this gap does not continue to close." [from This Is Money https://www.thisismoney.co.uk/money/saving/article-12356387/FCA-cracks-big-banks-slowness-passing-base-rate-rises-easy-access-accounts.html]

I just wish the government and the FCA would mind their own business. If they make the banks raise their lowest EA rates it will end up being at the cost of the higher paying accounts and loss leaders so many of us on this forum benefit from.

fabsaver

jpsman said:

Telegraph just published this on FCA findings today:
https://www.telegraph.co.uk/business/2023/07/31/banks-interest-savings-rate-rises-fca-review/

This may be of particular interest: 

"FCA also said it will review the timing of banks’ savings rate changes each time the Bank of England changes its base rate and pledged to publish a league table every six months of lenders’ easy access savings rates, ranking lenders from best to worst."

ETA: FCA also planning to:
"Analyse the difference between on-sale and off-sale products, challenging firms to explain how large differences offer fair value and considering further action if this gap does not continue to close." [from This Is Money https://www.thisismoney.co.uk/money/saving/article-12356387/FCA-cracks-big-banks-slowness-passing-base-rate-rises-easy-access-accounts.html]

I foresee the impact such monitoring is likely to have. The banks will indeed announce that any future base rate changes will be passed on to savers very quickly. I anticipate this will happen just as rates are perceived to have peaked and are on the way down 

pecunianonolet

Those of us investing a lot of time keeping track of accounts, rates, read many pages of T&C's, read articles and news and try to learn/ understand how the financial system works and move things around to "chase" the top rates are getting penalised for the invested time because the government is serving the lazy ones not making any effort. 

If people have savings and are too busy or do not care to make it worthwhile they should not be incentivised for their laziness inactivity.

mebu60

PlatinumChaos said:

mebu60 said:

You can thank me later when Gatehouse increase their rate. Have been away a couple of weeks but have just cleared down to £1.

Have also had to message Cynergy. Think I've hit the 20 account limit someone else mentioned a while back! Have had email confirming Issue 64 set up but it is not visible.

I switched to the new issue this morning and it took about half an hour for the new account to appear. What's this about a limit of 20 accounts though? I must have missed that.

Someone mentioned the 20 accounts limit a while back and I made a mental note. I actually have 21! Have just called them, that's not the issue here apparently. Seems there's an issue with accounts set up via fast track apply yesterday, the access level is incorrectly set. I asked three times in slightly different ways why they weren't being proactive in resolving if it's a known issue but didn't get an answer. I have been prioritised for IT to resolve! Hopefully my Issue 64 will be there in all its glory tomorrow morning.