The Top Easy Access Savings Discussion Area

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.

janusdesign

their historic rates excel spreadsheet shows Issue 53 was launched on 4th August - so any account you opened after that date should be Issue 53 I think.

Molehusband

Bobblehat said:

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!

Thanks, that's very interesting. I recently contacted Cynergy to request they send me email when new products come along and interest rates change. Their response through a secure messages to me said:
"The interest rates offered between issues can vary ? both upwards and downwards. We do not personally notify customers when we offer new issues, nor do we automatically upgrade for the reason that new issue pricing can move both upwards and downwards. This offers benefits in a downward interest rate environment."

Given Cynergy appear to be refusing to send me similar notification emails of the type you have just received, can can you tell me how you persuaded them to put you on that notification list?