Have you received Cynergy's notification of rate reductions

SnowMan

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

I've just logged in and the rate on the online easy access account (issue 90) has reverted back to 4.45% AER again (from 4.19%). Anyone else?

SpanishBlue

SnowMan said:

I've just logged in and the rate on the online easy access account (issue 90) has reverted back to 4.45% AER again (from 4.19%). Anyone else?

I've just checked and yes, same for me.

BestSeagull

SnowMan said:

I've just logged in and the rate on the online easy access account (issue 90) has reverted back to 4.45% AER again (from 4.19%). Anyone else?

Me too. Issue 89 is still 4.15 though. They don't inform when they decrease the rate, or admit their mistake (except by default) when they put it back up. I'm a little hesitant to transfer money back in as who knows when they will decrease the rate again and their transfer times are not the fastest.  It's going to be hard to trust Cynergy from now on.  

SnowMan

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

BestSeagull said:

SnowMan said:

I've just logged in and the rate on the online easy access account (issue 90) has reverted back to 4.45% AER again (from 4.19%). Anyone else?

They don't inform when they decrease the rate, or admit their mistake (except by default) when they put it back up. It's going to be hard to trust Cynergy from now on.  

A number of us have sent them a secure message asking what is going on, so we will have to see what they say when they get round to replying. But given a similar thing happened before which is how this thread started, I agree it doesn't give you must confidence in Cynergy.

Most other savings providers seem to put documents on their website to say when rates are scheduled to change but Cynergy just seem to post up their historic interest rates document after the change has happened.

As I understand it the FCA handbook says in 2E

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

(2E)
A firm should publish the current rate of interest that applies to each savings account it provides on its website (whether or not the savings account is available to new customers) and ensure that this is kept continuously up to date and is easily accessible by a banking customer. 

So even if someone had £1 in their account and so wasn't informed of a reduction because of the loophole that they don't have to individually notify if someone had less than £100 in their account when notifications were sent out to those with more than £100, they've failed in not complying with 2E in my view because their historic interest rates document has never shown a reduction from 4.45%. Of course here it appears nobody has been notified of a decrease. So it's not surprising if they've had to reverse the cut. We await their explanation.

1spiral

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

SnowMan said:

BestSeagull said:

SnowMan said:

I've just logged in and the rate on the online easy access account (issue 90) has reverted back to 4.45% AER again (from 4.19%). Anyone else?

They don't inform when they decrease the rate, or admit their mistake (except by default) when they put it back up. It's going to be hard to trust Cynergy from now on.  

(2E)
A firm should publish the current rate of interest that applies to each savings account it provides on its website (whether or not the savings account is available to new customers) and ensure that this is kept continuously up to date and is easily accessible by a banking customer. 

So even if someone had £1 in their account and so wasn't informed of a reduction because of the loophole that they don't have to individually notify if someone had less than £100 in their account when notifications were sent out to those with more than £100, they've failed in not complying with 2E in my view because their historic interest rates document has never shown a reduction from 4.45%. Of course here it appears nobody has been notified of a decrease. So it's not surprising if they've had to reverse the cut. We await their explanation.

I think although useful, it misses the fact that future rate changes are the main issue and they're not required to publish those for all to see until after the event has occurred. If I log into any account, I can see the rate I'm getting today. On that basis I may decide to add funds. What I can't tell today is what the rate will be tomorrow or even next week so if I fall foul of the £100 rule and am not notified of a future rate change, without logging in every day to check the rate (for the duration of an organisations notice period), my rate potentially drops to a lower rate without me ever being informed of that.

SnowMan

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

1spiral said:

SnowMan said:

BestSeagull said:

SnowMan said:

I've just logged in and the rate on the online easy access account (issue 90) has reverted back to 4.45% AER again (from 4.19%). Anyone else?

They don't inform when they decrease the rate, or admit their mistake (except by default) when they put it back up. It's going to be hard to trust Cynergy from now on.  

(2E)
A firm should publish the current rate of interest that applies to each savings account it provides on its website (whether or not the savings account is available to new customers) and ensure that this is kept continuously up to date and is easily accessible by a banking customer. 

So even if someone had £1 in their account and so wasn't informed of a reduction because of the loophole that they don't have to individually notify if someone had less than £100 in their account when notifications were sent out to those with more than £100, they've failed in not complying with 2E in my view because their historic interest rates document has never shown a reduction from 4.45%. Of course here it appears nobody has been notified of a decrease. So it's not surprising if they've had to reverse the cut. We await their explanation.

I think although useful, it misses the fact that future rate changes are the main issue and they're not required to publish those for all to see until after the event has occurred. If I log into any account, I can see the rate I'm getting today. On that basis I may decide to add funds. What I can't tell today is what the rate will be tomorrow or even next week so if I fall foul of the £100 rule and am not notified of a future rate change, without logging in every day to check the rate (for the duration of an organisations notice period), my rate potentially drops to a lower rate without me ever being informed of that.

I actually made that point in my secure message to them, that if I had £1 in my account and then added to my account the day before an interest rate cut then I would be unaware of the change, and hence they should have upcoming increases documented also. 

janusd

1spiral said:

SnowMan said:

BestSeagull said:

SnowMan said:

I've just logged in and the rate on the online easy access account (issue 90) has reverted back to 4.45% AER again (from 4.19%). Anyone else?

They don't inform when they decrease the rate, or admit their mistake (except by default) when they put it back up. It's going to be hard to trust Cynergy from now on.  

(2E)
A firm should publish the current rate of interest that applies to each savings account it provides on its website (whether or not the savings account is available to new customers) and ensure that this is kept continuously up to date and is easily accessible by a banking customer. 

So even if someone had £1 in their account and so wasn't informed of a reduction because of the loophole that they don't have to individually notify if someone had less than £100 in their account when notifications were sent out to those with more than £100, they've failed in not complying with 2E in my view because their historic interest rates document has never shown a reduction from 4.45%. Of course here it appears nobody has been notified of a decrease. So it's not surprising if they've had to reverse the cut. We await their explanation.

I think although useful, it misses the fact that future rate changes are the main issue and they're not required to publish those for all to see until after the event has occurred. If I log into any account, I can see the rate I'm getting today. On that basis I may decide to add funds. What I can't tell today is what the rate will be tomorrow or even next week so if I fall foul of the £100 rule and am not notified of a future rate change, without logging in every day to check the rate (for the duration of an organisations notice period), my rate potentially drops to a lower rate without me ever being informed of that.

if this had been showing 4.45% a couple of days ago, I might have funded it (though I don't like annual interest accounts as a rule)... but as you say, I don't know what the rate is going to be tomorrow - I know in theory they should give 14 days notice, but from when? With the next BoE meeting being in 14 days time, they may hold off announcements until then and make a larger drop if required.

just going through my emails, I haven't had an email about a rates drop since 2022 - pretty sure since then there have been periods when the balance was over £100 (it isn't now).

mebu60

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

As I was sending Cynergy a secure message asking why no reply to Friday's message four working days ago (supposed to reply in three) a reply appeared. I am unable to copy the text but the gist of it is that they have passed it on to the relevant department and will respond within five working days!! 

Rollinghome

SnowMan said:

As I understand it the FCA handbook says in 2E

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

(2E)
A firm should publish the current rate of interest that applies to each savings account it provides on its website (whether or not the savings account is available to new customers) and ensure that this is kept continuously up to date and is easily accessible by a banking customer. 

So even if someone had £1 in their account and so wasn't informed of a reduction because of the loophole that they don't have to individually notify if someone had less than £100 in their account when notifications were sent out to those with more than £100, they've failed in not complying with 2E in my view because their historic interest rates document has never shown a reduction from 4.45%. Of course here it appears nobody has been notified of a decrease. So it's not surprising if they've had to reverse the cut. We await their explanation.

I'd also question whether they are making the current rate "easily accessible by a banking customer".  

It's not easily seen immediately and takes a fair bit of navigation to find. Clicking on the account link takes you to another page with a link in a very small font at the bottom of the page. That brings up a pop-up where the interest rate isn't visible until you scroll to the bottom of the page.

The app is similar and unlikely to be immediately noticed without a search. 

With just £18 in the account I won't lose sleep over it, but it does mean that I wouldn't use Cynergy for real money unless they were offering a pretty tempting rate. 

Cold_comfort

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

janusd said:

1spiral said:

SnowMan said:

BestSeagull said:

SnowMan said:

I've just logged in and the rate on the online easy access account (issue 90) has reverted back to 4.45% AER again (from 4.19%). Anyone else?

They don't inform when they decrease the rate, or admit their mistake (except by default) when they put it back up. It's going to be hard to trust Cynergy from now on.  

(2E)
A firm should publish the current rate of interest that applies to each savings account it provides on its website (whether or not the savings account is available to new customers) and ensure that this is kept continuously up to date and is easily accessible by a banking customer. 

So even if someone had £1 in their account and so wasn't informed of a reduction because of the loophole that they don't have to individually notify if someone had less than £100 in their account when notifications were sent out to those with more than £100, they've failed in not complying with 2E in my view because their historic interest rates document has never shown a reduction from 4.45%. Of course here it appears nobody has been notified of a decrease. So it's not surprising if they've had to reverse the cut. We await their explanation.

I think although useful, it misses the fact that future rate changes are the main issue and they're not required to publish those for all to see until after the event has occurred. If I log into any account, I can see the rate I'm getting today. On that basis I may decide to add funds. What I can't tell today is what the rate will be tomorrow or even next week so if I fall foul of the £100 rule and am not notified of a future rate change, without logging in every day to check the rate (for the duration of an organisations notice period), my rate potentially drops to a lower rate without me ever being informed of that.

if this had been showing 4.45% a couple of days ago, I might have funded it (though I don't like annual interest accounts as a rule)... but as you say, I don't know what the rate is going to be tomorrow - I know in theory they should give 14 days notice, but from when? With the next BoE meeting being in 14 days time, they may hold off announcements until then and make a larger drop if required.

just going through my emails, I haven't had an email about a rates drop since 2022 - pretty sure since then there have been periods when the balance was over £100 (it isn't now).

I have always received rate reduction notifications from Cynergy when my balance has been £100 or more, the most recent being in February and March this year.

I didn't receive one last month but I didn't increase my balance to over £100 until 14 August so presumably missed the date on which notifications should have been sent out.