Cynergy savings interest adjustment

dosh37

Today I received a second interest adjustment email from Cynergy.

The first was for £4.94. The second is for £19.76 (a later account).

Unfortunately Cynergy do not apply interest rate increases to existing accounts so like many people, I open a new account and close the old one when the rates increase.

I have had six such accounts. It's not really surprising that the interest calculations are wrong.

In a previous post I mentioned that I found it hard to understand the account and interest statements they provide on account closure.

I struggled to get their figures to match my own Excel spreadsheet.

As far as HMRC are concerned, I think they have more important things to worry about than the tax on a few quids worth of interest.

homemover2020

dosh37 said:

Today I received a second interest adjustment email from Cynergy.

The first was for £4.94. The second is for £19.76 (a later account).

Unfortunately Cynergy do not apply interest rate increases to existing accounts so like many people, I open a new account and close the old one when the rates increase.

I have had six such accounts. It's not really surprising that the interest calculations are wrong.

Did Cynergy do these adjustments without prompting or did you have to raise the issue with them?

I'm sure this has happened to me at least a couple of times in the past and now avoid funding new accounts over a weekend as a result, but I haven't bothered chasing them about the lost interest....maybe I should?

AndyTh_2

Cynergy's emailed me the breakdown of the amounts with the gross interest, gross compensation and tax held back, after I emailed them about it.

In total I owe a bit more than £1 top for higher rate tax of the compensation

mebu60

homemover2020 said:

dosh37 said:

Today I received a second interest adjustment email from Cynergy.

The first was for £4.94. The second is for £19.76 (a later account).

Unfortunately Cynergy do not apply interest rate increases to existing accounts so like many people, I open a new account and close the old one when the rates increase.

I have had six such accounts. It's not really surprising that the interest calculations are wrong.

Did Cynergy do these adjustments without prompting or did you have to raise the issue with them?

I'm sure this has happened to me at least a couple of times in the past and now avoid funding new accounts over a weekend as a result, but I haven't bothered chasing them about the lost interest....maybe I should?

Without prompting. They presumably conducted a review. Was a surprise to receive the emails.

mebu60

AndyTh_2 said:

Cynergy's emailed me the breakdown of the amounts with the gross interest, gross compensation and tax held back, after I emailed them about it.

Ditto. The modest amounts involved is irrelevant, they should have supplied this information breakdown in the first place. 

I will owe a similar incremental amount on the compensatory interest tax too, £1.20.