The New Top Easy Access Savings Discussion Area

poblomov

InvesterJones said:

It's funny, they used to be near the top, but now seem to be keen not to attract new business.

You can get 4.26% easy access with them through Raisin it seems. Min £1,000. Perhaps that's their current favoured way of getting new deposits 

super_reds

RedImp_2 said:

KevinG said:

RedImp_2 said:

Not that it’s a worthwhile account but for the record Shawbrook Bank EA down to 3.3%.

Although as an aside, don’t do what I did and absentmindedly leave £400 in there. 
1 The interest rate drops to 0.05% 
2. Minimum online withdrawal is £500

If you have less than £500 in the account you can withdraw it all.

Yes but not online as I mentioned 

Add £100, then withdraw it online?

1spiral

Have Cynergy announced any rate cuts to existing accounts since the last BR cut? I don't recall seeing any mentioned here. 

SnowMan

1spiral said:

Have Cynergy announced any rate cuts to existing accounts since the last BR cut? I don't recall seeing any mentioned here. 

As they haven't updated their historic interest rates document (choose the historic interest rates tab and then you can download it) then it's a bit of a guess but I think the answer is yes they have reduced rates.

I've only got £1 in an online easy access account (issue 90) and the rate is showing when I log in as 4.19% AER so it has clearly been reduced from 4.45% AER at some point. As they don't inform you of interest rate cuts if you only have £1 in your account, I've no way of knowing when the reduction took place.

KevinG

RedImp_2 said:

KevinG said:

RedImp_2 said:

Not that it’s a worthwhile account but for the record Shawbrook Bank EA down to 3.3%.

Although as an aside, don’t do what I did and absentmindedly leave £400 in there. 
1 The interest rate drops to 0.05% 
2. Minimum online withdrawal is £500

If you have less than £500 in the account you can withdraw it all.

Yes but not online as I mentioned 

I withdrew my final interest payment of less than £1 online.

1spiral

SnowMan said:

1spiral said:

Have Cynergy announced any rate cuts to existing accounts since the last BR cut? I don't recall seeing any mentioned here. 

As they haven't updated their historic interest rates document (choose the historic interest rates tab and then you can download it) then it's a bit of a guess but I think the answer is yes they have reduced rates.

I've only got £1 in an online easy access account (issue 90) and the rate is showing when I log in as 4.19% AER so it has clearly been reduced from 4.45% AER at some point. As they don't inform you of interest rate cuts if you only have £1 in your account, I've no way of knowing when the reduction took place.

That's interesting. Just checked my issue 90 and that says the same. My mum has this account with several thousand in (opened on 1/8 which was only 2 days after it was launched.) Having just checked with her, she has received no such email regarding a rate reduction. I would be interested to know from anyone that received the email as to what date it arrived on. In the meantime I'll keep an eye on the historical rate document.

mebu60

SnowMan said:

1spiral said:

Have Cynergy announced any rate cuts to existing accounts since the last BR cut? I don't recall seeing any mentioned here. 

As they haven't updated their historic interest rates document (choose the historic interest rates tab and then you can download it) then it's a bit of a guess but I think the answer is yes they have reduced rates.

I've only got £1 in an online easy access account (issue 90) and the rate is showing when I log in as 4.19% AER so it has clearly been reduced from 4.45% AER at some point. As they don't inform you of interest rate cuts if you only have £1 in your account, I've no way of knowing when the reduction took place.

Interesting! I have >£42k in my issue 90 opened 30:07 at 4.45%. Had a quick check, also showing as 4.19% and I haven't received any notification of a reduction either. Secure message sent asking for explanation.

Following on from recent bond maturity interest debacle this is rather unimpressive. I have just received a second holding letter re the bond complaint which they are still 'investigating'!  

janusd

DF Capital Easy Access Account (NLA except to existing customers) dropping from 4.35% to 4.10% from 12th September.

1spiral

mebu60 said:

SnowMan said:

1spiral said:

Have Cynergy announced any rate cuts to existing accounts since the last BR cut? I don't recall seeing any mentioned here. 

As they haven't updated their historic interest rates document (choose the historic interest rates tab and then you can download it) then it's a bit of a guess but I think the answer is yes they have reduced rates.

I've only got £1 in an online easy access account (issue 90) and the rate is showing when I log in as 4.19% AER so it has clearly been reduced from 4.45% AER at some point. As they don't inform you of interest rate cuts if you only have £1 in your account, I've no way of knowing when the reduction took place.

Interesting! I have >£42k in my issue 90 opened 30:07 at 4.45%. Had a quick check, also showing as 4.19% and I haven't received any notification of a reduction either. Secure message sent asking for explanation.

Following on from recent bond maturity interest debacle this is rather unimpressive. I have just received a second holding letter re the bond complaint which they are still 'investigating'!  

I did post a year or so back that if they have announced a rate reduction and your account was not notified due to low balance but you subsequently raise the balance in between the notification and rate drop, you are in a limbo state whereby there is a pending rate drop on your account for which you are not aware (and will not be made aware).

As my mum's account was opened about 2 days after launch and yours seems to have been opened on launch day, I'm wondering if somehow they've launched the account having already decided that the rate would be reduced and due to the anomaly above, no one would've had £100 in the account at the "notification time" in order to receive that notification.

CuparLad

That is naughty if that is the case. I also assumed Cynergy hadn't reduced the rate yet, but following on from this discussion see my Issue 90 is also sitting at 4.19%