Cynergy Bank savings accounts review

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 4.7% is available on one of its notice accounts.

Easy access savings accounts

Cynergy Bank's best easy access rate of 4.5% is significantly lower than today's market-best rate of 7.29%. Compare more instant and easy access accounts up to 7.29%

Cash ISAs

Cynergy Bank's best cash ISA rate of 4.5% is very slightly lower than today's market-best rate of 4.92%. Compare more ISAs up to 4.92%

Fixed-rate bonds

Cynergy Bank's best fixed-rate bond rate of 4.55% is very slightly lower than today's market-best rate of 4.81%. Compare more fixed-rate bonds up to 4.81%

Notice savings accounts

Cynergy Bank's best notice savings account rate of 4.7% is very slightly lower than today's market-best rate of 5.2%. Compare more notice savings accounts up to 5.2%

Business savings accounts

Cynergy Bank's best business savings account rate of 4.5% is very slightly lower than today's market-best rate of 5%. Compare more business savings accounts up to 5%

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	4.5%
Best cash ISA rate	4.5%
Best fixed-rate bond rate	4.55%
Best notice account rate	4.7%
Best business savings account rate	4.5%
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

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

• Can I open a joint account?

  You can open a joint fixed rate bond and a joint online easy access account, with a maximum of 2 account holders.

• What happens when my fixed rate bond matures?

  You'll be contacted 14 days before your fixed rate bond matures to give you your options so that you can decide what you would like to do.

• What are loyalty rates?

  Loyalty rates are available on maturing fixed rate bonds – if you choose to reinvest your money once your bond has matured, you'll be offered a slightly higher interest rate.

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.