Challenger Bank Cynergy offers various financial services specially designed for SMEs in the UK, including an easy-access business savings account.
Established in 1955, the bank was initially known as Bank of Cyprus UK before being acquired by Cynergy Capital Limited in 2018 and rebranding.
In this review, I will help you decide whether their savings account is the right pick for you.
Cynergy Bank Business Savings Review: My Verdict
Overall, I see the Cynergy Bank Business Savings Account as a great all-rounder offering customers an attractive interest rate, zero account fees, and easy access to their money.
The 3.65% AER interest rate is competitive for an easy-access account, allowing you to maximise growth and make deposits or withdrawals whenever you want.
I think where Cynergy really excels is the flexibility of their savings account. A low minimum balance requirement of £1 combined with no monthly fees means that the Business Saver Account suits customers with a variable cash flow.
However, the lack of a mobile banking app or physical branches may make regular account management inconvenient.
Cynergy Bank Business Savings Pros & Cons
- Award-Winning Bank: Including Best SME Specialist Banking and Business Services Provider at the 2023 UK Enterprise Awards.
- Competitive Interest Rates: Earn 3.65% AER on your business savings.
- Low Minimum Balance: Start with just £1 for flexible cash flow management.
- No Fees: Enjoy the Cynergy Bank Business Savings Account without monthly fees.
- Savings Protection: FSCS covers deposits up to £85,000 for added security.
- Convenient Online Management: Easily track your account online.
- Secure Transactions: Robust online security safeguards, including a DigiPass and free IBM Security Trusteer Rapport software.
- Quick Sign-up: Apply online in just 10 minutes.
- Customer Support: Reach assistance via secure message, post, or phone 7 days a week.
- Limited Savings Options: Only offers an Easy Access Business Savings Account.
- Interest Rate Fluctuations: Variable rates may impact financial planning.
- Online Management Only: No physical branches may be a drawback if you prefer in-person banking services.
- No App: Lack of mobile app for on-the-go account management.
- Technology Dependent: Potential cybersecurity concerns may pose risks.
- Limited Integration: Doesn’t integrate with popular accounting software for easy bookkeeping.
Cynergy Bank Business Savings Account Features
Cynergy Bank offers an easy-access business savings account known as the Cynergy Bank.
The account’s key features are:
- Competitive Interest Rates: Variable rate of 3.65% AER, equivalent to 3.59% gross annually, with monthly payouts.
- Effortless Account Setup: Opening a Business Saver account takes just 10 minutes, accommodating up to 10 directors, partners, or shareholders with at least 10% control as authorised signatories.
- Flexible Deposits and Withdrawals: Benefit from limitless, fee-free transactions.
- Low minimum balance: The minimum deposit is £1, and the maximum balance is £10,000,000. Your initial deposit must be made within 14 days from your nominated account.
- Online Banking: Manage your account, deposits, and withdrawals effortlessly through the Cynergy website.
- Flexible Closure: Close your account at any time without incurring penalties.
Fees and Charges
There is no account fee for the Cynergy Bank Business Savings Account. However, depending on how payments have been made or if you use additional services, you may incur a charge.
The table below shows some of the fees you may be charged:
|General Account Services
|CHAPS payment through online banking
|CHAPS payment through the post
|SWIFT payment (up to £2,000) through online banking
|SWIFT payment (over £2,000) through online banking
|SWIFT payment (up to £2,000) through post
|SWIFT payment (over £2,000) through post
|SEPA credit transfer through online banking
|Additional paper statements
|£6.00 per 3 statements
|Banker’s draft (in pounds)
|Verification of signatures
|Confirmation of interest received
Cynergy Bank Business Savings Account Eligibility
To open a Business Saver account, you must:
- Be a sole trader, partnership, limited liability partnership or limited company with 10 partners or less.
- Be properly formed and registered in the UK with Companies House.
- Have a UK bank account in the name of your business.
- Provide relevant documentation upon request.
Additional requirements for companies and partnerships:
- People with significant control and designated account users must be at least 18.
- All individuals must be UK residents and tax residents.
- None of the individuals can be US citizens.
The account is not available to
- Clubs or societies,
- Charities or trusts.
Other businesses may be ineligible to apply for a Cynergy Business Savings Account. You should contact Cynergy Bank to check your eligibility.
How to Open a Cynergy Bank Business Savings Account
To open a Business Saver account with Cynergy Bank, follow these steps:
- Check Your Eligibility and Read the Account Terms and Conditions
- Online Application: Complete the user-friendly application on the Cynergy website.
- Provide Signatory Information: All account signatories’ mobile phone numbers and email addresses must be provided. Additionally, you must submit identification documents such as a valid passport, photo driving licence, or a certified copy of your partnership agreement.
- Specify Your Nominated Account: Share details of a UK business current account under the same business name, serving as your ‘nominated account’ for transactions.
- Identity Verification: Cynergy will conduct necessary checks based on your application. They will contact you if any additional information is required.
- Confirmation: Upon successful completion of checks, Cynergy Bank will notify you.
- Download Cynergy Bank Authenticator Mobile App: Enhance security by downloading the Authenticator App to verify your identity during logins and transactions. You can request a Digipass for secure account access if you can’t download it.
- Make a Deposit: Your opening deposit must be received within 14 days of your account opening.
Account Management at Cynergy Bank
Your Cynergy Bank Business Savings Account is managed online through a secure banking platform on the Cynergy website.
There is no mobile banking app, although the Cynergy Bank Authenticator Mobile App is used for two-step authentication to add an extra layer of protection.
Through the online banking platform, you will be able to:
- Check your account balances and transactions
- View your statements for the past two years
- Transfer money between your Cynergy Bank accounts
- Pay bills and set up recurring payments
- Send money to other banks
- Set up and manage savings goals
- Receive secure messages from Cynergy Bank
Cynergy Bank Customer Support Experience
You can contact the Cynergy Customer Support Team in several ways, including:
- Secure Message: Log on to the online banking platform to send a message.
- Telephone: Call 0345 850 5555 or +44 (0)20 3375 6422 (if you’re outside the UK) between 8 am and 8 pm on weekdays or 9 am to 5 pm on weekends and bank holidays.
- Online: Fill out the contact form on the Cynergy website
Are Cynergy Bank Business Savings Accounts Safe?
Cynergy Bank uses advanced security measures to safeguard your account and keep your money safe, including:
- Secure Logins: You’ll receive a unique User ID and passcode for secure sign-ins.
- Business Continuity Management: Cynergy Bank follows a Business Continuity Management plan to protect your business and ensure uninterrupted service. It holds ISO 22301 certification for Business Continuity Management, demonstrating its robust processes.
- Information Security: Cynergy Bank is ISO 27001 certified for information security, showcasing its commitment to protecting customer data and adhering to global standards.
- Enhanced Online Security Tools: Cynergy Bank provides free IBM Security Trusteer Rapport software, a Digipass device for secure payments, and a free Text Message Service for account activity alerts.
- Confirmation of Payee (CoP) Service: The CoP service verifies payment details before adding a new payee or making certain payments, ensuring your funds go to the intended account.
Cynergy Bank Business Savings User Reviews
Cynergy Bank has been reviewed over 2,000 times on Trustpilot, earning a ” great ” rating. It has an average TrustScore of 3.9, with 57% of reviews rating the bank 5 out of 5.
Several users mention Cynergy Bank’s simple online processes and responsible customer service. One user expressed satisfaction with the straightforward process of opening an account and the promptness of deposit transactions, describing their experience as “amazing”. Another user expressed satisfaction with resolving concerns, considering a complete switch to Cynergy for banking needs due to the “excellent customer service”.
However, negative reviews highlight challenges, such as difficulties contacting customer support and issues with the bank’s digital systems. They described their experience as “frustrating” and “confusing.”
Some customers also criticised the bank’s reliance on high-tech security measures, such as the Authenticator app and Digipasses, which they felt “cumbersome” and “overly complex”.
Alternatives to Cynergy Bank Business Savings
|Type of Account
|Easy Access Savings
|Up to 3.65% AER
|Instant Access Savings Pot
|Up to 1.6% AER
|Easy Access Investment Fund
|Up to 5.11%
|Easy Access Savings
|Up to 3.25% AER
|Up to 3.55% AER
|£1,000 or £85,001
How does Cynergy Bank Handle Interest Payments On the Business Savings Account?
Interest is calculated based on your daily balance at 7 pm, and it’s paid into your account at the end of each month.
How Often Are Statements Issued For the Cynergy Business Savings Account, and In What Format Are They Available?
Cynergy Bank sends you regular statements for your Business Savings Account, showing all your transactions. If you want extra statements, there’s a small £6 fee for three statements.
Once a year, you’ll also get a statement of fees summarising all charges and interest. Receiving this yearly statement is free, and you can check it online through Online Banking. Up to three authorised people can get text alerts to be notified when the statement is ready.
If you need statements for different times or replacements, you can contact Cynergy. There might be fees for these requests.
How are Withdrawals Processed?
Withdrawals under £50,000 are processed through Faster Payments, ensuring quick access to your money.
A CHAPS payment will be used for withdrawals exceeding £50,000. An additional fee is charged for this type of payment.
You must request a withdrawal online, as requests cannot be made via phone or secure message.
Withdrawals made before 3:30 pm on a working day reach your chosen account by the end of the next working day. Transactions initiated after 3:30 pm or on weekends will be completed within two working days.