Have you received Cynergy's notification of rate reductions

1spiral

Issue 68. No I haven't received an email advising of rate reduction.

SnowMan said:

you can find historic rates for all the issues by going to their interest rate page

That's where it is. I could never locate it because it never occurred to me that it would be in the support submenu. When I google cynergy historic rates it never finds it.

Bobblehat

SnowMan said:

I've closed and transferred my issue 68 into issue 80 today, since the issue 68 rate falls today to the issue 80 rate of 4.8%, and because the issue 68 bonus would have disappeared next month pushing that below the issue 80 rate.

I was one of the account holders who was notified late of the previous decrease down to 5% and the closing interest does correctly reflect that late notification.

Incidentally you can find historic rates for all the issues by going to their interest rate page then clicking on the historic rates tab and then clicking on the download button. That won't take into account the above late notification that happened to some of us for issue 68. And today's reduction won't be there yet.

I don't think there is any page on their website where they detail announced reductions that are yet to happen, so we are reliant on getting the notification email through.

Was there any bonus or interest penalty for closing before the 1 year date? I am thinking of doing the same with my issue 69 which also goes to 4.8% (tomorrow?), at least it will move the bonus date forward.

mebu60

Issue 68. No I haven't received an email advising of rate reduction.

Bobblehat said:

SnowMan said:

I've closed and transferred my issue 68 into issue 80 today, since the issue 68 rate falls today to the issue 80 rate of 4.8%, and because the issue 68 bonus would have disappeared next month pushing that below the issue 80 rate.

I was one of the account holders who was notified late of the previous decrease down to 5% and the closing interest does correctly reflect that late notification.

Incidentally you can find historic rates for all the issues by going to their interest rate page then clicking on the historic rates tab and then clicking on the download button. That won't take into account the above late notification that happened to some of us for issue 68. And today's reduction won't be there yet.

I don't think there is any page on their website where they detail announced reductions that are yet to happen, so we are reliant on getting the notification email through.

Was there any bonus or interest penalty for closing before the 1 year date? I am thinking of doing the same with my issue 69 which also goes to 4.8% (tomorrow?), at least it will move the bonus date forward.

No. Almost the opposite, the interest is crystallised and moved into the issue 80 too. 

Be sure to select 'transfer and close' option on the issue 69 once the issue 80 is open (usually immediately after application). 

SnowMan

Issue 69. No I haven't received an email advising of rate reduction.

Bobblehat said:

SnowMan said:

I've closed and transferred my issue 68 into issue 80 today, since the issue 68 rate falls today to the issue 80 rate of 4.8%, and because the issue 68 bonus would have disappeared next month pushing that below the issue 80 rate.

I was one of the account holders who was notified late of the previous decrease down to 5% and the closing interest does correctly reflect that late notification.

Incidentally you can find historic rates for all the issues by going to their interest rate page then clicking on the historic rates tab and then clicking on the download button. That won't take into account the above late notification that happened to some of us for issue 68. And today's reduction won't be there yet.

I don't think there is any page on their website where they detail announced reductions that are yet to happen, so we are reliant on getting the notification email through.

Was there any bonus or interest penalty for closing before the 1 year date? I am thinking of doing the same with my issue 69 which also goes to 4.8% (tomorrow?), at least it will move the bonus date forward.

No penalty or loss of bonus for closing. The basic interest and bonus both accrue on a daily basis. Just open an issue 80 if you haven't already, go to the issue 69, choose internal transfer and close, select the issue 80 to transfer to and the balance, accrued basic interest and accrued bonus (although the two interest elements aren't separated) will transfer over

SnowMan

Issue 69. No I haven't received an email advising of rate reduction.

1spiral said:

SnowMan said:

you can find historic rates for all the issues by going to their interest rate page

That's where it is. I could never locate it because it never occurred to me that it would be in the support submenu. When I google cynergy historic rates it never finds it.

I struggled to find it in the past and only came across the historical interest page recently

1knuckles1

I've just spotted a rate reduction which I wasn't aware was coming. I've checked emails, junk etc.

Bobblehat

Which account is reducing? Any more info ... or link?

mebu60

Issue 68. No I haven't received an email advising of rate reduction.

I opened the Issue 90 at 4.45% on 30:07. Thanks to comments from @SnowMan and @1spiral last Friday I learnt that it had reduced to 4.19% without any notification, and it wasn't because I had less than £100 balance (was >£42k, now £1!!). I sent a secure message on Friday seeking an explanation. No reply at this time. They claim to respond within three working days. I will be following up tomorrow morning if still nothing by cop today. Either way I will be making a formal complaint to add to the one ongoing for their monumental !!!!!!-up in paying out a maturity minus the interest rather than adding it then not showing any urgency to remedy then not doing what they said they would when they said they would. I have had two holding letters while they 'investigate' that one. 

1spiral

Issue 68. No I haven't received an email advising of rate reduction.

I suspect they will have to hold their hands up and admit it was an error thus reinstating the 4.45% rate but that doesn't help much if you've already moved the funds out due to their error.

Unfortunately my plan was to transfer funds in this week so my account would never have qualified for the notification anyway so I'm not in a position to raise a complaint.

mebu60

Issue 68. No I haven't received an email advising of rate reduction.

1spiral said:

I suspect they will have to hold their hands up and admit it was an error thus reinstating the 4.45% rate but that doesn't help much if you've already moved the funds out due to their error.

Unfortunately my plan was to transfer funds in this week so my account would never have qualified for the notification anyway so I'm not in a position to raise a complaint.

Hadn't considered they might reinstate the rate, figured they'd just pay the 'lost' interest and some compo.

The funds are getting 4.41% in their new home.

Needless to say the silence from Cynergy is deafening. I'll get on their case tomorrow.