The Top Easy Access Savings Discussion Area

EthicsGradient

Molehusband said:

soulsaver said:

I've had loads of Cynergy interest rate movement email notifications.

You get them for accounts you have, not for ones that you don't have.

I've had 12 Cynergy savings accounts of late. Today was the very first time I received an interest rate movement email (reference Easy Access Issue 43). All my other accounts never had even a single rate change. Instead, until now Cynergy always forced me to close & open a new account through Fastrack to get a rate change.

Please give some idea of these "loads of Cynergy interest rate movements" you've had. What accounts were they?

I happen to have an Issue 43 account I was keeping open with just £1, in case I wanted to set up a new one quickly, as now seems a good idea. What has your email said - that the Issue 43 rate is changing automatically to the higher one, or just that Issue 53 is available and you might like to open a new account?

I have had email notifications of reductions in interest rate in the past. Whether that's what soulsaver meant, I don't know.

isasmurf

Cynergy (and their previous name of Bank of Cyprus) have changed the rate on existing Online Easy Access Savers in January 2017 (increase),  September 2018 (increase),  May 2020 (decrease),  June 2020 (decrease) and January 2021 (decrease). 

Molehusband

isasmurf said:

Cynergy (and their previous name of Bank of Cyprus) have changed the rate on existing Online Easy Access Savers in January 2017 (increase),  September 2018 (increase),  May 2020 (decrease),  June 2020 (decrease) and January 2021 (decrease). 

Yes I was with Bank of Cyprus too and what you're saying is probably correct. However, Cynergy's arrival was all change, not just the name but also totally new website with introduction of Authenticator together with rate changes implemented through Fastrack. No account rate changes but instead customers being obliged to close accounts & open new ones for rate change.

whatleytom87

AndyTh_2 said:

whatleytom87 said:

Must be taking into account customer feedback! 

It may more likely be that they needed to stave off customer loss for their own supply and demand needs.

Creating new issues was also a means to manage that in a different way, i.e. trying to gain new deposits without increasing existing costs proportionally.

So no doubt they'll do new issues again in the future.

Have a look at the bottom of the email 

AndyTh_2

whatleytom87 said:

AndyTh_2 said:

whatleytom87 said:

Must be taking into account customer feedback! 

It may more likely be that they needed to stave off customer loss for their own supply and demand needs.

Creating new issues was also a means to manage that in a different way, i.e. trying to gain new deposits without increasing existing costs proportionally.

So no doubt they'll do new issues again in the future.

Have a look at the bottom of the email 

I didn't get the email as was only on issue 51 before (with only £1 in), which didn't get the increase, and is still 1.32%. What did that part of the email say?

Molehusband

AndyTh_2 said:

whatleytom87 said:

AndyTh_2 said:

whatleytom87 said:

Must be taking into account customer feedback! 

It may more likely be that they needed to stave off customer loss for their own supply and demand needs.

Creating new issues was also a means to manage that in a different way, i.e. trying to gain new deposits without increasing existing costs proportionally.

So no doubt they'll do new issues again in the future.

Have a look at the bottom of the email 

I didn't get the email as was only on issue 51 before (with only £1 in), which didn't get the increase, and is still 1.32%. What did that part of the email say?

Let me take this opportunity to thank you for your continued custom.

Yours sincerely,

Thomas Whatley
Head of Savings

MiserlyMartin

UncleK said:

I had an issue 53 with the old rate and now moved to the new one. Ho hum

I have an issue 52 , its still at 1.46% so I opened an issue 53. They really ought to apply the new interest rates automatically. So that's blown Zopa out before I put any money in (they took too long to 'verify my linked bank account')

AndyTh_2

Molehusband said:

AndyTh_2 said:

whatleytom87 said:

AndyTh_2 said:

whatleytom87 said:

Must be taking into account customer feedback! 

It may more likely be that they needed to stave off customer loss for their own supply and demand needs.

Creating new issues was also a means to manage that in a different way, i.e. trying to gain new deposits without increasing existing costs proportionally.

So no doubt they'll do new issues again in the future.

Have a look at the bottom of the email 

I didn't get the email as was only on issue 51 before (with only £1 in), which didn't get the increase, and is still 1.32%. What did that part of the email say?

Let me take this opportunity to thank you for your continued custom.

Yours sincerely,

Thomas Whatley
Head of Savings

sounds like they are listening to customer feedback then

MiserlyMartin

This is all very pathetic, here we are scrabbling around to get the latest, still pathetically low savings rate while inflation is running over 10%. Most banks/BS barely managed to pass on the full last 0.25% rise and the last 0.5% rise they have applied slowly and in tiny bits if we are lucky. Next month we will likely get another 0.5% base rate move and these banks will still be dragging their heels. People are squealing about energy prices but not about the poor deal savers have had for decades!

Kazza242

Yorkshire Building Society have announced that they will increase the interest rates paid on their Internet Saver Plus accounts (issues 11 & 12) from 1st September to:

1.75% on £50,000+, 1.70% £10,000+ and 1.50% £1+

See https://www.ybs.co.uk/boe-rate-change for the full list of their rate changes.