Cynergy Bank

Gummomarx

I wonder why Cynergy has lost second place in the Top standard one-year fixes list despite still having a 1.86% rate.

Daliah

I am not sure what criteria are applied on the Top standard one-year fixes list as there seem to be better several deals about.

Flagstone charges an annual management fee of between 0.15% p.a. and 0.25% p.a. depending on the value of deposits you
hold, so that knocks a substantial amount off the return your can get there.

HL Active Savings are offering a similar service as Flagstone does, with no annual fee. They currently have 1 year fixes with 1.86% (min £1,000) and 1.85% (min £1). They also offer a small cashback deal right now, but only for deposits of £10,000 or more.

If you have at least £5K, you can go directly to Al Rayan for 1.86%.

Gummomarx

Cynergy has jumped back into 2nd place.

duggzdebuggz

I followed Martin's advice on Cynergy and tried to open an easy access account online.  I thought I had done so, and deposited £500 into the account.  I didn't get a confirmation, so I tried to contact them.  Apparently, I hadn't registered online.  I filled out the form on line, I chose online because I am partially deaf, as well as being a senior citizen.  However, I was asked to contact them by phone.  Reluctantly, I did so and, over a very poor gabbly line, I was informed that due to having a previous savings account a number of years ago (which I had closed) which had a different email address on it, I had been rejected from registering online.  Fair enough...though I did point out that many people, if not most, have different email addresses for different reasons, none of which are for ID fraud.  After going through a massive security procedure, and after much misunderstanding, I was told at the end that I had to use some kind of authenticator app. Now, as an OAP, and with some money available for easy access savings, I have never needed an authenticator app.  And, the reason I wanted an easy access account was because it was offering more savings interest than my present bank, and that it was easy access...I decided not to go ahead.  I asked for the return of my £500 which I had lodge with them in expectation of opening an easy access savings account, and was told that they had no record of the deposit, yet I had carefully sent it via my bank and to check my bank account.  As you can imagine, I was somewhat consternated.  At that point, I said that I wasn't interested, it was much too difficult and that I had decided that it was not 1. an online savings account...and 2.  It was not an easy savings account either.  I had wasted over half an hour of my valuable time, without any offer of recompense.

After the telephone conversation, I received a couple of emails from Cynergy, asking me to fill out a form about how I was dealt with.  It was from some kind of marketing company whom they employ.  I tried to fill it in, but when I tried to reply, my ghostery and other privacy protection software, picked up on the fact that there was almost a thousand trackers attached to my attempted reply, so I didn't bother.  Later on I got another email, asking why I hadn't deposited any money and asking me to do so soon, else I would lose my savings account!!!

I then filled out their complaint form, but it wouldn't allow me to fill it out adequately.  They limit the words...Fine...I can't waste their time, but they are allowed to waste mine.

I hope that you all enjoy this little story of an elderly and partially deaf country bumpkin...and learn the lesson that !% interest versus security and loss of privacy isn't worth it with Cynergy...

ATB

Dougie Rankine.

Voyager2002

I just about managed to open an account with them. The whole process was painful, and all 'account management' actions take about six times as much time as they should. Since their interest rate is only ten pips higher than that offered by Virgin Money's M-saver I do not think it worth the effort.

t0rt0ise

I tried few months ago to open an account. They wanted me to send a copy of my passport signed by a solicitor. I called them to cancel the application. A while later I got an email saying I'd been accepted. I emailed back asking them what they were playing at. They said it was a mistake and I hadn't been accepted and took my email as a formal complaint. A few months later they sent me a cheque for 50 quid. Bizarre behaviour.

Thumbs_Up

t0rt0ise said:

They said it was a mistake and I hadn't been accepted and took my email as a formal complaint. A few months later they sent me a cheque for 50 quid. Bizarre behaviour.

You be giving people ideas now.

Alice_Holt

I did manage to open an easy access account with them, but I haven't yet managed to complete the process to register and log in for online banking. It seems to fall down when using the app, giving me the message  "image not valid".
So, not much use for an instant access account.

I'm hoping when I speak to customer services (again) they will be able to action a verbal request to return the funds back to the bank account they were transferred from.

soulsaver

Alice_Holt said:

I did manage to open an easy access account with them, but I haven't yet managed to complete the process to register and log in for online banking. It seems to fall down when using the app, giving me the message  "image not valid".
So, not much use for an instant access account.

I'm hoping when I speak to customer services (again) they will be able to action a verbal request to return the funds back to the bank account they were transferred from.

You could ask them for a digipass - it generates the authentication code without the need for the phone.

BeardedOneder

I've opened a Cynergy Easy Access savings account and after setting up the "associated" bank details, I elected initially to send £1 as a test. After completing the transfer details with my current account bank, I was advised that Cynergy weren't recognised by the Strong Customer Authentication process and to proceed at my own risk. I proceeded anyway, having checked Cynergy's details with the FCA and as I had got to them via the MSE link, I felt relatively safe (well at least £1's worth safe).

I later logged on to Cynergy (yes, using their authenticator app, but it worked fine for me) and there was my £1. At the same time, I found they had increased the interest rate by 0.1%. Well every little helps as someone once said, so I asked them to include my account on the higher rate.

According to Cynergy's Help Desk, I had to close this account and open a new one. Which also meant deleting and adding them as a payee with my current account, then going through the same dire warnings about my current account bank not knowing who Cynergy are.

I checked with both banks and they say there's nothing they can do. Cynergy told me that they don't participate in the SCA scheme. Basically, I'm sending my money at my own risk. I sent a second £1 from my "new" Cynergy account and it also arrived, but it does not fill me with any confidence.

However, if each time they change the interest rate (upwards, which we're all hoping for), I have to create a new Cynergy account and amend my payee with my current account bank. To much of a faff and I'm closing my Cynergy account shortly

Daliah

You do not have to close your existing account when you open a new one, and if you prefer to stick with the sort code/acct number you have already verified. You would just continue to send money to the verified account, and then make an internal transfer in Cynergy.

There is nothing to worry about once your £1 payment has arrived. All transfers between banks just require a sort code and account number, and sometimes a reference number. There is no magic involved.

The Confirmation of Payee (not the same as SCA, and SCA is not what you want here) is a system which only a handful of banks have implemented. It can be helpful but it is no more safe than the £1 test you can carry out yourself.