NEW - Cynergy Easy Access Online Cash ISA 23 - 1.31%

Wheres_My_Cashback

Now available paying 1.31% AER which makes it the highest rate in it's class.

https://www.cynergybank.co.uk/personal-savings/online-isa/online-isa-issue-23/

Chloe_G

Thank you for info - if you have an existing ISA with Cynergy do you have to do their open another account and internal transfer routine??

Wheres_My_Cashback

Yes, Login, select Fast track apply, new one opens immediately.

Then select internal transfer and close on your old ISA.

All done inside 2 minutes.

rallycurve

Mine did not open immediately (still waiting) but I did select the option of transferring an existing Cynergy ISA on account opening. They do say it is only possible to transfer an existing ISA at time of application so I am unsure whether doing a manual transfer would make that money count towards your 2022/23 allowance...

Wheres_My_Cashback

rallycurve said:

Mine did not open immediately (still waiting) but I did select the option of transferring an existing Cynergy ISA on account opening. They do say it is only possible to transfer an existing ISA at time of application so I am unsure whether doing a manual transfer would make that money count towards your 2022/23 allowance...

Will only count towards 22/3 if you deposited it this tax year.

You select as above.... as instructed to do so when you open the new ISA, couldn't be simpler.

rallycurve

You are probably right! But I did not want to risk as I know there are special rules for ISA transfers and doing it yourself could potentially be considered as a withdrawal and a new deposit in this tax year, instead of a proper ISA transfer. Especially since they explicitly mention that transfers in are accepted only at time of application:

You must transfer any ISA's at the time of your application. You cannot transfer any ISA’s in to the Online ISA once it has opened, so please ensure that you submit any transfers at the time of application.

rallycurve

Well, Cynergy just came back to me regarding my (fast track) application to open this new ISA issue saying that they require a certified copy of my id and proof of address posted to them, despite me already having an ISA with them (which I was trying to transfer to this new issue). Very strange... I won't bother proceeding and will look into taking my money elsewhere

Chloe_G

I haven't opened/transferred yet - going to send them a message now to check the procedure ...

Aidanmc

The information required is in Cynergy FAQ's

Q. How can I switch my existing Cynergy Bank Online ISA to a new issue of Cynergy Bank Online ISA?

You can switch your existing Online ISA to a new issue that is currently on sale. To do this:

• Log into Online Banking,
• Select ‘fast track apply’ and open the new issue of Online ISA.
• Once this is open, select your existing Cynergy Bank Online ISA and choose the option ‘Internal transfer and close’.
• You will be asked which account you want to transfer to, and you should select your new issue of Online ISA.
• The balance in your existing ISA, including any accrued interest, will be transferred over on the same day and your old ISA will be closed.

rallycurve

rallycurve said:

Well, Cynergy just came back to me regarding my (fast track) application to open this new ISA issue saying that they require a certified copy of my id and proof of address posted to them, despite me already having an ISA with them (which I was trying to transfer to this new issue). Very strange... I won't bother proceeding and will look into taking my money elsewhere

After querying via secure message why extra documents were requested they said that it was a mistake and opened my new ISA.
However, as Wheres_My_Cashback and Aidanmc pointed, the transfer has to be manually done using their "internal transfer and close" option. It seems they do not do anything when you select the transfer from an existing Cynergy ISA option on application.
It also looks like it is a real ISA transfer as my 2022/23 allowance has not changed.

MiserlyMartin

I wonder if applying and choosing the 'funding by transfer from existing Cynergy ISA' option will stop you from doing a further transfer in from another ISA? The other 1.3 % ISAs are flexible ISAs so I suppose that is an advantage over the Cynergy one should you need to move money around.