The Top Easy Access Savings Discussion Area

CuparLad

Have you checked your Spam Folder?

1spiral

simonsmithsays said:

CuparLad said:

Cynergy Bank Easy Access Saver Issue 68 (currently 5.15% and NLA) is reducing to 5.0% from 27th June 2024. The bonus stays the same, but the underlying rate is reducing from 4.0% to 3.85%. Source: eMail received this afternoon.

Anyone received an email on this yet?

No, I was going to wait until tomorrow and post the same message. And I have checked my spam.

tg99

I’ve not got the Cynergy email either.

janusdesign

simonsmithsays said:

CuparLad said:

Cynergy Bank Easy Access Saver Issue 68 (currently 5.15% and NLA) is reducing to 5.0% from 27th June 2024. The bonus stays the same, but the underlying rate is reducing from 4.0% to 3.85%. Source: eMail received this afternoon.

Anyone received an email on this yet?

I never received it either (had over the £100 balance that should trigger it) - though if they need to give at least 14 days notice, then they have until the 13th to send the emails.. I assume they're being sent in batches.

in any event, I took the opportunity to close the account and ultimately move the balance to one of my 5.2% accounts, and just so I have an active account with them, I threw £1 into a new 4.85% account (yeah I know I could have kept £1 @ 5%, but closing it gave me the interest and the bonus would have ended in a few months anyway)... I got the initial deposit email quickly, so those emails are coming through without issue.

SeriousHoax

I received mine yesterday.

MiserlyMartin

CuparLad said:

Cynergy Bank Easy Access Saver Issue 68 (currently 5.15% and NLA) is reducing to 5.0% from 27th June 2024. The bonus stays the same, but the underlying rate is reducing from 4.0% to 3.85%. Source: eMail received this afternoon.

I've had an email from the Chorley BS about a 0.1% rate cut to many of their accounts  - mainly the easy access accounts. Inflation is still running hot, the Bank of England rate hasn't moved, these rate cuts are unjustified!

ForumUser7

MiserlyMartin said:

CuparLad said:

Cynergy Bank Easy Access Saver Issue 68 (currently 5.15% and NLA) is reducing to 5.0% from 27th June 2024. The bonus stays the same, but the underlying rate is reducing from 4.0% to 3.85%. Source: eMail received this afternoon.

I've had an email from the Chorley BS about a 0.1% rate cut to many of their accounts  - mainly the easy access accounts. Inflation is still running hot, the Bank of England rate hasn't moved, these rate cuts are unjustified!

And most of the accounts on the list have low rates (compared to the market) anyway!

Bridlington1

MiserlyMartin said:

CuparLad said:

Cynergy Bank Easy Access Saver Issue 68 (currently 5.15% and NLA) is reducing to 5.0% from 27th June 2024. The bonus stays the same, but the underlying rate is reducing from 4.0% to 3.85%. Source: eMail received this afternoon.

I've had an email from the Chorley BS about a 0.1% rate cut to many of their accounts  - mainly the easy access accounts. Inflation is still running hot, the Bank of England rate hasn't moved, these rate cuts are unjustified!

Personally I'd be more inclined to call Chorley's 0.1% cut to their interest rates on many accounts ``a reflection of market conditions" rather than ``unjustified".

Whilst Chorley BS cutting their savings rates isn't the best news, they're well within their rights to do so assuming they give appropriate notice. They're far from alone in reducing their savings interest rates too, Cynergy, Santander, Gatehouse, Shawbrook, RCI etc have all cut their interest rates or announced cuts to their interest rates already this year and we may well see more follow suit over the coming weeks and months.

gravel_2

2000 pages, nice.

pecunianonolet

MiserlyMartin said:

I wasn't just talking about Chorley but all the other accounts you just mentioned. Market conditions are 'higher for longer'. Everything about the world economy is inflationary, especially in the UK with the huge public sector payrises and the huge minimum wage increase, which all businesses have to pass the costs on to their prices.
This is likely to get worse after the Labour government takes over as they concede to their unions. There really is no justification for rate cuts by any provider especially as most are not even giving base rate as it is.

Seems like you don't understand how economics and in particular financial markets work. A lot in finance is about expectation and anticipation and markets are usually ahead of what is going to happen so it is a simple anticipation of events to come and to price them in ahead of time. Won't be long until we find out what's going to happen with rates.

If BOE does cut the rate in June they will be accused of being political because a lot of claims made, especially on various funding claims and promises across the political spectrum, are based on lower rates as this will reduce the burden to repay dead, hence more funds available for pre election promises and post election bribes. If they don't cut the rates it will be the same accusation but from the other side. The question about how independent the BOE really is will be raised once again. A true dilemma indeed. 

Despite of those marginal cuts, there are still many competitive accounts and rates around and the market has been rather stable recently compared to very high volatility and near daily movements around a year ago. 

I'll leave it at this so we not derail much further away from the subject here.