Cynergy Bank

mills112

I have a couple of 12 months bond maturing in February so looking to save them with someone else as they are offering very poor rates to re-invest.

Cynergy bank appears to give a good 12 months bond rate but I have never used them before. Anyone got experience of this bank and can share your experience? Thanks

Runner_Duck

I have a bond maturing next year. Opening and funding the bond went as expected. I have not needed to speak to them, nor deal with a bond maturing so cannot speak to those aspects.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81863240#Comment_81863240

do you get an online account so you can see the money deposited?

Runner_Duck

Yes it was all done on line so I transferred a small amount, and checked it was received before transferring the bulk. I don't remember what the funding window was or if there was a minimum deposit

elsien

I have used Cynergy in the past but I’ve stopped now because they weren’t great with my easy access save. Every time there was a rate increase you had to login and request it instead of them doing it automatically but more annoyingly their webpage stopped working on my computer for some reason.

CeliaSeas

I've been using Cynergy bank for around 4 years now, I've had ISAs with them and a savings account. My only complaint is about the login process on PC, most of the time it won't accept my password. Because of this I usually use the app which is fine.

SeriousHoax

I've used Cynergy for years, when it was Bank of Cyprus UK, and I've had no issues.

Chloe_G

I've used Cynergy for years since Bank of Cyprus days as well. I find them very helpful / fast response times if you have an issue.

x44

https://forums.moneysavingexpert.com/discussion/comment/81863447#Comment_81863447

Well actually that was an advantage as it enabled you to open a new account and then close the old account thereby compounding the interest at that point which was then added to the new account. as cyncery were putting out new accunts every few months your money was being compounded each time you swapped over. This action gave you more money that had they simply raised the interest on the existing account.

Of course from THEIR viewpoint they would hope that the majority would not be checking that a new account had been posted and would continue to leave their money in the old lower interest rate account: and they be correct in this assumption. So by doing it all in this way Cynergy prevented the rate tarts leaving for other high payer saving groups by giving them a higher paying account while not having ot pay out more interest to the majority who did not swap over.

So all in all a win for Cynery and a win for us on here the rate tarts who moved over to the new account ASAP on each and every occassion.

gpman

https://forums.moneysavingexpert.com/discussion/comment/81863447#Comment_81863447

Unfortunately I'm in the same boat, but for a different reason

I've now lost all confidence in Cynergy Bank

Last summer, I logged into my online account to find Cynergy had reduced the interest rate without prior notice on some of the numerous savings accounts I held.
On that basis, I closed one account as the interest rate for that particular account was no longer competitive.
I kept another, as despite the reduction in interest rate displayed, it was not uncompetitive.

I asked Cynergy at the time as to why they reduced my interest rates without notice, and why one was reduced by so much that it was not even close to what they were offering on their latest savings account on offer at that time.

They responded to say they had made a mistake on the account I retained, and reversed the interest rate reduction, promising I would not lose out because of their error.

I've been asking since then what about the account I closed. Was that rate reduction an error by them too? What is the interest rate history of that account? They referred me to their online document which supposedly gave the rates for all their off-sale products. Well that was either out of date at best or just simply wrong.

I have an open complaint since then as to what the correct interest rate is, but they don't seem to know the answer.

Indeed I had another letter from them just a couple of weeks ago that confirmed:

"Our investigation is still ongoing. The Bank is committed to resolving all complaints within 8 weeks from the receipt of your original complaint.

We appreciate your patience in this matter"

The letter goes on:

"Please disregard this holding letter if you have already received a resolution letter..."

So they don't even know if they have provided me a resolution to my complaint or not.
I have found my contact with Cynergy over what should be the most simple of questions most frustrating, i.e. what is the correct interest rate on one of their off sale products.
If they cannot answer that most basic of questions in, after over what is now 5 months, I have no confidence in them holding my hard earned cash.. It's not that they do not respond, but they do not answer the simple question I asked

I've reduced my holding to 1 account with £1 in, just to keep a foot in the door, in the hope that one day they can get their act back together.

gpman

https://forums.moneysavingexpert.com/discussion/comment/81864487#Comment_81864487

I remember reading in the past on this forum that some customers who regularly opened new accounts and closed old, uncompetitive ones, eventually got into difficulties.

Iirc, their was a software issue with having > 20 closed accounts. They needed to keep contacting Cynergy for assistance to open each new account thereafter. I'm not sure if Cynergy have resolved that software bug yet. I've only about a dozen closed Cynergy savings account so far.