Cynergy Savings Will there be a New Issue?

WhoisDannie

My current Cynergy Savings is currently Issue 64 issued before the latest BoE interest rate increase.
How long before there will be an Issue 65?

PixelPound

It's out

soulsaver said:

Cynergy EA Iss65 4.8% (09/08) https://www.cynergybank.co.uk/personal/online-easy-access-account/online-easy-access-account/ thanks @TiVo_Lad

https://forums.moneysavingexpert.com/discussion/6392978/top-easy-access-acs-ranked-top-of-the-pots-no-chat#latest

Andy7856

And again... 5% 

Yorkie006

It would be really helpful if Cynergy automatically increased rates on existing accounts instead of expecting people to keep opening new one every time the rates change. I mean, I'm on 11th account with them this year alone as they keep releasing new issues every few weeks. Most other banks simply send out an email stating new rates and from when and no faffing about with opening/closing accounts all the time.

aroominyork

I chose Cynergy because I wanted easy access, a good rate... and interest paid in the next tax year. If I open an account with the new issue, can I keep a fiver in my existing account so the interest is paid next tax year, and transfer the balance to the new issue?

PixelPound

aroominyork said:

I chose Cynergy because I wanted easy access, a good rate... and interest paid in the next tax year. If I open an account with the new issue, can I keep a fiver in my existing account so the interest is paid next tax year, and transfer the balance to the new issue?

Yes. Interest paid on either account closure or the anniversary. So yes you can transfer most of the balance and leave it open with whatever, think £1 is the minimum, so £5 won't be a problem.

PixelPound

Yorkie006 said:

It would be really helpful if Cynergy automatically increased rates on existing accounts instead of expecting people to keep opening new one every time the rates change. I mean, I'm on 11th account with them this year alone as they keep releasing new issues every few weeks. Most other banks simply send out an email stating new rates and from when and no faffing about with opening/closing accounts all the time.

Helpful to you, you mean? Is it a that much of a faff though? See rate on here, log in to Cynergy, go through fast apply. Wait for confirmation, relogin and click transfer and close.

It's probably very easy to track how many existing customers open a new account and transfer the balance and I bet there are quit a lot that don't do it each time or only after some time has elapsed. Doing it this way means they can offer a higher rate (as not every switches up), I'm happy with a 5.0% new issue rather than it be say a 4.9% auto applied.

PloughmansLunch

I’ll be over the PSA this year, so does anyone know how certificates of interest work for Cynergy - Is one provided listing everything or will I have to request about 15 or so with 6p on?

25_Years_On

PloughmansLunch said:

I’ll be over the PSA this year, so does anyone know how certificates of interest work for Cynergy - Is one provided listing everything or will I have to request about 15 or so with 6p on?

You have to request them on the website for each account.

mebu60

25_Years_On said:

PloughmansLunch said:

I’ll be over the PSA this year, so does anyone know how certificates of interest work for Cynergy - Is one provided listing everything or will I have to request about 15 or so with 6p on?

You have to request them on the website for each account.

Or not bother. I just keep my own note of interest received during the tax year. Then add up the total for SA completion.

janusd

25_Years_On said:

PloughmansLunch said:

I’ll be over the PSA this year, so does anyone know how certificates of interest work for Cynergy - Is one provided listing everything or will I have to request about 15 or so with 6p on?

You have to request them on the website for each account.

by "request", it doesn't mean you have to message Cynergy to create them for you, you can just download statements / interest tax certificates (in pdf format) a couple of days after account closure.