The Top Easy Access Savings Discussion Area

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.

sturgeon

I was about to open a Cynergy account as the fuss with Santander to post documents is laughable. However I see Cynergy only pay interest annually not monthly. How does that work, what if I want to withdraw my cash within weeks or months, do I not get interest unless I leave it in for a year? 

Daliah

sturgeon said:

I was about to open a Cynergy account as the fuss with Santander to post documents is laughable. However I see Cynergy only pay interest annually not monthly. How does that work, what if I want to withdraw my cash within weeks or months, do I not get interest unless I leave it in for a year? 

you will get all the interest your money has earned. It will be paid either on the annual payday or when you close the account, whichever is the earlier

chris_the_bee

sturgeon said:

I was about to open a Cynergy account as the fuss with Santander to post documents is laughable.

A large number of accounts have been opened without any documents being required. They may be required if there is a difference between Santander's record and the application form. You could apply and see if you are accepted first time. 

homi

I know it is hard to say but what bank consistently offers one of the higher interest rates without the need to keep upgrading and just applies the new rate to the current product. 

Got sick of Tescos / postoffice who increase their rates but made you apply for a new product to get the higher rate ( ended up with 5 saving accounts with tescos within 18 months).

Currently hold quite a bit in Chase at 1.5% and do not mind swapping banks but keep upgrading the accounts within the same bank does my head in.

RG2015

homi said:

I know it is hard to say but what bank consistently offers one of the higher interest rates without the need to keep upgrading and just applies the new rate to the current product. 

Got sick of Tescos / postoffice who increase their rates but made you apply for a new product to get the higher rate ( ended up with 5 saving accounts with tescos within 18 months).

Currently hold quite a bit in Chase at 1.5% and do not mind swapping banks but keep upgrading the accounts within the same bank does my head in.

Ford Money have an easy access saver that always gives the latest rate to existing customers. It is currently 1.95% so well below Santander's 2.75% but well above Chase's 1.50%.

The main downside though is withdrawals arrive the day after being requested. Interest is paid monthly.  

Daliah

RG2015 said:

homi said:

I know it is hard to say but what bank consistently offers one of the higher interest rates without the need to keep upgrading and just applies the new rate to the current product. 

Got sick of Tescos / postoffice who increase their rates but made you apply for a new product to get the higher rate ( ended up with 5 saving accounts with tescos within 18 months).

Currently hold quite a bit in Chase at 1.5% and do not mind swapping banks but keep upgrading the accounts within the same bank does my head in.

Ford Money have an easy access saver that always gives the latest rate to existing customers. It is currently 1.95% so well below Santander's 2.75% bell well above Chase's 1.50%.

The main downside though is withdrawals arrive the day after being requested. Interest is paid monthly.  

Cynergy, now also tops with 2.75%, are now automatically upgrading your account to their latest rate. Equally, Santander can upgrade to their latest rate, as it's a variable rate. Neither will guarantee you the top rate, and one or both of them will come as a shock to someone who is used to app-only operation of their account. If high interest is important to you, you need to be prepared to move your money about a bit now and then.

jak22

It's hard to say who consistently good - its easier to spot who's consistently bad.

Many have started using "issues" - theyve learned that's a great way to get to the top of rates tables while under-paying any existing customers with inertia.

It's just an irritant to live with if you have to open another account with the same bank - as is having to give whats effectively a day's notice to withdraw - it would be nice to avoid those banks but the rate is still the most important thing.

[Deleted User]

Opted to go with Santander because I am already familiar with them from the Santander 123 days.

I am glad I opened the esaver account and my mom was also interested so helped with opening hers also.