The Top Easy Access Savings Discussion Area

Molehusband

soulsaver said:

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 to closed earlier issues you wouldn't get rate change notifications on them.

So you prefer to keep open earlier issues which pay a poor rate of interest instead of putting all your money into the new issues paying better rates? That seems an unusual and curious way of operating savings accounts.

infoadict

Just a heads up for those still waiting for the new money to show in the Cynergy Issue 53 or are about to open it, please take heed

I (and others) who had a previous Issue with Cynergy  kept it live so as to not have to keep setting up a new payee from their linked account each time a new Issue came up. Yesterday I opened the new Issue 53, and did an "Internal transfer and Close Account" transaction.. Then rushed to put a big chunk into the new account. - it didn't show.

Concerned, I dug deeper and found I had wrongly closed the Issue I had from my linked account. Thus have tried to pay into a non existent account. Cynergy say it can take up to 5 working days for this to bounce back.

It really does pay (pun intended) to keep an accurate record of the Issue account numbers, so others don't do as I have done

EDIT -  I've received a call from Cynergy and they are going to manually transfer the funds into the new Issue 53 for me - result!!

Sea_Shell

Well, I'm glad i keep a float with Marcus,  as my phone has died,  and they dont need an app or otp to make withdrawal to linked account .

soulsaver

MiserlyMartin said:

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.

Thanks,.... YBS new rates added in to Top Easy Access accounts ranked (ToTP) on page 671, this thread. 

Bridlington1

UBL's easy access account via raisin has gone up to 1.66%.

mebu60

Newbie first post but have been lurking for a while. 

Would like to start by saying thank you to soulsaver for their Top Of The Pots productions plus also the person who suggested leaving minimum balance in accounts, that worked well recently with Shawbrook who fell well behind temporarily. No, I've not had any issues with Shawbrook! Particularly useful tip about maintaining minimum balance if increased rate not made available to new customers.

Cynergy. My issue 53 was still showing 1.6% so I opened a new account (no issue no allocated) for the 1.85%. Received email saying it was open but wasn't showing online. But issue 53 now 1.85%. Messaged asked what was going on. The following morning the new account appeared (still no issue no). Then belatedly the email advising the interest rate rise to the existing issue 53. I have closed and withdrawn the (nil) balance on the newly opened account. I have also messaged Cynergy complimenting them on raising the rate on an existing account rather than creating a new issue that they don't tell customers about (though their fast-track, transfer and close process is one Sainsbury's and Tesco would do well to copy) but suggested next time they communicate in a more timely fashion and send the email first to save a lot of hassle and confusion. 

Gatehouse. Real shame they insist on minimum deposit for first payment (£1k in their case). They say that rejection of smaller test amount indicates details correct but I'd rather see a nominal sum in the account before I start transferring larger sums. 

soulsaver

mebu60 said:

Newbie first post but have been lurking for a while. 

Would like to start by saying thank you to soulsaver for their Top Of The Pots productions 

You're very welcome eta

MiserlyMartin

Mr._H_2 said:

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

I did reply to this earlier on but the post seems to have strangely vanished. Inflation at 10% has a huge effect on the economy overall. I remember when getting 10% from a savings account was the norm. RPI is 13%. If the the Bank of England does not get a lid on infation now, there will be even more pain later economically. Do you want hyperinflation? It is the banks main job to keep inflation at 2% and they have been failing for years. The Bank of England is not a political being. My post is purely from the perspective of savings rates and inflation. More needs to be done about this, just like energy cost is covered in the media so should this subject.

MiserlyMartin

infoadict said:

Just a heads up for those still waiting for the new money to show in the Cynergy Issue 53 or are about to open it, please take heed

I (and others) who had a previous Issue with Cynergy  kept it live so as to not have to keep setting up a new payee from their linked account each time a new Issue came up. Yesterday I opened the new Issue 53, and did an "Internal transfer and Close Account" transaction.. Then rushed to put a big chunk into the new account. - it didn't show.

Concerned, I dug deeper and found I had wrongly closed the Issue I had from my linked account. Thus have tried to pay into a non existent account. Cynergy say it can take up to 5 working days for this to bounce back.

It really does pay (pun intended) to keep an accurate record of the Issue account numbers, so others don't do as I have done

EDIT -  I've received a call from Cynergy and they are going to manually transfer the funds into the new Issue 53 for me - result!!

It's a very easy thing to do. Their website is clunky and not easy to use, easy to mix up the account numbers in just a drop down box. I withdrew money from their ISA into a savings account, when I had intended it to go into the new ISA with the better rate. I realised what I had done once you get to the account overview and called them straight away, but they said they cannot undo it. So that is ISA money from that tax year lost. They need account descriptions alongside the account number box and even a balance would help too, so you know which account its going from and to. Terrible website for that!!

AndyTh_2

Molehusband said:

soulsaver said:

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 to closed earlier issues you wouldn't get rate change notifications on them.

So you prefer to keep open earlier issues which pay a poor rate of interest instead of putting all your money into the new issues paying better rates? That seems an unusual and curious way of operating savings accounts.

They didn't say they were keeping their money in those lower rate accounts, just that they kept them open.

 It's actually useful if you were going over the Personal Savings Allowance, since its annual interest, keeping the account open will mean you delay the taxable event till when you want it.

However it does mean you're not getting interest on your interest by delaying the closure.

Also a valid scenario is keeping one open for the pay in account (to then do an internal transfer to the high rate account), as every time a new issue was added, changing the payee from your source bank account gets re-evaluated for fraud conditions as new payees.