Cynergy Bank savings rates — compare every account, plus switch offers and guides

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. So while the Cynergy name is relatively new, the banking infrastructure behind it has roots going back over seven decades. It describes itself as a specialist bank serving business owners, entrepreneurs, and family businesses, though it also actively competes for retail savers - positioning itself as a "human-digital" provider, with tailored solutions delivered by people and enabled by technology. It is rated "Excellent" on Trustpilot from over 5,000 reviews.

One thing that stands out on the protection side: eligible deposits are protected up to £120,000 by the Financial Services Compensation Scheme - higher than the standard £85,000 limit at most banks, reflecting Cynergy's status as a separate, independently licensed institution.

Savings accounts

Cynergy keeps its range focused and online-managed. The Online Easy Access Account currently pays 4.15% AER, but read the small print carefully - that rate includes a 2% bonus for the first 12 months. Once the bonus period ends, the underlying rate drops sharply, so it pays to set a reminder at around the 11-month mark and review your options. The minimum deposit is just £1, making it accessible to most savers.

If you want to lock in a rate and forget about it for a while, Cynergy offers Fixed Rate Bonds across 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. You will need at least £1,000 to open one, and there is no access to your money until the bond matures. The fact that the rate is identical across all those terms is worth noting - it suggests the market is not pricing in much movement in rates either way over the medium term.

There is also an Online ISA paying 4.15% AER variable, with a £1 minimum balance, useful if you want to keep savings interest out of your tax bill. All accounts carry the same elevated FSCS protection of up to £120,000.

Is it right for you?

Cynergy suits savers who are comfortable managing everything online and want a straightforward account without fuss. The easy-access rate is competitive, but only if you stay alert to the bonus cliff - it is not a rate you can set and forget for years. The fixed-rate range is broad enough to ladder your savings across different terms if that appeals to you. There are no current-account switch bonuses on offer at the moment.

As always, the specific rates shown live on this page are the most up-to-date figures - worth checking before you apply, as rates can and do change.