Have you received Cynergy's notification of rate reductions

SnowMan

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

Leaving aside acknowledgement messages not had a reply to my secure message from 2 weeks ago.

Has anyone received a reply explaining what has been going on with the online easy access account (issue 90) appearing to reduce to 4.19% AER from 4.45% AER and then reverting back to 4.45% AER again?

mebu60

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

Nope, silence is deafening. Currently abroad, return middle of next week, if still nothing on interest rate complaint and complaint about delay (two holding letters this far) on bond interest fiasco complaint then will be escalating to CEO.

EthicsGradient

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

Rollinghome said:

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. 

For mine (Issue 68), I open up "view transactions" (first option for the account), and then click on "account details", which is in normal size print in the middle of the screen. Yes, you do have to scroll (a whole page!) to get the underlying and bonus interest rates on it, but I think that would fit "easily accessible" by anyone's definition.

Bobblehat

Coincidently received an email today from Cynergy reminding me of bonus ending on EA Iss 80 on 26/09. Thumbs up there, .... but they mentioned it was dropping from 3.7% to 2.65% as per T&C's. That's all OK except I thought I was getting 4.00% at the moment! Good job I took a fat wodge out back in December 2024 and left only £1 in when the rate ceased to be attractive!

SnowMan

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

Bobblehat said:

Coincidently received an email today from Cynergy reminding me of bonus ending on EA Iss 80 on 26/09. Thumbs up there, .... but they mentioned it was dropping from 3.7% to 2.65% as per T&C's. That's all OK except I thought I was getting £4.00% at the moment! Good job I took a fat wodge out back in December 2024 and left only £1 in when the rate ceased to be attractive!

Issue 80 is paying 4% AER currently according to their historic interest rates document

https://www.cynergybank.co.uk/support/rates

Further evidence of the mess they are at the moment

Bobblehat

SnowMan said:

Bobblehat said:

Coincidently received an email today from Cynergy reminding me of bonus ending on EA Iss 80 on 26/09. Thumbs up there, .... but they mentioned it was dropping from 3.7% to 2.65% as per T&C's. That's all OK except I thought I was getting £4.00% at the moment! Good job I took a fat wodge out back in December 2024 and left only £1 in when the rate ceased to be attractive!

Issue 80 is paying 4% AER currently according to their historic interest rates document

https://www.cynergybank.co.uk/support/rates

Further evidence of the mess they are at the moment

Apart from it taking me ages to figure out what the actual current rate is by looking online (they keep it well buried, unless you know where to look!), I have no idea when the rate fell to 3.7%! Balance at £1 makes it a bit academic, but ..... makes me wonder whether to ditch this holding account and kiss them a "fond farewell"  

 

dosh37

Any update on the interest rate for Iss 90? Has anyone heard any explanation from Cynergy?

Like many others I withdrew all but £1 after the rate suddenly dropped to 4.15% with no email notification.

The rate subsequently reverted back and is still showing as 4.45% when I logged into Cynergy today.

I am considering moving some cash back into the Cynergy account now that Leeds BS rate has dropped from 4.35% to 4.1%.

SnowMan

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

No update here. Still waiting for a response.

Cynergy have updated their historic interest rate document to include the online ISA issue 56 as an off-sale product following it becoming not available a few days ago. But the online easy access account issue 90 still shows on the new document as 4.45% AER on there. And the issue 80 still shows on there as 4% AER which conflicts with Bobblehat's 3.7% AER above showing on that account, both can't be right. 

Bobblehat

SnowMan said:

No update here. Still waiting for a response.

Cynergy have updated their historic interest rate document to include the online ISA issue 56 as an off-sale product following it becoming not available a few days ago. But the online easy access account issue 90 still shows on the new document as 4.45% AER on there. And the issue 80 still shows on there as 4% AER which conflicts with Bobblehat's 3.7% AER above showing on that account, both can't be right. 

Just checked in case my Issue 80 had changed, but it's still showing 3.7%!

SnowMan

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

I've received a written response from Cynergy (in relation to the issue 90 appearing to drop from 4.45%AER to 4.19% AER and then returning to 4.45%AER) 

After apologising they say 

'Due to a technical issue, the interest rate on your account was incorrectly reduced. I'm pleased to confirm that this has now been fully resolved. The correct interest rate of 4.45% has been reinstated, and you can view this by logging into your online banking or mobile app.

Importantly no interest has been lost - the corrected rate has been applied retroactively to the date the error occurred, ensuring your account has not been financially impacted. We take matters like this very seriously. The Bank is currently conducting a thorough internal review of its systems and processes to prevent this from happening again in the future'

I'm happy with that response.