The Top Easy Access Savings Discussion Area

veryintrigued

Cynergy

Can someone reminde.how long funds take to show on these accounts.

Currently waiting for three hours for a slightly less than £10k from Nationwide 

TIA

Bobblehat

AndyTh_2 said:

Molehusband said:

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

All 87 of them 

soulsaver

Bobblehat 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.

So when they have a new issue at a new rate, AFAIK they don't email you, you find out by media: MSE, Savings Champion, Moneyfacts etc.

So, up to now (Issue 53), given that each Cynergy interest rate rise has been associated with a new issue, rather than an interest rate rise on an existing issue, what emails have you had on your existing accounts? Have I missed something?

Cynergy have made loads of interest rate changes. You think they launched this year? 

MiserlyMartin

veryintrigued said:

Cynergy

Can someone reminde.how long funds take to show on these accounts.

Currently waiting for three hours for a slightly less than £10k from Nationwide 

TIA

I'm presuming that after close of business on a working day the balance won't show until the next working day. I know they have the money because I got an email thanking me for the inital deposit, yet nothing shown with online banking

t1redmonkey

MiserlyMartin said:

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!

We've got 4 easy access accounts at or above the BOE base rate at the moment, not sure what you're expecting.  It's the BOE's fault there's a massive disparity between the inflation rate and the interest rate, not the regular banks.

Bobblehat

soulsaver said:

Bobblehat 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.

So when they have a new issue at a new rate, AFAIK they don't email you, you find out by media: MSE, Savings Champion, Moneyfacts etc.

So, up to now (Issue 53), given that each Cynergy interest rate rise has been associated with a new issue, rather than an interest rate rise on an existing issue, what emails have you had on your existing accounts? Have I missed something?

Cynergy have made loads of interest rate changes. You think they launched this year? 

I am aware that Cynergy have made loads of interest rate changes. The question was specifically about receiving emails from them notifying account holders that rates have increased. It seems that I and several others are saying that the increase to issue 53 is the first email we have ever had informing us of the increase. We are also saying that despite holding earlier issues, no emails were sent informing us of a new higher interest Issue.

Your statement that you have "had loads of Cynergy interest movement email notifications" seemed to imply that you were getting emails from Cynergy that we weren't and I, and at least one other, are asking if that was the case? Did you receive email notifications from Cynergy that they were increasing the interest rates on a new Issue, or have we misinterpreted your statement about receiving "loads of Cynergy interest rate movement email notifications"? I apologise in advance if it's the latter.

soulsaver

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 53). 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?

As said, if you haven't got the issue, you wouldn't be notified - so if you closed earlier issues you wouldn't get rate change notifications on them.

MiserlyMartin

https://www.ybs.co.uk/boe-rate-change

As a result of the recent Bank of England announcement to increase the Bank Rate, we’ll be increasing the interest rates across almost all our variable* rate savings accounts by 0.40 percentage points to a minimum of 1.40% from 1st September 2022.

Find out more about the rates to be applied from 1st September 2022.

Like I say, it takes them a month to raise the savings rates, and next month it'll be the same again.

I know this isn't the ISA thread but the only decent rate that YBS have been offering is the loyalty 6 ISA and that is going to 1.8% from 1.4%, so not the full 0.5% rise, which is shameful of YBS

MiserlyMartin

Mr._H_2 said:

MiserlyMartin said:

RG2015 said:

MiserlyMartin said:

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!

The latest forecast is for average energy prices to reach £5,000 per annum in April 2023. Before April 2022 the price cap was about £1,300.

I am not sure that you can really equate this with low interest rates for savers.

In any case I doubt there is much mileage in squealing about it.

I think there should be mileage in it. MSE Martin is on TV all the time about it. The price cap has caused nothing but problems, it never should have been done. It was one of Teresa Mays stupid ideas, all it did was make the price we pay artificially low causing energy companies to go bust. And then eventually as the cap rises back to the real value of energy it comes as a massive shock to consumers - big leap

Is there a thread somewhere else discussing the politics of the energy price cap? I fear you are opening a can of worms that will quickly derail this thread.

I don't know, but this is not political. If someone has a 200k pension pot or savings (not much) inflation is eroding it by £20k a year. Peoples pensions are being lost and interest rates need to keep up with it. As much pressure as is being piled on over energy costs in media should be piled onto the Bank of England by people like MSE to raise rates to 10%.

Mr._H_2

MiserlyMartin said:

Mr._H_2 said:

MiserlyMartin said:

RG2015 said:

MiserlyMartin said:

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!

The latest forecast is for average energy prices to reach £5,000 per annum in April 2023. Before April 2022 the price cap was about £1,300.

I am not sure that you can really equate this with low interest rates for savers.

In any case I doubt there is much mileage in squealing about it.

I think there should be mileage in it. MSE Martin is on TV all the time about it. The price cap has caused nothing but problems, it never should have been done. It was one of Teresa Mays stupid ideas, all it did was make the price we pay artificially low causing energy companies to go bust. And then eventually as the cap rises back to the real value of energy it comes as a massive shock to consumers - big leap

Is there a thread somewhere else discussing the politics of the energy price cap? I fear you are opening a can of worms that will quickly derail this thread.

I don't know, but this is not political. If someone has a 200k pension pot or savings (not much) inflation is eroding it by £20k a year. Peoples pensions are being lost and interest rates need to keep up with it. As much pressure as is being piled on over energy costs in media should be piled onto the Bank of England by people like MSE to raise rates to 10%.

Raising rates to 10% would have a huge effect on the economy overall, not just on savers. So yes, it is political.