Think carefully before putting money in cynergy bank

[Deleted User]

Everyone should think carefully before putting money in cynergy bank:

http://

johnhelmer.net/might-makes-right-the-case-of-victor-vekselberg-versus-cynergy-bank/

Ifts

No, not everyone, only those that have been placed on a list of “Specially Designated Nationals” by the US Government and only then if payment paid out by Cynergy Bank constitutes a “significant financial transaction” (in this case £3 million):
https://www.shlegal.com/news/what-does-mandatory-law-really-mean-lamesa-v-cynergy

And Cynergy Bank is a member of the Financial Services Compensation Scheme (FSCS):
https://www.cynergybank.co.uk/about-us/financial-services-compensation-scheme/

[Deleted User]

That article is about three groups of people. I was referring to just one of them. cynergy bank. If you invest or borrow money from them, and they get the chance to profit by leaving you high and dry, they will. That's what that, and many other articles, will tell you. The bank is run by very nasty people. If you lend them money as savings, the fscs will refund your invested money, without any interest, if the bank goes under. If you borrow from cynergy bank, and that's the main thrust of what they do, you are very much in danger of being crushed. It's as simple as that. No amount of rules and regulations will help you, as any contract you sign will give them all the power and you none. You are much better off going to another bank, if safety matters at all to you.

Ceme3000

So you created a forum account yesterday, started one thread telling us that Raisin bank are dishonest and not to be trusted, and then in this thread you tell us that Cynergy is run by very nasty people and that we should think carefully about using them.  Who's next on your hit list I wonder?

[Deleted User]

Friendly here isn't it? Well, I bow to your all knowing all seeing eye. If all I have posted is negative that's because that's what I know. Nothing I have said is untrue. But, whatever. I will leave now as I am obviously not welcome here.

d63

myami said:

.... If you lend them money as savings, the fscs will refund your invested money, without any interest, if the bank goes under. ...

is that correct? i thought that i had read somewhere if the bank did go under, you would not only get your money back but also any interest that would have accrued up to that point. (well, up to the £85k limit of course)

Gordon_the_Moron

It's true that accrued but unpaid interest is not FSCS protected. That's why I go for monthly interest anywhere I can if I'll not lose out from doing so.

Uxb1

The only example of this in practice was the Icesave collapse
There he FSCS paid your accrued interest up to the day of the collapse into your Icesave account prior to refunding you.
(The FSCS took over the Icesave online portal which was run by a UK based group and refunds were dealt with via the portal back to your linked bank account thus avoiding a paper based compensation process)
The other collapsed Icelandic bank Kaupthing had its savings side taken over by ING Direct which simply carried on the accounts seamlessly so there was no FSCS payout done.

mikb

Uxb1 said:

The only example of this in practice was the Icesave collapse
There he FSCS paid your accrued interest up to the day of the collapse into your Icesave account prior to refunding you.

For 1-2-3 year bonds, that was one option given -- money back "now" with accrued interest so far and no further liability.
The other option was to leave money with the FSCS as if still invested, and receive interest over the 1-3 year period of the bonds, in full -- the only change being it wouldn't be paid out the end of each bond-year as per T&C, but in one full payment at the end. This was a good option