Cynergy Bank

canaldumidi

You are cutting off your nose to spite your face.

I actually like that Cynergy a) regularly increase their rates (many banks/B Socs are far too tardy about this), and b) require a new account to get the new rate. Closing the old account gets interest added to date (compounding) so your balance gradually increases each time, also earning at the higher rate (compounding).

As Daliah says, if you leave your original account open you can continue to make transfers from your bank and then do an internal Cynergy transfer.

Or just do the £1 test which is just as safe as The Confirmation of Payee. which I find often does not work and just scares the bejeesus out of people. The £1 test is in your control and I'd far rather take personal responsibility for my money......

BeardedOneder

My thanks to Daliah and Canaldumidi for your perspective on my concerns. The latter is quite correct about banks scaring the bejeesus out of a person and it's just a healthy paranoia on my part which meant that even after seeing the £1 in the Cynergy account, I still felt a little queasy about putting a few more £££s into their coffers.

The account isn't closed yet and I shall take your ideas on board as I do appreciate their attempts to give us a more "reasonable" interest rate.

nedwilsher

The original post was about Cynergy not showing in second place in the MSE list of easy access accounts. Well, it seems to have happened again. With its 0.15% introductory bonus Cynergy offer 1.85% on their Easy Access account, beating Zopa at 1.81%.

Is there any reason why this account is not listed?

EthicsGradient

The Easy Access account is now shown as "Exclusively available to existing Cynergy Bank customers", so I think that would rule it out from a general listing like MSE's.

Rollinghome

Truth is that most of the banks/BSs paying the best rates tend to have some inconvenience, eccentricity, or annoyance for some people. That might be that they have a cumbersome account-opening system, are app only, or pay "profits" instead of interest.  Or something else. They typically won't have all the bell and whistles of others.

Cynergy is cumbersome to open, with a strange authentication app, and has a labyrinthine website.  It all does seem a bit wacky. and the CEO has acknowledged that they need to improve their systems. In the meantime, they pay rather good interest rates.

You decide what you can live with, and you pays your money etc.

t1redmonkey

nedwilsher said:

The original post was about Cynergy not showing in second place in the MSE list of easy access accounts. Well, it seems to have happened again. With its 0.15% introductory bonus Cynergy offer 1.85% on their Easy Access account, beating Zopa at 1.81%.

Is there any reason why this account is not listed?

MSE removed it the same day they changed the account to existing customers only, so it was definitely for that reason.

SpanishBlue

For anyone who might not have seen it on another thread, Cynergy are currently offering their online easy access account with a rate of 2.90% which includes a 0.15% bonus for the first year.

Patrington

Top marks on highlighting it on this dedicated thread 

Andy7856

Thanks I was an existing customer have now just opened a new easy access (and closed the old one) to gain the better that.  Cynergy's website is a bit clunky but to date I have had no problems with them and recommend them.  

SpanishBlue

Once again, for anyone who might not have seen it on another thread, Cynergy are currently offering their online easy access account with a rate of 3.25% which includes a 0.15% bonus for the first year.