Cynergy Bank Business Savings
-
Interest Rate
4.50% AER (Variable) -
Minimum Deposit
£5,000 -
Maximum Deposit
£10mOnly protected to £85,000 -
Access Type
Notice -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Apply online using Cynergy's streamlined application process
- Interest paid. No fixed term. Choose from 95, 120 or 180 day notice periods.
Eligibility Criteria
- Must be a sole trader, partnership, limited liability partnership or limited company
- Your business is based in the UK and registered at Companies House
- All partners are 18 or over & UK residents
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Interest Rate
4.45% AER (Variable) -
Minimum Deposit
£5,000 -
Maximum Deposit
£10mOnly protected to £85,000 -
Access Type
Notice -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Apply online using Cynergy's streamlined application process
- Interest paid. No fixed term. Choose from 95, 120 or 180 day notice periods.
Eligibility Criteria
- Must be a sole trader, partnership, limited liability partnership or limited company
- Your business is based in the UK and registered at Companies House
- All partners are 18 or over & UK residents
-
Interest Rate
4.40% AER (Variable) -
Minimum Deposit
£5,000 -
Maximum Deposit
£10mOnly protected to £85,000 -
Access Type
Notice -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Apply online using Cynergy's streamlined application process
- Interest paid. No fixed term. Choose from 95, 120 or 180 day notice periods.
Eligibility Criteria
- Must be a sole trader, partnership, limited liability partnership or limited company
- Your business is based in the UK and registered at Companies House
- All partners are 18 or over & UK residents
-
Interest Rate
4.00% AER (Variable) -
Minimum Deposit
£1 -
Maximum Deposit
£10mOnly protected to £85,000 -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Start to save with just £1, and access your money whenever you like
- Winner – Money Comms Best Easy Access Savings Account Award
- Apply for an account in as little as 15 minutes with a simple streamlined application process
Eligibility Criteria
- Must be a sole trader, partnership, limited liability partnership or limited company with up to 10 partners
- Your business is based in the UK and registered at Companies House
- All partners are 18 or over & UK residents
Cynergy Bank Business Savings Review
Cynergy Bank, previously known as Bank of Cyprus UK, has a rich history dating back to its establishment in 1955. It rebranded to Cynergy Bank in 2018 following its acquisition by Cynergy Capital Limited. The bank has since focused on combining personal relationship banking with digital efficiency, targeting SMEs, property entrepreneurs, and family businesses. This dual approach aims to bridge the gap between traditional, personalized banking services and the modern demand for digital banking solutions.
Interest Rates and Account Types
Cynergy Bank offers a range of business savings accounts, including easy access accounts, notice accounts, and fixed-term deposits. The interest rates are generally competitive, particularly for their fixed-term deposits, which provide higher rates in exchange for locking in funds for a predetermined period. This can be beneficial for businesses with surplus cash that they can afford to set aside. The easy access and notice accounts offer more flexibility, albeit usually with slightly lower interest rates, suitable for businesses requiring more immediate access to their funds.
Account Features
One of the key features of Cynergy Bank’s business savings accounts is the blend of traditional and digital banking. While the bank promotes online account management for ease and efficiency, it also maintains a focus on personal customer relationships, which is a significant draw for businesses that value face-to-face interactions and bespoke service.
The accounts are designed with transparency in mind, having clear terms and conditions and no hidden fees. This approach is particularly appealing to SMEs looking for straightforward financial products without any surprises.
Customer Service
Cynergy Bank states that they pride themselves on offering dedicated relationship managers to its business clients, ensuring a more personalized service. This level of individual attention is a unique selling point in an increasingly automated banking world. While the bank has received positive feedback for its customer service, it is worth noting that the quality of service can vary depending on individual experiences and the specific demands of the business.
Security and Trustworthiness
As a well-established bank in the UK, Cynergy Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Furthermore, deposits in its business savings accounts are protected up to £85,000 per business by the Financial Services Compensation Scheme (FSCS), providing a level of security and peace of mind for businesses.
In Summary
Cynergy Bank’s business savings accounts offer a compelling option for UK businesses looking for a blend of traditional, personalized banking service and digital convenience. The competitive interest rates, particularly on fixed-term deposits, make these accounts attractive for businesses looking to maximize their savings. The bank’s commitment to customer service and personal relationship management sets it apart in a digital-focused banking environment. However, businesses should consider their specific needs, including access to funds and the level of personal service required, when choosing a savings account provider. Cynergy Bank represents a strong choice for businesses that value a mix of traditional banking with modern efficiency.