Cynergy Bank

mebu60

I counted this morning. I now have 20 closed Cynergy accounts! 

[Deleted User]

Having had much dialogue with Cynergy over the Fast Track (FT) not appearing to work - both via phone and internal messaging here is a bit of an update. 

It may not be affecting everyone - but is surely is affecting some.

So - once you get to 20 closed accounts - Fast Track won't work. Or is likely not to.

You may apply several times via FT but the new accounts just don't appear. What happens to the applications? I'm told they are simply closed in the background somewhere.

So you phone them, probably many times - each time being told something different but it usually starts with advice that you need to go to the main website and apply there and say you are a new customer. (If you say you are an existing customer the site sends you to log in as such and you still can't use FT.)

Once you apply as a new customer - a new account appears quickly - however - you also get given a new customer number.

This means that when you log in under your existing customer number you still wont see the new account!

Now you have to message customer services from within your existing account - and ask them to make the new account visible to you under your existing customer number - and also make it such that you can actually operate the new account - and see it in the dropdowns of your existing accounts so you can do transfers.

And you will need to rinse and repeat all this as many times as you want to open a new account when you cannot use FT.

I have just been through many months of this merry-go-round culminating my making a complaint (upheld) over this debacle.

I also asked why they simply do not just increase the interest rate on the existing accounts thus negating the need for new applications - something they said they may look at in the future.

Shedman

Deleted_User said:

Having had much dialogue with Cynergy over the Fast Track (FT) not appearing to work - both via phone and internal messaging here is a bit of an update. 

It may not be affecting everyone - but is surely is affecting some.

So - once you get to 20 closed accounts - Fast Track won't work. Or is likely not to.

You may apply several times via FT but the new accounts just don't appear. What happens to the applications? I'm told they are simply closed in the background somewhere.

So you phone them, probably many times - each time being told something different but it usually starts with advice that you need to go to the main website and apply there and say you are a new customer. (If you say you are an existing customer the site sends you to log in as such and you still can't use FT.)

Once you apply as a new customer - a new account appears quickly - however - you also get given a new customer number.

This means that when you log in under your existing customer number you still wont see the new account!

Now you have to message customer services from within your existing account - and ask them to make the new account visible to you under your existing customer number - and also make it such that you can actually operate the new account - and see it in the dropdowns of your existing accounts so you can do transfers.

And you will need to rinse and repeat all this as many times as you want to open a new account when you cannot use FT.

I have just been through many months of this merry-go-round culminating my making a complaint (upheld) over this debacle.

I also asked why they simply do not just increase the interest rate on the existing accounts thus negating the need for new applications - something they said they may look at in the future.

I'm now up to EA28 and 29 (so 27 closed accounts) and Fast Track has worked OK for me each and everytime incl yesterday so not sure about this 20 closed limited.  However, as you say, why can't they just increase the rate (although I think we know the reason...hoping for inertia)

AndyTh_2

Shedman said:

Deleted_User said:

Having had much dialogue with Cynergy over the Fast Track (FT) not appearing to work - both via phone and internal messaging here is a bit of an update. 

It may not be affecting everyone - but is surely is affecting some.

So - once you get to 20 closed accounts - Fast Track won't work. Or is likely not to.

You may apply several times via FT but the new accounts just don't appear. What happens to the applications? I'm told they are simply closed in the background somewhere.

So you phone them, probably many times - each time being told something different but it usually starts with advice that you need to go to the main website and apply there and say you are a new customer. (If you say you are an existing customer the site sends you to log in as such and you still can't use FT.)

Once you apply as a new customer - a new account appears quickly - however - you also get given a new customer number.

This means that when you log in under your existing customer number you still wont see the new account!

Now you have to message customer services from within your existing account - and ask them to make the new account visible to you under your existing customer number - and also make it such that you can actually operate the new account - and see it in the dropdowns of your existing accounts so you can do transfers.

And you will need to rinse and repeat all this as many times as you want to open a new account when you cannot use FT.

I have just been through many months of this merry-go-round culminating my making a complaint (upheld) over this debacle.

I also asked why they simply do not just increase the interest rate on the existing accounts thus negating the need for new applications - something they said they may look at in the future.

I'm now up to EA28 and 29 (so 27 closed accounts) and Fast Track has worked OK for me each and everytime incl yesterday so not sure about this 20 closed limited.  However, as you say, why can't they just increase the rate (although I think we know the reason...hoping for inertia)

In fact at one point last year they did increase rates on an existing issue. The Cynergy head who dealt with it also made an appearance in the forum. I guess I was right they would revert and no longer be "listening to their customers"

Zaul22

Maybe they shouldn't be listed as easy access, and instead get a new category called 'convoluted access'. 

AndyTh_2

Zaul22 said:

Maybe they shouldn't be listed as easy access, and instead get  a new category called 'convoluted access'. 

tbh, them doing this gives me a better return in AER from compounding my annual gross interest monthly.

The current 4.30% annual gross works out to chart topping 4.38% closing monthly

Zaul22

That's what I was wondering about. I would normally avoid annual interest but if you have to keep closing accounts and paying out the interest to move to a new issue, it's not really annual interest it's... regular but unpredictable interest. 

pearl123

At the moment I seem to be opening and closing a Cynergy savings account about once a month. They need to find a way to stop the need top open an new account everytime there is a rate increase. 

subjecttocontract

Rate increases will eventually end / slow down significantly. It'll be interesting to see how they handle things when there is a rate reduction.

SpanishBlue

Shedman said:

Deleted_User said:

Having had much dialogue with Cynergy over the Fast Track (FT) not appearing to work - both via phone and internal messaging here is a bit of an update. 

It may not be affecting everyone - but is surely is affecting some.

So - once you get to 20 closed accounts - Fast Track won't work. Or is likely not to.

You may apply several times via FT but the new accounts just don't appear. What happens to the applications? I'm told they are simply closed in the background somewhere.

So you phone them, probably many times - each time being told something different but it usually starts with advice that you need to go to the main website and apply there and say you are a new customer. (If you say you are an existing customer the site sends you to log in as such and you still can't use FT.)

Once you apply as a new customer - a new account appears quickly - however - you also get given a new customer number.

This means that when you log in under your existing customer number you still wont see the new account!

Now you have to message customer services from within your existing account - and ask them to make the new account visible to you under your existing customer number - and also make it such that you can actually operate the new account - and see it in the dropdowns of your existing accounts so you can do transfers.

And you will need to rinse and repeat all this as many times as you want to open a new account when you cannot use FT.

I have just been through many months of this merry-go-round culminating my making a complaint (upheld) over this debacle.

I also asked why they simply do not just increase the interest rate on the existing accounts thus negating the need for new applications - something they said they may look at in the future.

I'm now up to EA28 and 29 (so 27 closed accounts) and Fast Track has worked OK for me each and everytime incl yesterday so not sure about this 20 closed limited.  However, as you say, why can't they just increase the rate (although I think we know the reason...hoping for inertia)

I've just opened the latest version of their EA a/c (4.55% which includes 1.34% AER bonus for the first 12 months.) and now have exactly 20 closed EA accounts.

On this occasion despite opening the account mid afternoon on a working day, instead of the account opening immediately, I got an email saying "Thank you for applying for an Online Easy Access Account.We are currently processing your application and will notify you by email if your application is successful."

It was fully open as usual an hour later so no worries in the end, but I did wonder if I was going to experience the same issues as @Deleted_User did. 

Maybe I get that joy when I open my next account and my closed accounts go over the 20 limit?