Savings Interest Rates, Switch Offers and Guides for Cynergy Bank

Who they are

Cynergy Bank was established in December 2018 following the acquisition of Bank of Cyprus UK, which had been operating in the United Kingdom since 1955. It describes itself as a specialist bank serving the needs of business owners, entrepreneurs and family businesses, though it also actively competes for retail savers. The bank positions itself as a "human-digital" provider - tailored solutions delivered by people and enabled by technology. It is rated "Excellent" on Trustpilot from over 5,000 reviews. One thing worth noting on FSCS cover: eligible deposits are protected up to £120,000 by the Financial Services Compensation Scheme - that is higher than the standard £85,000 limit you see at most banks, which reflects Cynergy's status as a separate, independently licensed institution.

Savings accounts

Cynergy keeps its savings range simple and online-focused. The Online Easy Access Account pays 4.23% AER, but it is worth reading the small print: that rate includes a 2% bonus for the first 12 months on top of a 2.23% base rate, so expect a meaningful drop once the bonus period ends - set a calendar reminder at around 11 months. The minimum deposit is just £1, so it is easy to get started.

If you are happy to lock your money away, Cynergy's Fixed Rate Bonds span a wide range of terms - 6 months, 1 year, 15 months, 18 months, 2 years, 3 years, 4 years and 5 years - all currently paying 4.35% AER with a £1,000 minimum. There is no access until maturity, so only fix what you genuinely will not need. For ISA savers, the Online ISA pays 4.15% AER on a variable, easy-access basis with no minimum beyond £1.

All accounts carry FSCS protection up to £120,000.

Is it right for you?

Cynergy suits savers who want a straightforward, online-managed account and appreciate a slightly higher FSCS protection limit. The easy-access rate is competitive right now, but the 2% bonus cliff means it rewards those who stay organised and switch or renegotiate when the time comes. The fixed-rate range is broad if you want to ladder your savings across different terms. There are no current-account switch offers in place at the moment.

Rates move often, so check the live figures on this page before you apply - what you see here today may differ from what Cynergy is offering by the time you read this.