Instant access account paying interest in next tax year

aroominyork

I have used my PSA for 2023-24 and want an instant access account paying decent interest annually with the next interest payment in 2024-25. I opened a Cynergy account, which I read somewhere pays on the anniversary of opening, but my account page says "Next interest payment date: 02/01/2024" (and I have spoken with them - they cannot amend the date). Can anyone advise how to find a decent account which will not pay interest until a full year has passed?

JGB1955

Shawbrook pay on the anniversary of the account opening.

Rollinghome

Interesting that you ask.  I'm in the (long) process of opening an Ulster Bank Loyalty Saver at 4.90% on £50k. Interest is paid annually, but so far I haven't been able to see anywhere in the paperwork when it's paid. So if anyone knows...?  Otherwise, I assume they'll let me into the secret once the account is open.

Assuming your Cynergy account is v.65, so opened recently, that date is odd. I opened one on 9/8/23 and account says "Next interest payment date 09/08/24".

ColdIron

You could use Moneyfacts to create an initial list and work through them, ignore the yearly ones. Not perfect but a good start

Skipton will pay you 4.60% and Shawbrook as above 4.83%

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=1&account-types=2048&interest-paid-frequencies=1&terms=null&account-opening-methods=17&account-management-methods=1&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=1&existing-customers-only=2&is-shariaa=2&joint-account-only=2

aroominyork

ColdIron said:

You could use Moneyfacts to create an initial list and work through them, ignore the yearly ones. Not perfect but a good start

Skipton will pay you 4.60% and Shawbrook as above 4.83%

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=1&account-types=2048&interest-paid-frequencies=1&terms=null&account-opening-methods=17&account-management-methods=1&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=1&existing-customers-only=2&is-shariaa=2&joint-account-only=2

But is Moneyfacts reliable? It says Cynergy pays on 'Anniversary'... but it doesn't!

JGB1955 said:

Shawbrook pay on the anniversary of the account opening.

I would like more flexible than (according to MSE) "min withdrawal £500 each time, request before 2.30pm to receive funds next working day".

Rollinghome said:

Assuming your Cynergy account is v.65, so opened recently, that date is odd. I opened one on 9/8/23 and account says "Next interest payment date 09/08/24".

Yes, v65. Curious...

ColdIron

aroominyork said:

But is Moneyfacts reliable? It says Cynergy pays on 'Anniversary'... but it doesn't!

As I say: Not perfect but a good start

You should always check the binding T&Cs

Edit: Skipton say - Annual interest is earned daily and paid on the day before the anniversary of account opening

aroominyork

ColdIron said:

aroominyork said:

But is Moneyfacts reliable? It says Cynergy pays on 'Anniversary'... but it doesn't!

As I say: Not perfect but a good start

You should always check the binding T&Cs

Edit: Skipton say - Annual interest is earned daily and paid on the day before the anniversary of account opening

Yup, I saw that. Can anyone beat Skipton's 4.6% with easy access and anniversary interest?

Delburn

I think the Cynergy online banking system initially sets the next interest payment date with a dummy date around the calendar year end, but then corrects this to the account anniversary once the account is funded, or shortly after.  Try paying in a £1 and see if the date is corrected overnight.

Growingold

aroominyork said:

ColdIron said:

aroominyork said:

But is Moneyfacts reliable? It says Cynergy pays on 'Anniversary'... but it doesn't!

As I say: Not perfect but a good start

You should always check the binding T&Cs

Edit: Skipton say - Annual interest is earned daily and paid on the day before the anniversary of account opening

Yup, I saw that. Can anyone beat Skipton's 4.6% with easy access and anniversary interest?

Ford Money Flexible Saver going from 4.5% to 4.75% on Thursday.  Can choose Annual or Monthly Interest.  

EthicsGradient

Cynergy's current Terms and Conditions for the Easy Access account say

"We pay interest once a year. We pay it on the anniversary of funds having first been paid into the account and on account closure."

online-easy-access-conditions-090823.pdf (cynergybank.co.uk)

That may match Delburn's explanation above, but whoever you talk/write to at Cynergy ought to know about it. I'd suggest pointing out their T&Cs, and asking them to really check, not just say "I can't change that".

spider42

Delburn is correct. Cynergy do exactly what their T&Cs say they will do. Interest is paid annually on the anniversary of funding (not opening) the account. Until you have funded it, they don't know when the interest will be paid, so it defaults to 2/1. It will update once you have paid some money in. The date for expiry of the bonus is similar (although from memory this date remains blank until you have funded it, which would a better way of displaying the interest payment date).

If you are unsure, pay in £1, leave it a day and when you log in the next day it should have updated to the correct dates.