The Top Easy Access Savings Discussion Area

murphydavid

Cynergy bank. What are they on?
Opened an instant with them in January.
A new account with higher interest became available and existing one remained at lower rate. So opened new account and transferred all available money to it. Leaving the old one showing zero balance but with some accrued interest not as yet added.
Repeated this at next rise.
Now they send me a message saying your account (the first one) has had less than £1 in it for 30 days if you wish to continue using it please add funds"
I had to go in and close the older accounts to get the interest.
As my bank has retained the account details of these closed accounts I now need to log in to my bank and remove those details so I don't accidentally use them.
What a faff especially the authentication thingy that counts down.

mlc2009

Nick_C said:

When banks can borrow from the Bank of England at an interest rate of one percent, why would they want to borrow from you at a rate that is significantly higher than that?

The 1.5% that Chase are offering is a loss leader.  They are buying market share.

Good point. I do remember in 2015 I had a NatWest account paying around 2.8 when the base rate was 0.5 so I presumed that may happen again although not to that extent

Daliah

murphydavid said:

As my bank has retained the account details of these closed accounts I now need to visit my bank and remove those details so I don't accidentally use them.

Visit your bank to have a payee removed? Don't you use online banking?

murphydavid

Nick_C said:

When banks can borrow from the Bank of England at an interest rate of one percent, why would they want to borrow from you at a rate that is significantly higher than that?

The 1.5% that Chase are offering is a loss leader.  They are buying market share.

You sure they can? Here's a quote from the Bank of England's web site  
"Banks and building societies also fund our work to set interest rates and protect the financial system.  We require that they place an interest-free deposit with us. Just like printing banknotes, we earn an income by investing the deposits in financial assets that pay interest."
Note it says deposit.
Who pays for the Bank of England? | Bank of England
Apologies for going off topic.

murphydavid

Daliah said:

murphydavid said:

As my bank has retained the account details of these closed accounts I now need to visit my bank and remove those details so I don't accidentally use them.

Visit your bank to have a payee removed? Don't you use online banking?

Sorry should have said log in to my bank. I will edit my post.

andyhicks88

I remember a few placed waited until the start of the next month the last time we had an increase, so maybe that's what's going to happen again.

I think I might bite the bullet and just open a atom account though in the meantime.

2010

Marcus slow to react again.

gt94sss2

murphydavid said:

I had to go in and close the older accounts to get the interest.
As my bank has retained the account details of these closed accounts I now need to log in to my bank and remove those details so I don't accidentally use them.

The way many avoid this is leave the Cynergy account that your bank has as a payee open with £1 in and use that for paying money to Cynergy.

Then transfer any deposits to the higher paying Cynergy account. Saves having to update your payee details all the time.

Eco_Miser

Nick_C said:

When banks can borrow from the Bank of England at an interest rate of one percent, why would they want to borrow from you at a rate that is significantly higher than that?

The 1.5% that Chase are offering is a loss leader.  They are buying market share.

Answered your own question there. So, which other banks will be willing to buy market share?

Thumbs_Up

2010 said:

Marcus slow to react again.

I'm max out on Marcus, just got a text from Atom they have upped to 1.25%.. Some one already  mention this a few days back.