The New Top Easy Access Savings Discussion Area

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% 

Sherbertfizz

CuparLad said:

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% 

Indeed, in the same boat.  I was intending to transfer-in funds from another account which is closing shortly, so grateful to have discovered this on the forum.  Poor service from Cynergy.

1spiral

Sherbertfizz said:

CuparLad said:

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% 

Indeed, in the same boat.  I was intending to transfer-in funds from another account which is closing shortly, so grateful to have discovered this on the forum.  Poor service from Cynergy.

That's why I posted the question. On Monday my Skipton BS drops to 4.25 and was assuming I'd be moving it to Cynergy but because of the £100 rule, I wanted to check that a rate drop hadn't been announced. I certainly wasn't expecting to be told that it had already dropped.

Bridlington1

@soulsaver

Harpenden BS Online Single Access (Issue 1) 4.31% (£100 min)

Bridlington1

@soulsaver

Vida Defined Access Iss2  (quad) 4.38% £10 min reduces to 4.11% from 3/9/25

dosh37

1spiral 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.

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.

I am in a similar situation...

I opened an Iss 90 account on 1st Aug and transferred in around 1.7K from an existing Iss 80 account.

The Iss 80 account was then closed.

I thought the Iss 90 rate was 2.26% variable + 2.19% bonus = 4.45%.

Hence today I intended to transfer savings from a Coventry 4 Access Saver (Rate reduced to from 4.5% to 4.2%).

It was only when I checked the Iss 90 rate that I discovered it has dropped to 4.19%.

I received no rate reduction notification emal from Cynergy.

Instead, I looked into transferring into an existing Leeds Online Access Saver Iss 6 (4.35%) but was unable to login to the Leeds website (IT problems at their end).

I get the error:-

Error 504 - Gateway Timeout

F5 site: tn2-lon

It is still broken.

I wouldn't be surprised if their rate also drops in the next few days.

All this effort just to save a few £££. Is it worth it when you also have to pay tax on savings interest.