The Top Easy Access Savings Discussion Area

veryintrigued

veryintrigued said:

Issue 53 here and still showing as 1.6% overall

And now showing the new rate

SpanishBlue

Mine is also now showing the new rate of 1.85%.

Issue number is still blank, but I don't see that as a problem.

Daliah

SpanishBlue said:

Mine is also now showing the new rate of 1.85%.

Issue number is still blank, but I don't see that as a problem.

Same for me. It was still 1.63% last night but is now 1.85%. 

Molehusband

Ifts said:

whatleytom87 said:

SpanishBlue said:

How do you know which issue number you have?

I opened the latest issue (1.60%) on 5th August, but issue shows as blank when I look online.

I can’t recall where it shows on the Online Bank, but the 1.60% rate was Issue 53 so you will benefit from the uplift. 

Yes Issue 53 (opened 5/8/22) automatically updated for me to the new 1.85% rate.

Not that it was much of a problem as an existing customer to open a Cynergy Banks latest easy access account via the fast track route -

Cynergy Bank automatically increasing the rate on Issue 53 is even better 

I've had many Cynergy savings accounts and repeatedly had to Fastrack to a new account when they brought out a better paying product. In my experience they have never previously increased the rate on existing accounts. So I logged on this morning to check and, to my surprise, indeed it suggested rate has been increased to 1.85%. However, I've found something contradictory and worrying in their Summary Box and Key Product Information for my product. Yes it says:
1.85% AER variable....
but reading on further down it says:
Rates shown are for accounts opened after 5.00pm 16 August 2022.

but at no time have they sent me any information saying my account (which was opened on 9 August) qualifies thereby contradicting the suggestion my rate has increased to 1.86%. Based on past experience, I might need to Fastrack to get the same better rate offered to customers opening from 16 August. I've sent them a secure message asking them to unravel this confusion.

AndyTh_2

My new Cynergy Easy Savings account I opened after 5pm also says it's issue 53 now.

Molehusband

Daliah said:

SpanishBlue said:

Mine is also now showing the new rate of 1.85%.

Issue number is still blank, but I don't see that as a problem.

Same for me. It was still 1.63% last night but is now 1.85%. 

Have you read the latest Summary Box and Key Product Information which gives the interest rate as 1.85% but qualifies this by saying:
Rates shown are for accounts opened after 5.00pm 16 August 2022
suggesting that accounts opened before then may not receive 1.85%. What date did you open your account?

oligopoly

whatleytom87 said:

What account is it? I’m not aware of any that pay 1.4% at the moment?  If it’s easy access then the accrued interest to date should capitalise and be added to the closing balance if you close the account. 

Ah you're right - "only" 1.2% - even more of a reason to switch then! Probably leave a pound in there and then I'll get a little surprise next April...

veryintrigued

Molehusband said:

Ifts said:

whatleytom87 said:

SpanishBlue said:

How do you know which issue number you have?

I opened the latest issue (1.60%) on 5th August, but issue shows as blank when I look online.

I can’t recall where it shows on the Online Bank, but the 1.60% rate was Issue 53 so you will benefit from the uplift. 

Yes Issue 53 (opened 5/8/22) automatically updated for me to the new 1.85% rate.

Not that it was much of a problem as an existing customer to open a Cynergy Banks latest easy access account via the fast track route -

Cynergy Bank automatically increasing the rate on Issue 53 is even better 

I've had many Cynergy savings accounts and repeatedly had to Fastrack to a new account when they brought out a better paying product. In my experience they have never previously increased the rate on existing accounts. So I logged on this morning to check and, to my surprise, indeed it suggested rate has been increased to 1.85%. However, I've found something contradictory and worrying in their Summary Box and Key Product Information for my product. Yes it says:
1.85% AER variable....
but reading on further down it says:
Rates shown are for accounts opened after 5.00pm 16 August 2022.

but at no time have they sent me any information saying my account (which was opened on 9 August) qualifies thereby contradicting the suggestion my rate has increased to 1.86%. Based on past experience, I might need to Fastrack to get the same better rate offered to customers opening from 16 August. I've sent them a secure message asking them to unravel this confusion.

Look at my two screenshots above.

The projected interest has changed.

That's good enough for me (for a 53 account opened on 05/08/22)

Bobblehat

Cynergy emailed just now confirming Issue 53 increasing to 1.85%, wef 16th Aug, no action needed by account holder. I opened mine on 5th Aug, so I reckon the SB&KPI is a little ambiguous!

Molehusband

veryintrigued said:

Molehusband said:

Ifts said:

whatleytom87 said:

SpanishBlue said:

How do you know which issue number you have?

I opened the latest issue (1.60%) on 5th August, but issue shows as blank when I look online.

I can’t recall where it shows on the Online Bank, but the 1.60% rate was Issue 53 so you will benefit from the uplift. 

Yes Issue 53 (opened 5/8/22) automatically updated for me to the new 1.85% rate.

Not that it was much of a problem as an existing customer to open a Cynergy Banks latest easy access account via the fast track route -

Cynergy Bank automatically increasing the rate on Issue 53 is even better 

I've had many Cynergy savings accounts and repeatedly had to Fastrack to a new account when they brought out a better paying product. In my experience they have never previously increased the rate on existing accounts. So I logged on this morning to check and, to my surprise, indeed it suggested rate has been increased to 1.85%. However, I've found something contradictory and worrying in their Summary Box and Key Product Information for my product. Yes it says:
1.85% AER variable....
but reading on further down it says:
Rates shown are for accounts opened after 5.00pm 16 August 2022.

but at no time have they sent me any information saying my account (which was opened on 9 August) qualifies thereby contradicting the suggestion my rate has increased to 1.86%. Based on past experience, I might need to Fastrack to get the same better rate offered to customers opening from 16 August. I've sent them a secure message asking them to unravel this confusion.

Look at my two screenshots above.

The projected interest has changed.

That's good enough for me (for a 53 account opened on 05/08/22)

When I opened the account on 9 August I don't recall seeing any mention of it being Issue 53 (no Issue number given which was not helpful). I was alerted by several posts here to log on to my account. As usual I went immediately to their Fastrack which clearly suggested that I could apply for a new product offering 1.85% rate to accounts opened after 5.00pm 16 August 2022. If I already get 1.85% Cynergy, should remove the misleading info about the rate applying only to new accounts opened since 16 August.

I'm awaiting Cynergy's response to my secure message requesting removal of this ambiguity.