Cynergy Bank Marketing affilation link. Wrong account was opened

eskbanker

MeteredOut said:

eskbanker said:

fuzzzzy said:
...looking at the interest payments you must have withdrawn some of the balance after March 2021?

Not necessarily - as a variable rate product, the interest rate fluctuated over time (as referenced in OP's quote from correspondence from Cynergy):

The pedant in me is really grated that the Total rate for 03/08/2023 does not show as 1.00%

Presumably the result of any Excel formula including a #N/A giving a #N/A result, and nobody being alert enough to correct it (or adjust error handling)!

Crunchieeagle

eskbanker said:

fuzzzzy said:
...looking at the interest payments you must have withdrawn some of the balance after March 2021?

Not necessarily - as a variable rate product, the interest rate fluctuated over time (as referenced in OP's quote from correspondence from Cynergy):

Yes you are correct; I didn't withdraw anything. I didn't however get any notifications on email, about their rate changes. In fact I have had no correspondance from them at all, since opening the account.

Perhaps that is why the are offering £75.00?

I am not going to find the evidence, but it was bonds i was looking for.

But still, when interest rates shot up in in march 2022, i should have change myself.

But i didnt get notified of the 2023 change either, and that would have definitely given me a red flag.

I was just so entrenched in keeping my business alive during covid and beyond, and having my driving licence renewed during covid, due a previous brain operation (medically induced parkinsons), but the deep brain stimulation operation , i had to get privately 5 years later, and then claim back on the NHS, meant i could only be self employed (with a masters), and was my main source of income.

I had to close it in 2022. and was busy setting up another online business this time.

So thing like this i kept my eye off the ball.

But wasn't notified at any point via email or anything? I tried to log in and it just didn't work for 6 months, and once i did, i just left it.

As bank have a legal obligation to tell you, maybe that is the reason?

fuzzzzy

eskbanker said:

fuzzzzy said:
...looking at the interest payments you must have withdrawn some of the balance after March 2021?

Not necessarily - as a variable rate product, the interest rate fluctuated over time (as referenced in OP's quote from correspondence from Cynergy):

Oh yes I see. I had in my head that interest rates were static or generally rising from that time but obviously not. I am guessing maybe the bonus rate was not applicable after 1 year too?

Crunchieeagle

eskbanker said:

fuzzzzy said:
...looking at the interest payments you must have withdrawn some of the balance after March 2021?

Not necessarily - as a variable rate product, the interest rate fluctuated over time (as referenced in OP's quote from correspondence from Cynergy):

Yes that is correct. I think they are offering the £75 compensation, as i haven't received any emails from the the account at all,, not one history from the account.

Had I had been notified, especially in 2023, that is was was 1%, that would have pulled up a red flag? To change my interest rate, but i was pre occupied with other personal matters.

As it is an obligation, maybe that is why?

eskbanker

Crunchieeagle said:

eskbanker said:

fuzzzzy said:
...looking at the interest payments you must have withdrawn some of the balance after March 2021?

Not necessarily - as a variable rate product, the interest rate fluctuated over time (as referenced in OP's quote from correspondence from Cynergy):

Yes you are correct; I didn't withdraw anything. I didn't however get any notifications on email, about their rate changes. In fact I have had no correspondance from them at all, since opening the account.

Perhaps that is why the are offering £75.00?

I am not going to find the evidence, but it was bonds i was looking for.

But still, when interest rates shot up in in march 2022, i should have change myself.

But i didnt get notified of the 2023 change either, and that would have definitely given me a red flag.

I was just so entrenched in keeping my business alive during covid and beyond, and having my driving licence renewed during covid, due a previous brain operation (medically induced parkinsons), but the deep brain stimulation operation , i had to get privately 5 years later, and then claim back on the NHS, meant i could only be self employed (with a masters), and was my main source of income.

I had to close it in 2022. and was busy setting up another online business this time.

So thing like this i kept my eye off the ball.

But wasn't notified at any point via email or anything? I tried to log in and it just didn't work for 6 months, and once i did, i just left it.

As bank have a legal obligation to tell you, maybe that is the reason?

Yes, now you come to mention it, the correspondence you quoted in your first post does accept that they failed to notify you of rate changes, so that's presumably why they offered a goodwill gesture of £75.  If you can make a credible case that rate change notifications would have led to you moving your money somewhere more rewarding then they may be obliged to reconsider that offer, but potentially difficult to make that case after leaving a sizable five-figure sum untouched in an easy access account for over five years....

fuzzzzy said:
I am guessing maybe the bonus rate was not applicable after 1 year too?

Correct, so OP's interest rate would have been 0.3% from March 2021 until August 2023.

fuzzzzy

eskbanker said:

Crunchieeagle said:

eskbanker said:

fuzzzzy said:
...looking at the interest payments you must have withdrawn some of the balance after March 2021?

Not necessarily - as a variable rate product, the interest rate fluctuated over time (as referenced in OP's quote from correspondence from Cynergy):

Yes you are correct; I didn't withdraw anything. I didn't however get any notifications on email, about their rate changes. In fact I have had no correspondance from them at all, since opening the account.

Perhaps that is why the are offering £75.00?

I am not going to find the evidence, but it was bonds i was looking for.

But still, when interest rates shot up in in march 2022, i should have change myself.

But i didnt get notified of the 2023 change either, and that would have definitely given me a red flag.

I was just so entrenched in keeping my business alive during covid and beyond, and having my driving licence renewed during covid, due a previous brain operation (medically induced parkinsons), but the deep brain stimulation operation , i had to get privately 5 years later, and then claim back on the NHS, meant i could only be self employed (with a masters), and was my main source of income.

I had to close it in 2022. and was busy setting up another online business this time.

So thing like this i kept my eye off the ball.

But wasn't notified at any point via email or anything? I tried to log in and it just didn't work for 6 months, and once i did, i just left it.

As bank have a legal obligation to tell you, maybe that is the reason?

Yes, now you come to mention it, the correspondence you quoted in your first post does accept that they failed to notify you of rate changes, so that's presumably why they offered a goodwill gesture of £75.  If you can make a credible case that rate change notifications would have led to you moving your money somewhere more rewarding then they may be obliged to reconsider that offer, but potentially difficult to make that case after leaving a sizable five-figure sum untouched in an easy access account for over five years....

fuzzzzy said:
I am guessing maybe the bonus rate was not applicable after 1 year too?

Correct, so OP's interest rate would have been 0.3% from March 2021 until August 2023.

I think the problem with Cynergy also is that when they increase interest rates they often bring out a new issue which you need to upgrade to, so if you are not on the ball your savings will languish at low rates.

masonic

Crunchieeagle said:

eskbanker said:

fuzzzzy said:
...looking at the interest payments you must have withdrawn some of the balance after March 2021?

Not necessarily - as a variable rate product, the interest rate fluctuated over time (as referenced in OP's quote from correspondence from Cynergy):

Yes that is correct. I think they are offering the £75 compensation, as i haven't received any emails from the the account at all,, not one history from the account.
Had I had been notified, especially in 2023, that is was was 1%, that would have pulled up a red flag? To change my interest rate, but i was pre occupied with other personal matters.
As it is an obligation, maybe that is why?

It's generous for them to offer the £75 due to not informing you of rate changes, so I'd take that and run.

Looking at the historic captures of the Cynergy website, there wasn't a capture near April 2020, but the prior capture in Aug 2019 showed that they weren't offering fixed accounts to new customers, only to those renewing maturing fixes. From memory that did go on for some time, but I couldn't say for how long. MSE did not list any Cynergy products on its top savings account page or weekly email in the captures around your opening date, so not only have you opened a different account than the one you remember opening, there was no Cynergy MSE link for you to have used, and perhaps you ended up applying for an account at the wrong bank (since the available affiliate links were for other banks). Vanquis bank appears to be the only 5 year fix with an affiliate link available at that time. Is it possible you applied for both and then mixed them up?

Is it a stretch to question if you entered your email address correctly, and perhaps that is why you had no emails at all? Or maybe they were received into your junk folder and then automatically deleted after 30 days I've always had a confirmation email when applying for a Cynergy product. And another when I make the opening deposit.

Crunchieeagle

Crunchieeagle said:

eskbanker said:

fuzzzzy said:
...looking at the interest payments you must have withdrawn some of the balance after March 2021?

Not necessarily - as a variable rate product, the interest rate fluctuated over time (as referenced in OP's quote from correspondence from Cynergy):

Yes that is correct. I think they are offering the £75 compensation, as i haven't received any emails from the the account at all,, not one history from the account.

Had I had been notified, especially in 2023, that is was was 1%, that would have pulled up a red flag? To change my interest rate, but i was pre occupied with other personal matters.

As it is an obligation, maybe that is why?

Thank you everyone for all your responses, and taking your valuable time to help me out. I really do appreciate it.

As of Issue 65, on the 9/3/2023, it was 4.05%, which i would have taken out, if i would have had a notification.

Try that, and see what happens.

Or try the FOS, as they saod in the previous letter. But I don't hold out much hope there.

Thanks again Fozzie