Online ISA: Applying for a new Online ISA

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To be eligible to open a Cynergy Bank Online ISA you must fulfil the following:

  • You must be at least 18 years of age.
  • You must be ordinarily resident in the UK for tax purposes or, if not so resident, be performing duties as a Crown employee serving overseas or married to, or in a civil partnership with, a person who performs such duties and is paid out of the public revenue of the UK.
  • You must provide a UK mobile number and an up to date email address.
  • You must provide a National Insurance number.
  • You must register a nominated account for the purpose of making external withdrawals (outside of Cynergy Bank). Your nominated account must be a personal UK bank/building society account in your name which accepts Faster Payments and CHAPS. This account must be held at the address you have provided on your application.
  • This Online ISA and any subscriptions you make to it must be within your ISA annual subscription limit for the tax year.

A Fast track application is available for existing customers. To apply, log into Online Banking and select ‘Fast Track apply’ from the menu.

 

When you have completed the online application and we have been able to electronically confirm your identity, we will open your account instantly and provide you with your new account number and sort code.

If we have not been able to electronically confirm your identity, we will contact you to let you know what information we need. Once we have received the additional information required we will process your application and confirm to you by email when your account has been opened.

 

The minimum initial deposit is £1.

Please make your initial deposit within 35 days of opening your account. If we have not received your initial deposit after 35 days we will assume you have changed your mind and we will close your application.

 

If your existing Cash ISA was opened in a previous tax year, you can open a current tax year Cash ISA with Cynergy Bank. If your existing Cash ISA was opened in the current tax year, you will need to transfer this Cash ISA to us. When you have completed the transfer, you can add additional subscriptions subject to your annual subscription limit.

No. You can only hold an Online ISA in your own name.

You can add a Power of Attorney to an existing Online ISA. To do this please contact us.

 All attorneys are required to complete a Third Party Agreement form and may be required to provide certified identification documents.

Online ISA: Transfers to your new Online ISA

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You can transfer your existing cash ISA with another provider into a Cynergy Online ISA that subscribes to the BACS Electronic ISA transfer Service. The providers subscribed to the service:

  • AA
  • OneFamily (including Post Office ISAs and AA online ISAs)
  • Abundance Investment Ltd
  • Adam & Co Investment Management Ltd
  • Aldermore plc
  • Ascentric
  • Bank of Scotland
  • Barclays Bank plc
  • Birmingham Midshires plc
  • Brent Shrine Credit Union Ltd (My Community Bank)
  • Britannia
  • Charter Court Financial Services
  • Chelsea Building Society
  • Cheltenham & Gloucester
  • Chorley & District Building Society
  • Clydesdale Bank
  • Co-operative Bank plc (and trading as Smile)
  • Coutts & Co
  • Coventry Building Society
  • Cumberland Building Society
  • Danske Bank (Northern Bank Limited)
  • Darlington Building Society
  • FCE Bank plc - Ford Money
  • First Direct
  • First Trust Bank
  • Furness Building Society
  • Gatehouse Bank PLC
  • Halifax plc
  • Hampshire Trust Bank  (452789)
  • Hargreaves Lansdown Asset Ltd
  • HL Savings
  • HSBC Bank plc
  • HSBC Bank plc - Global Investment Centre (GIC)
  • HSBC Bank plc - InvestDirect and First Direct Sharedealing ISAs
  • HSBC Private Bank (UK) Ltd
  • HSBC Trust Co (UK) Ltd - Corporate
  • HSBC Trust Co (UK) Ltd - Private Clients
  • HSBC Trust Co (UK) Ltd - Retail
  • Intelligent Finance
  • Kent Reliance Banking Services
  • Leeds Building Society
  • Lloyds Bank plc
  • M&S Bank
  • Market Harborough Building Society
  • National Westminster Bank plc
  • Nationwide Building Society
  • Newcastle Building Society
  • Nottingham Building Society
  • OakNorth Bank plc
  • Paragon Bank Limited
  • Post Office / One Family
  • Progressive Building Society
  • Royal Bank of Scotland plc
  • SAGA
  • Sainsbury's Bank
  • Santander UK Plc
  • Scottish Widows Bank plc
  • Secure Trust Bank plc
  • Shawbrook Bank
  • Skipton Building Society
  • St James Place Bank
  • St James's Place Investment Administration
  • Standard Life Savings Ltd
  • State Bank of India
  • Swansea Building Society
  • Tesco Personal Finance plc
  • TSB Bank PLC
  • Ulster Bank Ltd
  • United National Bank Limited
  • United Trust Bank Ltd
  • Virgin Money plc (formerly Northern Rock plc)
  • West Bromwich BS (WeBSave)
  • West Bromwich Building Society
  • Yorkshire Bank
  • Yorkshire Building Society

We are only able to accept Cash ISA transfers into our Online ISA from ISA providers that subscribe to the BACS Electronic ISA Transfer Services. If your current ISA provider is not on the drop down list, they must not subscribe to this service. This is to ensure our ISA transfers can be managed and transferred into your new account as quickly as possible for you. 

We are only able to accept cash ISA's transfers in and therefore we are unfortunately not able to accept stocks and shares ISA's.

Yes, you can transfer in up to three existing ISAs to your new Cynergy Bank Online ISA within the one application.

We will work with your existing provider to transfer your existing ISA savings to Cynergy Bank’s Online ISA. The process should be completed within 15 working days of receipt of your application or sooner. 

In addition, we will calculate your interest from the date we request the transfer from your existing provider to ensure that you do not lose out on any interest.

 

Online ISA: How to manage my Online ISA

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Once your account is open, you will be able to log into Cynergy Banks Online Banking. To do this you need your Password, which you set up as part of your application, and your User ID, which was in your Welcome email.

To log in please visit our website at www.cynergybank.co.uk and click the ‘Online Banking Log in’ button near the top of the page.

You can log in to Online Banking by visiting our website at www.cynergybank.co.uk and clicking the ‘Online Banking Log in’ button near the top of the page. This will take you to our secure log in page. You will need your User ID and passcode.

Only use a link from the official Cynergy Bank website and never use any other links. This applies to any computer that you use.

Ensure that your connection to Online Banking is secure by checking that you have a padlock or unbroken key in the bottom right of your browser window or alongside the address bar - this indicates that you are accessing a valid and secure site. All secure website addresses start with 'https' rather than 'http'.

Online Banking passcode: You can request a new passcode for Online Banking by using the 'Forgotten passcode' link on the Online Banking log in page.

Online Banking User ID: Your Online Banking User ID is contained in the Welcome email we sent you at account opening. If you don’t have a copy of this, you can request a reminder of your Online Banking User ID by contacting us.

If you need a reminder of your account details, log into Online Banking to view these in the ‘Account details’ section.

Once your account is opened, we will provide you with your account number and sort code. You can also view these in the ‘Account details’ section of online Banking. You use these details to make a deposit. Simply request the funds to be sent over from the account they are currently held in.

We accept most forms of electronic payments including Faster Payments, BACS and CHAPS. Please note; that we do not accept payment by debit card, direct debit, cheque or cash into our Online ISA.

When you make an online deposit into your Online ISA, it is likely your bank or building society will make your payment by Faster Payments. This will normally be virtually instant but in some cases could take a couple of hours. Your bank may have limits as to how much it will allow to be sent by Faster Payments so you may need to send more than one payment. If your bank does not use Faster Payments they will offer alternative payment options such as CHAPS.

Please check with the Bank or Building Society you are sending money from, to ensure they support Faster Payments. Alternatively, you can use the Sort Code Checker on the public website of the Payments Council to check if your bank or building society offers Faster Payments.

No, the Cynergy Bank Online ISA is not a Flexible ISA. All subscriptions will count toward your annual subscription limit, irrespective of any withdrawals you make. For example, if you subscribe £5,000 into your Online ISA in the 2019/2020 tax year and withdraw £4,000 in the same tax year, the maximum additional subscriptions you can now make into your Online ISA in the current tax year is £15,000, subject to subscription to other ISA e.g. if you hold and subscribe to a Stocks and Shares ISA.

No, there is no charge for any withdrawals from your Online ISA.

For most withdrawals, we will use the Faster Payments service to pay withdrawals to your nominated account. These payments usually complete within hours. For very high value withdrawals (greater than £50,000) we will use CHAPS which are guaranteed same day on the basis that your instruction is received before 3.30pm. Otherwise, they will be sent on the next working day.

The Faster Payments Service is a payment system used between banks and building societies to speed up the way electronic payments in Sterling are made and received in the UK. Payments usually complete within hours. We will process most withdrawal requests by Faster Payments, depending on the amount and time of withdrawal request.

Not all Banks and Building Societies offer this service though, so please check with the Bank or Building Society you are sending money to/from to ensure they support Faster Payments, alternatively use the Sort Code Checker on the public website of the Payments Council.

We will normally use Faster Payments for withdrawals however, in some cases we use CHAPS. CHAPS (Clearing House Automated Payments System) is the system used for the electronic processing of financial transactions where guaranteed payments are transferred between UK banks on the same day. We may use CHAPS to process higher value withdrawals depending on the withdrawal amount and time of withdrawal request. CHAPS payments usually clear on the same day if advised by 3.30pm on a Working Day.

There are cut off times for example if you ask us to make a CHAPS payment after 3.30pm on a Working Day or on a non-Working Day we will treat your instruction as having been received at the beginning of the next Working Day and this is when we will start processing it.

A nominated account is an account that you must provide us with at application that we link to your Online ISA. All external withdrawals, excluding transfers-out using the ISA transfers process, will be made to this nominated account. It must be an account you are a named beneficiary on with a UK bank or building society and must be able to receive Faster Payments.

You can request to amend your Online ISA nominated account via Online Banking. You will be required to enter a One Time Passcode to confirm your request. We will electronically validate that you are named on the new nominated account. If the account passes electronic validation it will immediately be activated and you can pay funds to it. If it does not pass electronic validation it will normally be ready to use after five working days. During these five working days you will not be able to pay funds away to the new nominated account however the existing nominated account will be remain active until the new nominated account is activated. In some cases we may request documentation from you and it may take longer to activate your new nominated account.

Yes. You can use a sole or joint account as your nominated account however, you must be a named beneficiary on the account.

We will provide your annual Online ISA statement following the end of the tax year. Your statement will be provided in Online Banking for you to view or print. We will send you an email to let you know when it is available.

You can also view your transactions in Online Banking at any time.

If you’re unable to complete a transaction online or you can’t find the account information you need we will be happy to assist you. Please note however that no transactions can be completed or account information provided by phone.

You can update your personal details by contacting us. For security reasons, we are unable to update mobile phone numbers by Secure Message using Online Banking.

You can switch your existing Online ISA to a new issue that is currently on sale. To do this:

  • Log into Online Banking,
  • Select ‘fast track apply’ and open the new issue of Online ISA.
  • Once this is open, select your existing Cynergy Bank Online ISA and choose the option ‘Internal transfer and close’.
  • You will be asked which account you want to transfer to, and you should select your new issue of Online ISA.
  • The balance in your existing ISA, including any accrued interest, will be transferred over on the same day and your old ISA will be closed.

If you have funds in your Variable Rate Cash ISA you can transfer your funds at any time by following the instructions below:

  • Log into Online Banking.
  • Select ‘fast track apply’ and open the new issue of Online ISA.
  • When your Online ISA is open, you can transfer the funds into the Online ISA by selecting to transfer funds between your accounts.
  • You will be asked which account you want to transfer to, and you should select your new Online ISA.
  • The balance in your existing ISA, including accrued interest, will be transferred into your new Online ISA on the same day.
  • Please note, if you also have funds in your Fixed Rate ISA, your Variable Rate ISA will stay open.

If you have funds in a Fixed Rate Cash ISA, you will need to wait until the end of your fixed term to transfer your funds to the Online ISA* and follow the instructions below:

If you intend to fund the Online ISA with the funds from the Fixed Rate ISA, you should ensure you open it within 35 days of the renewal date of your fixed rate funds, as the account will close if not funded within this time.

Opening your Online ISA

  • Login to Online Banking to open your Online ISA.
  • Select ‘fast track apply’ and open the new issue of Online ISA.
  • When your Online ISA is open, you will have 35 days to fund the account, so if you are planning on putting fixed rate funds in the account, you should not open it more than 35 days before.

Arranging the funds to be moved from your Fixed Rate Cash ISA  

  • Please contact the Customer Service team by phone or secure message to inform us you would like to transfer your fixed term funds to the Online ISA when the fixed term ends.
  • You will need to have your account details of your existing Fixed Rate ISA at hand when you call us.
  • They will arrange to move your funds into your Variable ISA on the day of maturity and from there you will be able to transfer your funds yourself into your new Online ISA.

*If you transfer funds out of your Fixed Term ISA before the end of the fixed term, you will be charged an early breakage fee. (Please see the Cash ISA conditions for full details).

You can close your account via Online Banking. Simply select your account and select the closure option you want from the dropdown list and follow the on-screen instructions.

Online ISA: Interest paid on my Online ISA

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We pay the interest on your Online ISA annually on the last working day of March. We will pay the interest back into your Online ISA. Interest is calculated daily using the cleared balance in the account at 5pm.

Cynergy Bank looks to consistently offer competitive savings rates. The rate offered on your Online ISA is a variable rate that may change in the future. When rates rise, we will make the change immediately and notify you of the change as soon as we can. When rates fall, provided your balance is £100 or more, we will provide you with not less than 14 days’ notice by email before such a change takes place. Please see the conditions for full details.

Online ISA: Complaints and other questions

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Cynergy Bank is a member of the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Eligible deposits with Cynergy Bank are protected up to a total of £85,000 per depositor.

Further information is available on our website or visit www.fscs.org.uk.

Cynergy Bank takes pride in offering a high standard of customer service. We take all customer complaints seriously and if you have a complaint, we want to know. To make a complaint about your Online ISA, please contact our Customer Service Department on 0345 850 5555 (or if calling from outside the UK +44 (0)20 3375 6422). This call will cost you no more than calls to fixed line phones (landlines). Calls may be recorded for monitoring and training and to help us manage your account.

Alternatively, you can contact our Complaint Resolution Team:

  • Email us at complaints@cynergybank.co.uk
  • Write to us at:

   Complaint Resolution Team

   PO Box 17484

   87 Chase Side

   London

   N14 5WH

We are dedicated to resolving any complaint you have. To help us do this, please provide:

  • Your name and address
  • Details of what happened and when it happened
  • How you have been affected by this
  • A contact number and a convenient time to call you

We are committed to resolving your complaint as quickly as possible whilst being transparent, fair and thorough with our investigations.

If you can’t find the answer to your question here please Contact us.