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Section62

whatleytom87 said:

Bobblehat said:

Silverbullet036 said:

Crikey Cynergy only moved to 2.12% on the 5th October , a week later a nice big jump to 2.75%. Glad I didnt drain that account to fund Santander

I drained most of Cynergy for Santander 

I can guarantee Santander won’t be increasing your rate, Cynergy have been doing so of late. I think the Santander rate drops to 0.20% after 12 months?

Guarantee?

It is a variable rate, so who knows what might happen in these crazy times.

gt94sss2

oz0707 said:

What's annoying me is the constant undercutting of boe rate increases. Ie .5% increase boe and.4% Bank. I know they're not a charity but surely their margin is already built in?

Its annoying but the banks would argue that previously reduced their margins and are now just rebuilding them to "normal" levels

andyhicks88

I think the rate isn't the be all and end all though with everyone, some people have different preferences. I like to be able to use an app, I like to be able to have monthly interest, I like transfers to be quick if not instant....so for me I'll take a slightly lower rate than the leaders if it means I get all those things.  Luckily at the moment all those things are covered in one of the top rates.

callum9999

oz0707 said:

What's annoying me is the constant undercutting of boe rate increases. Ie .5% increase boe and.4% Bank. I know they're not a charity but surely their margin is already built in?

I am going to drain accounts with banks who've been doing this. 

Why are you boycotting them if you know it's a rational commerical decision? It makes no sense for them to be increasing rates in full if they're able to attract sufficient deposits at a lower rate.

oz0707

callum9999 said:

oz0707 said:

What's annoying me is the constant undercutting of boe rate increases. Ie .5% increase boe and.4% Bank. I know they're not a charity but surely their margin is already built in?

I am going to drain accounts with banks who've been doing this. 

Why are you boycotting them if you know it's a rational commerical decision? It makes no sense for them to be increasing rates in full if they're able to attract sufficient deposits at a lower rate.

It's not so much on principle it's just that I'd rather have my cash with the banks who are a bit quicker and generous with the rate rises. 

I'm not so sure about margins getting back to normal. Surely it depends on difference between rates for lenders and savers?

Bridlington1

Wheres_My_Cashback said:

I'll l put money on Al Rayan beating 2.75% within a week now.

In the meantime I'll be putting the money I have in Al Rayan into Cynergy whilst I wait for them to jump to the top of the table again. Once they reclaim the top spot my money will go back again.

jak22

If there has to be a couple of pages of chat posts any time there's one useful post like the Cynergy rise, then it's a good thing that we're seeing rates well above the BoE rate - which I think used to be the norm once. Perhaps Chase did it first with a 1.5% fix but hopefully it's going to become more widespread.

ASL1

What are the pros and cons of Santander v Cynergy?

whatleytom87

ASL1 said:

What are the pros and cons of Santander v Cynergy?

Cynergy have been amending their rates as base rate has changed and the rate has a small bonus. Available as a joint account as well. 

Santander appears to be a limited edition single rate, not continually amended on an ongoing basis and set to expire to a 0.20% rate in 12-months. 

If it's not all about rate Santander is obviously accessed via web and app, Cynergy is web only. 

Otherwise don't believe there's much else in the way of differentiation. Both obviously FSCS covered so nothing to worry about there. 

t1redmonkey

I prefer the Santander account, mainly because it’s easier to access (via app) whereas Cynergy has a bit of a cumbersome way to access it (and no app).  That said, I’m moving back some money to Cynergy from my secondary account with Al Rayan since they’re 0.4% better than them now.  I’ll move it back to Al Rayan if they up their rates soon.