The Top Easy Access Savings Discussion Area

canaldumidi

Compared to some banks the cynergy upgrade process is a doddle.

Molehusband said:

I was referring to Cynergy Bank. With them changing their interest rate pretty much weekly at the moment, today they've been especially irritating because:

1 Unlike many other providers they never inform me when new products are available paying better interest rates. Some banks do, most don't. Stay on the ball!

2 Because I have both a normal Easy Access account + a cash ISA, I'm obliged to struggle updating both. It's really not much of a struggle compared to many banks.

3 Today as I was in the middle of this, their website seemed to collapse causing me further difficulties I've never had that with cynergy, but yes, it can happen with any bank.

4 Of course, because the interest rate will plummet after 12 months, I have to be alert to this 12-months event possibly happening in future when Cynergy stop doing the weekly interest rate changes. ???? That applies to ANY account with a bonus rate. Nothing unique about cynergy there!

5 Because each time I'm obliged to open these new accounts, it means I have to also update my paying in arrangement to pay in deposits into them. In my case it involves me in what I refer to as the "£1 paying in pantomime"  to ensure I have the correct information when paying in new money into the new accounts.

Why not simply leave the old acount open with £1 in it? Then when you want to add funds send them to the old account that you already have set up as a payee? Then transfer to the higher paying account?

SFindlay

Molehusband said:

SFindlay said:

Molehusband said:

This morning as I was in the middle of cleaning up the mess of having to Fast track my savings accounts onto the improved rates, their website failed to respond and I was logged out. Currently unable to log in to my account. Just phoned them and they tell me the system is down at the moment and expected to be back up in about half an hour. I presume the problem is caused by the huge number of customers struggling to upgrade their accounts.

What institution are we talking about? Tesco that you're on about in other posts or Cynergy that was mentioned had a new issue released last night? Confused as both institutions online banking apprar to be working fine! 

I was referring to Cynergy Bank. With them changing their interest rate pretty much weekly at the moment, today they've been especially irritating because:

1 Unlike many other providers they never inform me when new products are available paying better interest rates.

2 Because I have both a normal Easy Access account + a cash ISA, I'm obliged to struggle updating both.

3 Today as I was in the middle of this, their website seemed to collapse causing me further difficulties

4 Of course, because the interest rate will plummet after 12 months, I have to be alert to this 12-months event possibly happening in future when Cynergy stop doing the weekly interest rate changes.

5 Because each time I'm obliged to open these new accounts, it means I have to also update my paying in arrangement to pay in deposits into them. In my case it involves me in what I refer to as the "£1 paying in pantomime"  to ensure I have the correct information when paying in new money into the new accounts.

So with all the above issues today has been a pain with Cynergy. Why can't they do what many other institutions do and make things easier when their interest rates change?

Simple answer is if you don't like their system don't save with them!! It takes less than a minute to open a new account and once opened about 30 seconds to fund it and close old account so not really that difficult!!

It probably took you longer writing out your 5 points to complain on here than it does to open a new account!!! 

SpanishBlue

canaldumidi said:

Compared to some banks the cynergy upgrade process is a doddle.

Molehusband said:

I was referring to Cynergy Bank. With them changing their interest rate pretty much weekly at the moment, today they've been especially irritating because:

1 Unlike many other providers they never inform me when new products are available paying better interest rates. Some banks do do, most don't. Stay on the ball!

2 Because I have both a normal Easy Access account + a cash ISA, I'm obliged to struggle updating both. It's really not much of a struggle compared to many banks.

3 Today as I was in the middle of this, their website seemed to collapse causing me further difficulties I've never had that with cynergy, but yes, it can happen with any bank.

4 Of course, because the interest rate will plummet after 12 months, I have to be alert to this 12-months event possibly happening in future when Cynergy stop doing the weekly interest rate changes. ???? That applies to ANY account with a bonus rate. Nothing unique about cynergy there!

5 Because each time I'm obliged to open these new accounts, it means I have to also update my paying in arrangement to pay in deposits into them. In my case it involves me in what I refer to as the "£1 paying in pantomime"  to ensure I have the correct information when paying in new money into the new accounts.

Why not simply leave the old acount open with £1 in it? Then when you want to add funds send them to the old account that you already have set up as a payee? Then transfer to the higher paying account?

That's an excellent idea. I shall do that in future.

As SFindlay says in the post below yours, setting up a new account is quick and easy with Cynergy - It's the setting up the details from the other bank that's a pain.

Leaving £1 in the old account will save me having to do that in future. Thanks.

Molehusband

SFindlay said:

It probably took you longer writing out your 5 points to complain on here than it does to open a new account!!! 

Dream on. It took me over an hour to open my new accounts due to problems with part (but not all) of Cynergy's website at the very time I was in the middle of opening the new accounts. But, while my online activity was in a state of chaos, there was no information visible as to what was going on.

The main purpose of my post here was to help others by warning them there was currently some chaos on Cynergy's website. It took me a couple of minutes to post that here as opposed to struggling for over an hour with Cynergy's website chaos.

SFindlay

Molehusband said:

SFindlay said:

It probably took you longer writing out your 5 points to complain on here than it does to open a new account!!! 

Dream on. It took me over an hour to open my new accounts due to problems with part (but not all) of Cynergy's website at the very time I was in the middle of opening the new accounts. But, while my online activity was in a state of chaos, there was no information visible as to what was going on. It took me only a couple of minutes to post here to help others by warning them there was some chaos on Cynergy's website.

Seems you're very much in a minority considering other peopls experiences!! I sense there is a little more to it since you seem to continually moan about Cynergy in particular, be that because they don't personally inform you of rate changes and now their site crashes for you in middle of opening accounts but that doesn't happen for other people!?!? 

Maybe your sense of "online activity in a state of chaos" is a bit extreme considering what is going on in the world and the fact other people seem to be managing just fine I don't really think you're helping anyone because nobody else seems to be witnessing the so called chaos on Cynergy website!! 

Ifts

SpanishBlue said:

canaldumidi said:

Compared to some banks the cynergy upgrade process is a doddle.

Molehusband said:

I was referring to Cynergy Bank. With them changing their interest rate pretty much weekly at the moment, today they've been especially irritating because:

1 Unlike many other providers they never inform me when new products are available paying better interest rates. Some banks do do, most don't. Stay on the ball!

2 Because I have both a normal Easy Access account + a cash ISA, I'm obliged to struggle updating both. It's really not much of a struggle compared to many banks.

3 Today as I was in the middle of this, their website seemed to collapse causing me further difficulties I've never had that with cynergy, but yes, it can happen with any bank.

4 Of course, because the interest rate will plummet after 12 months, I have to be alert to this 12-months event possibly happening in future when Cynergy stop doing the weekly interest rate changes. ???? That applies to ANY account with a bonus rate. Nothing unique about cynergy there!

5 Because each time I'm obliged to open these new accounts, it means I have to also update my paying in arrangement to pay in deposits into them. In my case it involves me in what I refer to as the "£1 paying in pantomime"  to ensure I have the correct information when paying in new money into the new accounts.

Why not simply leave the old acount open with £1 in it? Then when you want to add funds send them to the old account that you already have set up as a payee? Then transfer to the higher paying account?

That's an excellent idea. I shall do that in future.

As SFindlay says in the post below yours, setting up a new account is quick and easy with Cynergy - It's the setting up the details from the other bank that's a pain.

Leaving £1 in the old account will save me having to do that in future. Thanks.

This is what I have done as I am on account number 7 with Cynergy bank!
You are right it's the setting up of the new account details in the linked account that's a pain.

I have kept Account number 5 open with £1 in it to receive payments from the linked account and all the rest I have closed. 
On my Cynergy accounts homepage I have edited the account name with FP in - to remind me which account I have linked.

UncleK

Coventry BS - "Following the Bank of England Base Rate increase on Thursday 17 March  2022, we will increase the rates on some variable savings accounts on 1 May 2022 to ensure we maintain our strong competitive position. We’ll be in touch nearer the time."

jaypers

UncleK said:

Coventry BS - "Following the Bank of England Base Rate increase on Thursday 17 March  2022, we will increase the rates on some variable savings accounts on 1 May 2022 to ensure we maintain our strong competitive position. We’ll be in touch nearer the time."

Not really sure how they think this allows them to keep a competitive position. Ignoring the base rate increase for well over a month isn’t good enough. 

Daliah

jaypers said:

UncleK said:

Coventry BS - "Following the Bank of England Base Rate increase on Thursday 17 March  2022, we will increase the rates on some variable savings accounts on 1 May 2022 to ensure we maintain our strong competitive position. We’ll be in touch nearer the time."

Not really sure how they think this allows them to keep a competitive position. Ignoring the base rate increase for well over a month isn’t good enough. 

Seems they don't need any new money / aren't fazed about losing existing deposits / are asleep at the wheel.

typistretired

Coventry BS

Seems they don't need any new money / aren't fazed about losing existing deposits / are asleep at the wheel.

Just like Marcus