Cynergy bank Online Easy Access Account 0.70% AER

SeriousHoax

Cynergy Bank back at the top of easy access 0.70% AER.

Cynergy Bank currently pays the top easy-access rate of 0.7%. Its account allows unlimited withdrawals and can be opened online with £1. However, the rate drops to just 0.3% after a year, so remember to check back then for better options.


( I just closed my old cynergy bank account & opened this one with fast track)

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

musicman2004

Cynergy Bank brought out their new 'better' bank account and rate on 19th November at 5.30. Luckily, I spotted this new rate on MoneySavingExpert (thanks, Martin as usual) and so opened a new account immediately. I was impressed that their 'Fast Track' worked and within 40 seconds I had a new 'better' account opened without difficulty. I then moved money over (easy) and so now get a few pennies extra each month! (I'm a Yorkshireman so that has cheered me up a lot!) 

I like Cynergy Bank but wish they had a Phone App. I cannot get their Authenticator App to 'talk to' my smart-phone when I just want to use my smart-phone; it works ok when I have both laptop and smart-phone together. 

I wonder if this latest interest rate rise is the start of a few more (before the Bank of England raise theirs)?

1882

Just fast tracked and moved the cash from the 0.66% account which wasn't open very long as I moved to it from their 0.60% account. I suppose it saves them interest as not everyone will realise/care/be bothered to move to the newer one. 

soulsaver

Thanks OP. This incentivised me to sort out getting the Cynergy app on my new phone.

The objective was to do this without phoning them (no choice, Sunday night..).
Their instructions could be improved... to say the least. .. but got there eventually. I guess it's why their app only gets one star.

whatleytom87

soulsaver said:

Thanks OP. This incentivised me to sort out getting the Cynergy app on my new phone.

The objective was to do this without phoning them (no choice, Sunday night..).
Their instructions could be improved... to say the least. .. but got there eventually. I guess it's why their app only gets one star.

If you don't mind me asking, what were the main things that you'd point out for improvement? Thanks

soulsaver

whatleytom87 said:

soulsaver said:

Thanks OP. This incentivised me to sort out getting the Cynergy app on my new phone.

The objective was to do this without phoning them (no choice, Sunday night..).
Their instructions could be improved... to say the least. .. but got there eventually. I guess it's why their app only gets one star.

If you don't mind me asking, what were the main things that you'd point out for improvement? Thanks

Try working through re- registering the authenticator app. Then you can post here what the issues were - save me revisiting it.

typistretired

I had to re register my Authenticator app 3 hours after I had already been using it to set up new savings account. Not closed the others opened this year yet despite pending interest showing in them.

soulsaver

soulsaver said:

Thanks OP. This incentivised me to sort out getting the Cynergy app on my new phone.

The objective was to do this without phoning them (no choice, Sunday night..).
Their instructions could be improved... to say the least. .. but got there eventually. I guess it's why their app only gets one star.

Well, after palaver with the app..
and even though I have 4 or more accounts there, and have had for at least 10 years..
and AFTER depositing a 5 figure sum, I get this:

                     

Dear SS

Holding up to date customer identification helps banks like Cynergy keep your money safe. At Cynergy Bank, we have been working hard to make it secure, quick and easy for you to verify your identity electronically with us.

What you need to do

Please update and verify your identification by following the step-by-step process below:

Step 1: Read  Cynergy Banks Privacy Policy – by clicking on the link in Step 4 below, and starting your ID Verification process, you are confirming you have understood and accepted this privacy policy

Step 2: Locate the ID document type you wish to use – this can be a UK passport or UK driving licence

Step 3: Decide which device you will use – either a computer with a webcam, your smartphone or tablet (if it has a camera)

Step 4: Click here to start the ID Verification on your chosen device. You will be taken to our ID Verification partner Jumio to complete the verification. Please note, you will have 15 minutes to complete the process

Step 5: Follow the on-screen instructions to take a photo of your ID document (or upload an image of it) and then capture your selfie image by selecting Start when you are positioned and ready

Please note, if the ID/Selfie cannot be verified we may send you another request to repeat the process.

Need Help?

We encourage you to independently verify this request by checking the Cynergy Bank website, where you can also read more about ID verification on the FAQ’s section.

If your secure ID Verification link has expired please contact us via OLB message, email or call to request a fresh link.

To request a new secure ID Verification link via email, please contact: CDDVerifications@cynergybank.co.uk

If this was a 2 minute job I'd do it, but in my experience the software is flakey, and useless without perseverance; maybe useless 'cos I didn't get finished, giving up at the first failure. 

Now, it maybe me, but 'your eyes are closed' when they're not was the last straw when there are really EASY other options, like Tesco for admittedly less, but only 0.01% less.

The only good news was I was able to withdraw said 5 figure sum without it being ransomed to the ID process..

IronstoneIzadora

I'm going to start putting aside some money regularly for a trip I need to take next year.  Am looking at Cynergy due to the highest interest rate and the ability to withdraw if need be.

Are people generally happy with this bank?  Any problems/issues to look out for?  My second choice is the 0.5% savings account with Santander as I've just switched to them, and there is an appeal in having both accounts in one place, on one app!

thanks

10_66

I've used them for a while.  I use them via my PC (not app) and have to use a "digipass", which is a bit of a faff but ok once you're used to it.

hugheskevi

I'm very happy with them after joining them a few months ago. Key points to note:

• Seemingly very good but not very intrusive account security
• Have to download an app, then each time you log on use it to read an on-screen code and generate a number to enter - a bit like a text message in terms of phaffing around, very straightforward once you have the app sorted which is straightforward.
• Very quick movements of money into and out of account - transfers usually showing within about 5 minutes or so.
• Good, simple, minimalist on-screen account display.