Cynergy Bank savings accounts review

Cynergy Bank offers a broad range of savings accounts with interest rates up to 5.18%.

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Cynergy Bank

Founded in 1955, Cynergy Bank offers a range of financial products for both individuals and businesses, including a number of personal savings accounts.

Cynergy Bank's top savings rate of 5.18% is available on one of its fixed-rate bond accounts.

Easy access savings accounts

Table: sorted by interest rate
Cynergy Bank's best easy access rate of 4.94% is significantly lower than today's market-best rate of 7.49%.
1 - 3 of 3
Name Product Account type Withdrawals Min. opening balance Interest rate Deposit protection Open via Incentive Apply link
Cynergy Bank – Online Easy Access Account (Issue 78)
Variable
Instant access
£1
4.94% AER variable (includes a 1.19% bonus )
FSCS logo
protected
Open via: website
Go to site
View details
Cynergy Bank – Online ISA (Issue 47)
Cash ISA
Instant access
£1
4.87% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
Cynergy Bank – Variable Rate Cash ISA
Cash ISA
Instant access
£500
1% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
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Cash ISAs

Table: sorted by interest rate
Cynergy Bank's best cash ISA rate of 4.94% is very slightly lower than today's market-best rate of 5.1%.
1 - 5 of 8
Name Product Interest rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description Apply link
Cynergy Bank – Loyalty Fixed Rate Cash ISA
4.94% AER fixed for 1 year
£500
Anniversary of account opening
Withdrawals not permitted
FSCS logo
protected
Open via: website
Go to site
View details
Cynergy Bank – Fixed Rate Cash ISA
4.93% AER fixed for 1 year
£500
Anniversary of account opening
Withdrawals not permitted
FSCS logo
protected
Open via: website
Go to site
View details
Cynergy Bank – Online ISA (Issue 47)
4.87% AER variable
£1
Yearly
Instant access
FSCS logo
protected
Open via: website
Go to site
View details
Cynergy Bank – Loyalty Fixed Rate Cash ISA
4.68% AER fixed for 2 years
£500
Anniversary of account opening
Withdrawals not permitted
FSCS logo
protected
Open via: website
Go to site
View details
Cynergy Bank – Fixed Rate Cash ISA
4.67% AER fixed for 2 years
£500
Anniversary of account opening
Withdrawals not permitted
FSCS logo
protected
Open via: website
Go to site
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Fixed-rate bonds

Table: sorted by interest rate
Cynergy Bank's best fixed-rate bond rate of 5.18% is very slightly lower than today's market-best rate of 5.5%.
1 - 5 of 8
Name Product Interest rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description Apply link
Cynergy Bank – Fixed Rate Bond
5.18% AER fixed for 182 days
£1,000 - £1,000,000
On maturity
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Cynergy Bank – Fixed Rate Bond
5.16% AER fixed for 1 year
£1,000 - £1,000,000
On maturity
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Cynergy Bank – Fixed Rate Bond
5% AER fixed for 1.2 years
£1,000 - £1,000,000
Anniversary of account opening
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Cynergy Bank – Fixed Rate Bond
5% AER fixed for 2 years
£1,000 - £1,000,000
Anniversary of account opening
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Cynergy Bank – Fixed Rate Bond
4.9% AER fixed for 1.5 years
£1,000 - £1,000,000
Anniversary of account opening
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
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Notice savings accounts

Table: sorted by interest rate
Cynergy Bank's best notice savings account rate of 5.15% is very slightly lower than today's market-best rate of 5.37%.
1 - 3 of 3
Name Product Account type Withdrawals Open with Deposit protection Interest rate Open via Incentive Table product description Apply link
Cynergy Bank – Online Notice Saver (Issue 14)
Variable
120 days notice needed
£500 - £1,000,000
FSCS logo
protected
5.15% AER variable
Open via: website
Go to site
View details
Cynergy Bank – Online Notice Saver (Issue 14)
Variable
95 days notice needed
£500 - £1,000,000
FSCS logo
protected
5.05% AER variable
Open via: website
Go to site
View details
Cynergy Bank – Online Notice Saver (Issue 14)
Variable
35 days notice needed
£500 - £1,000,000
FSCS logo
protected
5% AER variable
Open via: website
Go to site
View details
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Business savings accounts

Table: sorted by interest rate
Cynergy Bank's best business savings account rate of 4% is lower than today's market-best rate of 5.25%.
Name Product Interest rate and type Interest paid Invest Term Open via Incentive Table product description Apply link
OFFER
Cynergy Bank – Business Saver Issue 5
4% AER variable
Monthly
£1 - £10,000,000
Instant access
Open via: website
Open a Business Saver account in as little as 10 minutes to enjoy a great interest rate with flexible access to your money.
Go to site
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What is Cynergy Bank's best savings account with the highest interest rate?

The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.

Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Cynergy Bank offers, plus the highest interest rate currently available.

Savings account types include Easy access, cash ISAs, fixed-rate bonds, notice accounts, business
Best easy access rate 4.94%
Best cash ISA rate 4.94%
Best fixed-rate bond rate 5.18%
Best notice account rate 5.15%
Best business savings account rate 4%
Fixed bond terms 6 months - 5 years
Notice account periods available 35 days - 120 days
Opening options Website
FSCS protection

How to open a Cynergy Bank savings account

To open an account, you will need to be at least 18 years old (or 16 for a cash ISA) and a UK resident. If you want to open an online easy access account, you’ll also need to be an existing personal online banking customer.

You can apply for a Cynergy Bank savings account online by filling in an application form. This should only take 10 minutes and you’ll need to provide personal details including your name, address, date of birth, National Insurance number, mobile number and email address.

Documents needed to open an account

You shouldn’t need to provide any documents to open an account as Cynergy will carry out electronic enquiries to verify your identity. If this cannot be done, you may be asked to provide a certified copy of photo ID, such as a passport or driving licence, and a certified copy or original proof of address, such as a utility bill or bank statement that is no more than 3 months old.

Is Cynergy Bank safe?

Yes, Cynergy Bank savings accounts are covered by the Financial Services Compensation Scheme (FSCS). This means that all eligible deposits are protected up to a total of £85,000 (£170,000 for joint accounts), so you’ll get your money back if the bank ceases trading.

Pros and cons

Pros

  • Flexibility. Cynergy Bank offers a range of savings accounts, whether you’re looking for easy access or long-term gains.
  • FSCS protection. Money in accounts will be protected up to £85,000 per person.
  • Easy to open an account. Quick to open an account online.

Cons

  • Online only. You can only open and manage a savings account online – there are no bank branches.

Our verdict: Is a savings account from Cynergy Bank worth it?

Cynergy Bank offers a good range of savings accounts, whether you’re looking to access your money on a regular basis or you’re happy to lock away a lump sum for a set time. Just remember that you will need to be an existing customer to open the easy access account. You will also need to be happy banking online. If you’d prefer to be able to bank in a branch or over the phone, you’ll need to look elsewhere.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Writer

Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio

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