The Top Easy Access Savings Discussion Area

AndyTh_2

Justsayit7 said:

Cynergy not doing monthly interest are missing a trick. 4.80%

you're missing a trick of another kind there, 4.8% gross annual closed monthly is 4.91% effective "AER", since the annual interest is paid then monthly.

Sure, it's effort though, which Cynergy forces us to do to chase rate rises, but it benefits the customer more than 4.8% AER monthly interest

Zaul22

While it's too low for anyone to care, I just noticed RCI went up yesterday to 4.5, and their 14 day notice account which is normally 10 points higher also went to only 4.5. Wonder if that is a mistake or they are getting rid of it?

tg99

Think someone posted about this recently but can’t easily locate - applied for the new Cynergy issue a few hours ago and just got email to say successfully opened and to login to view account but the account isn’t there. Never had this issue before and have got lots of accounts. Think I recall something along lines of the poster who mentioned this had to call Cynergy to fix it as was some kind of IT issue?

BestSeagull

tg99 said:

Think someone posted about this recently but can’t easily locate - applied for the new Cynergy issue a few hours ago and just got email to say successfully opened and to login to view account but the account isn’t there. Never had this issue before and have got lots of accounts. Think I recall something along lines of the poster who mentioned this had to call Cynergy to fix it as was some kind of IT issue?

I just opened one and the account wasn't there the first time I logged in but it was when I tried again a short while later.

grumbler

Rollinghome said:

flobbalobbalob said:

Rollinghome said:

Justsayit7 said:

Cynergy not doing monthly interest are missing a trick. 4.80%

Could be, but with banks like Cynergy offering new accounts after 11 days, any serious rate hoppers opting for monthly interest would be losing a smidgeon if they kept switching accounts.  

When an annual account is paying 4.80%, a monthly version would only pay 4.70% after a month.  The monthly rate will only match the annual rate if closed on an anniversary.

But then I never understood why anyone would want monthly interest from an easy access account. For a one or more years fixed term I do understand.

4.8% AER pays exactly the same per day as 4.7% monthly . Both accrue the same interest daily and nothing to do with an aniversary.

You clearly don't understand what AER means do you?  I'll give you a clue, it means annual equivalent rate, not daily equivalent rate.

An account paying 4.7% interest monthly will pay a daily applied rate of 4.7%. Compounded each month that will give you the equivalent of 4.8% (AER) after 12 months, and only after 12 months.  If you close the account at one month there will be no compounding so you will only get 4.7%.  You will only get 4.8% AER if held for a full year or following anniversaries.

 '4.8% annual' will pay a daily applied rate of 4.8%  No matter when the account is closed, you will still get 4.8% AER.
If that isn't clear, you need to try googling.

I'm not convinced. Can you google and post a reliable proof, preferably with an example of calculation?

And even if what you say is true, I don't see any significant difference for 4.7% and 4.8%.

1.048^(1/12) = 1.00391

4.7/12 = 0.392

tg99

BestSeagull said:

tg99 said:

Think someone posted about this recently but can’t easily locate - applied for the new Cynergy issue a few hours ago and just got email to say successfully opened and to login to view account but the account isn’t there. Never had this issue before and have got lots of accounts. Think I recall something along lines of the poster who mentioned this had to call Cynergy to fix it as was some kind of IT issue?

I just opened one and the account wasn't there the first time I logged in but it was when I tried again a short while later.

Thks yes just tried again and has appeared.

ForumUser7

Leeds BS Limited Issue Online Access Account (Issue 48) 4.60% MoneyFacts

Bridlington1

ForumUser7 said:

Leeds BS Limited Issue Online Access Account (Issue 48) 4.60% MoneyFacts

Also it appears Leeds have updated their savings rate changes page. Issue 47 (NLA) will rise to 4.65% from 15/8/2 after all.

Also Shared Ownership Saver will rise to 6.25%.

BestSeagull

pecunianonolet said:

SeriousHoax said:

TiVo_Lad said:

Cynergy Easy Access Issue 65 @ 4.8% now available

https://www.cynergybank.co.uk/personal/online-easy-access-account/online-easy-access-account/

@soulsaver

All done & dusted with fast-track.😀

I am getting fed up with all their issue related nonsense and reopening. It's down to minimum balance anyway but thinking of closing mine and OH account. Can't be that difficult to just increase the existing account instead of making me to login each and every time. No app either so for me another disadvantage. 

I don't disagree that it could be easier but having just quickly opened the new account last night and closed the old one this morning, I have to say, that's still preferable to having to spend the best part of a week moving it all to a different bank.

At least they are keeping up... looking at you Al Rayan.

Wheres_My_Cashback

BestSeagull said:

pecunianonolet said:

SeriousHoax said:

TiVo_Lad said:

Cynergy Easy Access Issue 65 @ 4.8% now available

https://www.cynergybank.co.uk/personal/online-easy-access-account/online-easy-access-account/

@soulsaver

All done & dusted with fast-track.😀

I am getting fed up with all their issue related nonsense and reopening. It's down to minimum balance anyway but thinking of closing mine and OH account. Can't be that difficult to just increase the existing account instead of making me to login each and every time. No app either so for me another disadvantage. 

I don't disagree that it could be easier but having just quickly opened the new account last night and closed the old one this morning, I have to say, that's still preferable to having to spend the best part of a week moving it all to a different bank.

At least they are keeping up... looking at you Al Rayan.

Al Rayan seem to have completely lost interest in the market in the past 2/3 months and dropped off the cliff, however they'd have to improve so dramatically now that I doubt it's ever going to happen. It would take a minimum 1.20% hike for me to go back due being non 24/7 and only a Mon - Fri bank.