Cynergy Bank ISA disappointment

System

This discussion was created from comments split from: Forum Home Page.

thomas100_2

Recently at the beginning of the new tax year I opened up a one year fixed rate ISA with Cynergy Bank offering 4.8% interest rate! This was the best rate shown on MSE then.However, thinking that everyone was applying for a new account they did not open the account until a few days latter! I also rang up to confirm the rate I was going to get as their rate had now dropped to 4.7%. The guy I spoke to said I would be getting 4.8%. And the email I got said I would get the rate I had applied for so long as I transferred the money in time which I did. And today I got my certificate of deposit where it quoted 4.7% as the rate! I rang them up but after waiting again for hours I spoke to a staff member who could not resolve the issue and I asked him for me to speak to a manager! Manager was not available!!
My advice to guys is to dump Cynergy Bank! Not a good service at all!

soulsaver

Decide if 0.1% is worth the hassle. 
If so, use secure message - save 'hours' on the phone.
If response unacceptable - use secure message to formalise complaint.

Good service is relative - there's plenty of others where you'll find equally bad.. or worse. 

ginandtonic1

I have also had an issue with them for same account which was advertised as minimum £500 but now telling me have to pay the full £20000 which I don’t have. Have now requested my money back and have raised a complaint for miss selling the product. Has anyone else had issues?

refluxer

ginandtonic1 said:

I have also had an issue with them for same account which was advertised as minimum £500 but now telling me have to pay the full £20000 which I don’t have. Have now requested my money back and have raised a complaint for miss selling the product. Has anyone else had issues?

While ISA providers can encourage you to make use of your full £20k ISA allowance, I'm not aware of any that insist you have to pay in the maximum. A £20k minimum balance would make it a fairly unpopular account, I suspect.

For new subscriptions, as long as the amount falls between any minimum they stipulate (£500 for Cynergy) and £20k, then you will be fine. Note that all new subscriptions into a Cynergy fixed rate cash ISA must be made on the same day before 5pm, which is an unusual (and pretty restrictive) requirement.

Thinking about it, I wonder if this something to do with how they're implementing the new ISA rules ? Some ISA providers are limiting you to just one cash ISA with them and some are even attempting to insist that you can't pay into one of their ISAs if you already have one elsewhere (see other threads in this forum on that subject). If Cynergy are going down that route, then it's possible any communications could look like they're saying 'save £20k in an ISA with us or nothing' which risks being misconstrued as the account requiring a minimum £20k balance.