Have you received Cynergy's notification of rate reductions

dosh37

SnowMan said:

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. 

In my case I have lost interest since I withdrew all but £1 from the account as a result of the error.

What would have been the response if I had closed the account altogether?

In that case I would have lost out even more because the current Cynergy easy access rate is now only 4.0%.

mebu60

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

I was also in camp @dosh37 rather than @SnowMan as I lost interest due to withdrawing funds plus there was no actual apology or any form of contrition for their error. So I raised a further complaint in addition to my existing complaint about their monumental error with the bond maturity. 

After two holding letters I finally received a letter which said their error was merely not following my instructions to transfer the full amount to my nominated account, glossing over the fact that they physically deducted the interest amount from the capital rather than adding it so paid out less than originally deposited. Plus it was all sorted within a few days so there was only a 50p loss of interest, ignoring the fact that they couldn't grasp what the problem was initially, they showed no urgency in resolving it, I was constantly having to chase and then when it was finally supposed to be sorted they didn't make the payment when they said they would and I had to chase again. 

For all this grief because I was a 'valued customer' they were offering me £30 (yes, thirty, you read that right) plus 50p in loss of interest.

I replied that £30 was insulting and set out a case for £100 for the original bond error, £100 for failing to deal with it in an acceptable manner and £50 for the interest rate error making £250.50 with the lost interest. This morning I received a terse email saying the original compensation 'was not correct' and a payment of £300.50 would be paid into my nominated account. Which arrived this afternoon. Result! 

SnowMan

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

Just to be clear my comment that I was happy with Cynergy's response related to my own circumstances. The incorrect reduction in interest didn't change how much I saved in the account. And I was happy that they had acknowleged their mistake and were taking things seriously. I received a £20 goodwill payment for what had happened.