Notice Accounts

aaj123

refluxer said:

Cynergy are increasing the rates on issue 4 of their (currently available) notice accounts...

35 day - 3.75%
95 day - 4.26%
120 day - 4.31%

https://www.cynergybank.co.uk/personal/online-notice-saver/online-notice-saver/

Does Cynergy allow switching to the latest notice account issue when they launch one with a higher rate?

SuzzleBumpkin

aaj123 said:

refluxer said:

Cynergy are increasing the rates on issue 4 of their (currently available) notice accounts...

35 day - 3.75%
95 day - 4.26%
120 day - 4.31%

https://www.cynergybank.co.uk/personal/online-notice-saver/online-notice-saver/

Does Cynergy allow switching to the latest notice account issue when they launch one with a higher rate?

No you have to give notice to move your money. It’s very, very annoying. It’s the main reason I’ve never topped up either of my Cynergy accounts. I knew they’d do this. 

aaj123

SuzzleBumpkin said:

aaj123 said:

refluxer said:

Cynergy are increasing the rates on issue 4 of their (currently available) notice accounts...

35 day - 3.75%
95 day - 4.26%
120 day - 4.31%

https://www.cynergybank.co.uk/personal/online-notice-saver/online-notice-saver/

Does Cynergy allow switching to the latest notice account issue when they launch one with a higher rate?

No you have to give notice to move your money. It’s very, very annoying. It’s the main reason I’ve never topped up either of my Cynergy accounts. I knew they’d do this. 

So maybe its worth putting every topup immediately on notice so you have an opportunity to switch or cancel notice nearer the end of notice period.

SuzzleBumpkin

aaj123 said:

SuzzleBumpkin said:

aaj123 said:

refluxer said:

Cynergy are increasing the rates on issue 4 of their (currently available) notice accounts...

35 day - 3.75%
95 day - 4.26%
120 day - 4.31%

https://www.cynergybank.co.uk/personal/online-notice-saver/online-notice-saver/

Does Cynergy allow switching to the latest notice account issue when they launch one with a higher rate?

No you have to give notice to move your money. It’s very, very annoying. It’s the main reason I’ve never topped up either of my Cynergy accounts. I knew they’d do this. 

So maybe its worth putting every topup immediately on notice so you have an opportunity to switch or cancel notice nearer the end of notice period.

Possibly so. I’ve decided to ignore most accounts that don’t increase rates for their current customers, or allow easy transfers, unless it’s a VERY competitive rate with a bit of shelf life. I don’t want to be fiddling about with THREE different Cynergy accounts. When my notice is up I’ll be choosing somebody else. It’s just time wasting and annoying. And it just ruins their online reputation. It can’t be good for business to constantly annoy their current customers. 

SuzzleBumpkin

I’ve just opened the 95 day with Hampshire Trust Bank (HTB) 4.3% Probably the easiest sign up I’ve ever done. So that’s a good sign. I’ll see how it goes. I’ve got 3 weeks to go before my next notice money becomes available. 

Johnny-Cage

Looking for a notice saving account

Currently saving for an extension which funds will likely be needed at some point next year.
Notice accounts seems a better option than doing a fixed year.

I have a Halifax Everyday saver that expires in July but the interest rate is appalling.

Thinking the Investec 120 days might be the best option with paying interest monthly rather than the HTB that pays interest annually 

opinions 

SuzzleBumpkin

daz_f said:

Looking for a notice saving account

Currently saving for an extension which funds will likely be needed at some point next year.
Notice accounts seems a better option than doing a fixed year.

I have a Halifax Everyday saver that expires in July but the interest rate is appalling.

Thinking the Investec 120 days might be the best option with paying interest monthly rather than the HTB that pays interest annually 

opinions 

Investec feels like a pretty wise choice to me. I have a 90;day account. Their interest rate is good and, more importantly to me, they have frequently raised the rate accordingly for everybody, not just new issues. As for monthly interest, others can correct me if I’m wrong, but I think you get better returns with an annual interest payment. I choose monthly where I can because I am currently using notice accounts to generate a monthly income. But we all have different goals. 

TheBanker

daz_f said:

Looking for a notice saving account

Currently saving for an extension which funds will likely be needed at some point next year.
Notice accounts seems a better option than doing a fixed year.

I have a Halifax Everyday saver that expires in July but the interest rate is appalling.

Thinking the Investec 120 days might be the best option with paying interest monthly rather than the HTB that pays interest annually 

opinions 

If you're thinking is that you need monthly interest because you don't intend to hold the account for a year, do not worry. Interest is calculated daily in the background, and at the point you close the account any interest owed will be paid. If you have annual interest and close the account before the first interest payment, this will be the whole amount. If you have monthly but close the account mid-month, you'll get a couple of weeks' interest to cover the gap between the last payment and the closure date.

Barkin

daz_f said:

Thinking the Investec 120 days might be the best option 

Where do you see this?

I only see 3 accounts on their website: EA, 90 day & 1yr fix. 

flobbalobbalob

SuzzleBumpkin  
Their interest rate is good and, more importantly to me, they have frequently raised the rate accordingly for everybody, not just new issues. As for monthly interest, others can correct me if I’m wrong, but I think you get better returns with an annual interest payment. I choose monthly where I can because I am currently using notice accounts to generate a monthly income. But we all have different goals. 

The AER (annual equivalent rate) is the amount you get when you leave the monthly interest in the account and get interest on your interest. As you are withdrawing monthly you do not get the interest on the interest but both rates pay exactly the same.