The New Top Easy Access Savings Discussion Area

CuparLad

BestSeagull said:

Just in case anyone else doesn't tend to read the individual subject threads (I don't usually) I saw on the Cynergy one that @SnowMan noticed that issue 90 has been returned to 4.45%     https://forums.moneysavingexpert.com/discussion/6535288/have-you-received-cynergys-notification-of-rate-reductions#latest

Thank you @BestSeagull for bringing this to our attention. I certainly hadn't spotted it.

I do wonder whether marketing folks keep an eye on these forums to get indications of customer sentiment, brewing issues etc. Over the years there's been a few incidents where something blows up on the forums and things quietly change. 

mebu60

CuparLad said:

BestSeagull said:

Just in case anyone else doesn't tend to read the individual subject threads (I don't usually) I saw on the Cynergy one that @SnowMan noticed that issue 90 has been returned to 4.45%     https://forums.moneysavingexpert.com/discussion/6535288/have-you-received-cynergys-notification-of-rate-reductions#latest

Thank you @BestSeagull for bringing this to our attention. I certainly hadn't spotted it.

I do wonder whether marketing folks keep an eye on these forums to get indications of customer sentiment, brewing issues etc. Over the years there's been a few incidents where something blows up on the forums and things quietly change. 

I expect it's more likely the volume of direct contact that alerts them to issues. 

SnowMan

janusd said:

Principality BS have announced a 0.20% reduction on their existing variable rate accounts from 18th September...

Our variable rate savings accounts will be decreasing by 0.20% on 18 September 2025. To view our new interest rates, visit the savings products pages.

for me, the only EA account I have with them is dropping from 2.65% to 2.45%.

for withdrawn products, they haven't updated their rates pdf yet, so you might have to wait for their emails to find out what's happening to those NLA accounts.

Email received today from Principality about the interest rate cut. My no longer available Online Bonus Triple Access Issue 7 is reducing by 0.2% from 4.55% AER to 4.35% on 18th September. I've only got £1 in the account but unlike Cynergy, Principality have the decency to still notify me. They also link to a document saying

On 18 September 2025 we'll be reducing the interest rates on our variable rate savings accounts. Most accounts will reduce by 0.20%, while a small number will reduce by 0.25%. To see the new rate that applies to your account, please check the letter or email we've sent you. 

Note the reason they are sending out notifications now, even though they had decided on the cut some time earlier, is probably FCA handbook BCOBS 4.1.2 6B which means if they had sent out interest rate notifications earlier they would now have to send out a further reminder within 14 days of the cut taking place, so understandably much easier for them to send it now so only one notice is required

https://www.handbook.fca.org.uk/handbook/BCOBS/4/1.html

(6B)
Where a notice under (3)(c) [reduction in interest rate], (5) or (6A) is provided by the firm more than 14 days before the change to which the notice relates takes effect, a firm should also provide a reminder to the banking customer within a period beginning 14 days before the relevant change takes effect and ending on the day before it does so. The firm may choose the medium in which the reminder is provided. In doing so, the firm should take account of any preferences expressed by the banking customer about the medium of communication between the firm and the banking customer, for example, if the banking customer has indicated a preference to receive information by mobile telephone text message.

frosch411

Just got this email from Snoop:

We’re lowering the interest rate on your Snoop Easy Access Savings Account (Issue 1).

Your old rate was 4.60% AER / 4.50% gross (variable)
Your new rate is 4.35% AER / 4.26% gross (variable)

Your rate will go down on Thursday 18 September.

Sadness..but it was always a question of time 😭 

crumpet_man

frosch411 said:

Just got this email from Snoop:

We’re lowering the interest rate on your Snoop Easy Access Savings Account (Issue 1).

Your old rate was 4.60% AER / 4.50% gross (variable)
Your new rate is 4.35% AER / 4.26% gross (variable)

Your rate will go down on Thursday 18 September.

Sadness..but it was always a question of time 😭 

4.35 is still a top rate for easy access though.  I've been using it for a bit and had no issues, just have to be aware of extra time may be required for deposit and withdrawals.

cwep2

mebu60 said:

CuparLad said:

BestSeagull said:

Just in case anyone else doesn't tend to read the individual subject threads (I don't usually) I saw on the Cynergy one that @SnowMan noticed that issue 90 has been returned to 4.45%     https://forums.moneysavingexpert.com/discussion/6535288/have-you-received-cynergys-notification-of-rate-reductions#latest

Thank you @BestSeagull for bringing this to our attention. I certainly hadn't spotted it.

I do wonder whether marketing folks keep an eye on these forums to get indications of customer sentiment, brewing issues etc. Over the years there's been a few incidents where something blows up on the forums and things quietly change. 

I expect it's more likely the volume of direct contact that alerts them to issues. 

I sent them a secure message on 1st Sep (as I said I would do on my post earlier on in this thread) pointing out that the rate had been cut without notification which was a breach of FCA rules and if it wasn't rectified I would be making a formal complaint to the FCA. I'm not taking credit, as I'm sure many people contacted them, but I do think it was people pointing it out or complaining that forced them to revert to the original rate, they didn't do it just because they were being nice.

mebu60

cwep2 said:

mebu60 said:

CuparLad said:

BestSeagull said:

Just in case anyone else doesn't tend to read the individual subject threads (I don't usually) I saw on the Cynergy one that @SnowMan noticed that issue 90 has been returned to 4.45%     https://forums.moneysavingexpert.com/discussion/6535288/have-you-received-cynergys-notification-of-rate-reductions#latest

Thank you @BestSeagull for bringing this to our attention. I certainly hadn't spotted it.

I do wonder whether marketing folks keep an eye on these forums to get indications of customer sentiment, brewing issues etc. Over the years there's been a few incidents where something blows up on the forums and things quietly change. 

I expect it's more likely the volume of direct contact that alerts them to issues. 

I sent them a secure message on 1st Sep (as I said I would do on my post earlier on in this thread) pointing out that the rate had been cut without notification which was a breach of FCA rules and if it wasn't rectified I would be making a formal complaint to the FCA. I'm not taking credit, as I'm sure many people contacted them, but I do think it was people pointing it out or complaining that forced them to revert to the original rate, they didn't do it just because they were being nice.

Myself and others on here were on their case via secure message three days earlier on Friday 29th. Today I finally got a response after four working days (supposed to reply in three) saying they have passed it on to the relevant department and will respond within five working days!! 

MichaelAP

crumpet_man said:

frosch411 said:

Just got this email from Snoop:

We’re lowering the interest rate on your Snoop Easy Access Savings Account (Issue 1).

Your old rate was 4.60% AER / 4.50% gross (variable)
Your new rate is 4.35% AER / 4.26% gross (variable)

Your rate will go down on Thursday 18 September.

Sadness..but it was always a question of time 😭 

4.35 is still a top rate for easy access though.  I've been using it for a bit and had no issues, just have to be aware of extra time may be required for deposit and withdrawals.

That and I like the account pays interest daily.

dosh37

Secure Trust Bank Access Account Iss 22 down to 4.2%.

janusd

dosh37 said:

Secure Trust Bank Access Account Iss 22 down to 4.2%

from 18th September (for those that can't view the images) - it's now NLA, replaced by Issue 23 paying 4.20%. @soulsaver