Cynergy Bank - Internal Transfers

1spiral

Yesterday I transferred some funds into a joint account at Cynergy from my linked account with the intention of transferring them on into a sole account in my name with them.

On attempting this transfer I was met with a message informing me that this account was ineligible for internal transfers. On contacting customer services, I was told that they don't permit internal transfers from joint accounts into sole accounts.

This is certainly something new as I have done this in the past.

I was advised that the quickest way to get the money into my desired account was to withdraw the funds to my linked account and then resend them to the desired account directly.

The irony of this was that the withdrawal account was an account in my sole name so they let me achieve externally what they wouldn't permit internally.

j.p

In the past Cynergy savings accounts could be credited from any external account, not just a nominated account. So they're tightening the screws little by little.

I think I like more the HL solution: They require a nominated account for withdrawals, but deposits can be made from a variety of UK bank accounts through Open Banking ('PayByBank'), so they can come from multiple sources.

Maybe HL will take a peek at the accounts the money's coming from, I do not know. Some companies accepting Open Banking deposits do take a peek at the last 90 days worth of transactions. For 'security', or for curiosity. But at least I think HL are making wise use of Open Banking to make deposits into their accounts flexible, while Cynergy aren't.

1spiral

I just found it strange that you couldn't transfer into an account solely in your name from within the platform but could do so externally if that was what you had set up as your nominated account. Which was what happened for me.

Perhaps they've had a spate of partners nicking all the funds from joint accounts and at least this way they can say "sorry mate, it was you that designated that as your withdrawal account"

Although I don't have issues per se with Cynergy, I have found them to be one of the more officious finance companies I've dealt with.

In the past I have had to verify my ID twice, supply a statement from a source account to prove a deposit I was making was legit but the most bizarre was a delay in opening a new savings account because they wanted a solicitor to verify source of funds that were being transferred from an account that was already with Cynergy. In the end it took 2 weeks to open and required a manager to override the AML team.

[Deleted User]

Is this an online easy access account? If so, according to their current t&cs, the nominated account only requires you to be named on it (plus other unrelated requirements. It is your responsibility to ensure it is capable of receiving funds from your EA account).

The Cynergy terms & conditions of their online EA product appear contradictory.

They state:

"All deposits and withdrawals must be made to and from your nominated account."

and that

"Any deposits received that do not come from your Nominated Account will be returned ..."

There is nothing I can see that suggests transfers into your EA account from any other Cynergy account are permitted.

However, in regards withdrawals, the terms do later include the possibility of:

"sending it to ... an account you have with us (as long as it accepts payments)"

Having said that, I know I have done an internal transfer to/from Cynergy EA accounts in the past (both accounts were in my sole name), and I think I'm soon to receive a deposit from another Cynergy account that I am not even named on. (long story). I do not know what type of Cynergy account the money is due to come from, but presumably it should not be accepted into my Cynergy EA account, if they are now applying the rules more strictly. It will be interesting to discover if that transfer is successful or not.

In regards the nominated account, the terms also state:

Cynergy Bank need to validate your nominated account before you are permitted to use it for withdrawal purposes.

You can change the nominated account, but it would then need to go through the validation process.

So once validated, presumably Cynergy should not be preventing otherwise approved withdrawals to it.

1spiral

It is indeed an easy access account. I have had numerous of these with Cynergy in the past dating back to when they were Bank of Cyprus (both sole and joint) and never had an issue transferring between them.

In fact the joint account I tried to use is just there for the simplicity of acting as a recipient account from our nominated account so that only one payee needs to be set up although that (previously working) plan is now scuppered.