SHAWBROOK and CYNERGY BANK CASH ISA'S

dec9

I'm looking at transferring an easy access Cash ISA I have to either the Shawbrook or Cynergy Bank 1yr fixed Cash ISA.
I normally deal with more well known establishments but the two above are offering better rates.
Has anybody had any dealings with either the Cynergy ot Shawbrook Bank? Were they OK?

Runner_Duck

I'd say both are fine, I have money in both banks, Shawbrook for >10 years, Cynergy more recent.  For Cynergy they prefer you to download an app or use a DigiPass, the app has had a number of negative reviews in the past.  Shawbrook it is a straightforward on line account 

Qyburn

Runner_Duck said:

For Cynergy they prefer you to download an app or use a DigiPass, the app has had a number of negative reviews in the past.  Shawbrook it is a straightforward on line account 

Cynergy have a proper app now.

refluxer

I've held a number of different accounts with Shawbrook over the last few years (including 3 cash ISAs, of which 1 was a transfer-in) and don't recall having any problems.

Shawbrook use the BACs ISA transfer service so as long as the ISA provider you're transferring from also uses the service, then the transfer should be reasonably quick. My transfer took 4 days from opening the account (and requesting the transfer) to the funds being credited, but I expect that included a delay of 1-2 days due to opening the account on a Saturday.

sparklymarkly

I have a couple of ISAs with Shawbrook and my wife has one. I also have an ordinary savings account with them.
Never had any issues with them and transfers in & out have been on time & efficient.

I gave up with Cynergy - opened an account a couple of years ago but could never gain access to it due to their weird security system never working properly. It was frustrating so I just gave up in the end.

Rich1976

We have a joint account with Shawbrook and have for about 6 months. No issues at all so far. We pay in every month then a text notification comes through about 2 hours later saying it’s been credited to the account. Any withdrawals have arrived the next day.

There are some posts on here from people who have had withdrawal problems but so far the account has worked without any problems for us .

rallycurve

Although they currently offer a similar rate, bear in mind there's a big difference in their penalty for early access to your money should you need it. Shawbrook's is 90 days while Cynergy charges 180 days.

Only you'll know if that difference is worth the extra pound you'd get for every 10k you put in

Edit: it seems they both offer now the same rate 4.93%

Warslet

I have a joint easy access account, notice account and cash ISA with Shawbrook. I also have an ISA as POA and no problems with any of the accounts. Whenever I contact them by message they are quick to respond and telephone service is good. I did have accounts with Cynergy and again no issues. 

Albermarle

rallycurve said:

Although they currently offer a similar rate, bear in mind there's a big difference in their penalty for early access to your money should you need it. Shawbrook's is 90 days while Cynergy charges 180 days.

Only you'll know if that difference is worth the extra pound you'd get for every 10k you put in

Edit: it seems they both offer now the same rate 4.93%

Also Shawbrook are relatively unusual in that they allow you to add money to a fixed term ISA, during the whole period of the term. Most providers have a strict funding window at the start of the fixed term, then no more money can be added.
However this flexibility will not necessarily extend to transfers in after the product is initially opened. These are at their discretion.
Plus of course you have the usual ISA annual limit.