new Cynergy account, Again!

Andy7856

Submit your new account applications  - 4.55% from today (28 July 23)

Wheres_My_Cashback

ISSUE 64 4.55% now

DavidAC

I guess they are waiting until after the BOE meeting to release issue 65. Do they have the record for highest issue number on an EA account yet?.

PixelPound

Stompa said:

I was amused when I received my annual paper statement from them a few days ago. I guess I should really say statements, since it consisted of a separate statement for each issue, each posted separately. So 14 letters in total!

Each time I open a new easy savings account it's the next account number sequentially from the last. So I wonder if they reserve a whole segment knowing you'll use them up with each new issue.

PixelPound

DavidAC said:

I guess they are waiting until after the BOE meeting to release issue 65. Do they have the record for highest issue number on an EA account yet?.

Surely the 4.55% is taking into account a 25bp rise on Thursday. Issue 65 won't be just after BoE meet unless the base rate goes higher than expected.

DavidAC

nic_c said:

DavidAC said:

I guess they are waiting until after the BOE meeting to release issue 65. Do they have the record for highest issue number on an EA account yet?.

Surely the 4.55% is taking into account a 25bp rise on Thursday. Issue 65 won't be just after BoE meet unless the base rate goes higher than expected.

Last MPC meeting 22nd June. They show off sale issues 62 and 63 since then Rates (cynergybank.co.uk). They were on issue 55 in January, so 10 issues in 6 months. Looking at that table they very rarely increase rates on existing issues.

I opened their notice account then did a bit of digging and found that chart. I decided not to fund it. OK with an easy access account if you keep an eye on their latest rates and can be bothered switching every few weeks. Wait and see what they do when rates start faiiling. Release new issues and keep existing rates the same, I doubt it.

PixelPound

DavidAC said:

nic_c said:

DavidAC said:

I guess they are waiting until after the BOE meeting to release issue 65. Do they have the record for highest issue number on an EA account yet?.

Surely the 4.55% is taking into account a 25bp rise on Thursday. Issue 65 won't be just after BoE meet unless the base rate goes higher than expected.

Last MPC meeting 22nd June. They show off sale issues 62 and 63 since then Rates (cynergybank.co.uk). They were on issue 55 in January, so 10 issues in 6 months. Looking at that table they very rarely increase rates on existing issues.

I opened their notice account then did a bit of digging and found that chart. I decided not to fund it. OK with an easy access account if you keep an eye on their latest rates and can be bothered switching every few weeks. Wait and see what they do when rates start faiiling. Release new issues and keep existing rates the same, I doubt it.

I'm on my fifth issue, the other 4 closed. Each one has the next account number sequentially after the previous. So they must have planned that people will switch each time. 

The t&c say they can vary but need to give 14 days notice on those with £100+

clivep

I tried to fast track open a new a/c but it just took me back to the initial info screen. I've 1 open and 9 closed a/cs and seem to remember there may be a problem regarding this but can't remember what needs to be done. Can anyone please advise.

DavidAC

Might give the Inland Revenue a bit more work keeping track of all the accounts if people switch issue every few weeks.

PixelPound

clivep said:

I tried to fast track open a new a/c but it just took me back to the initial info screen. I've 1 open and 9 closed a/cs and seem to remember there may be a problem regarding this but can't remember what needs to be done. Can anyone please advise.

The only post I remember was once the 20 account mark has been reached
https://forums.moneysavingexpert.com/discussion/comment/80161010#Comment_80161010

It was probably just their systems as it did something similar to me - I ended up with 2 new accounts!