The UK has left the EU – what it means for customers resident in the European Union
We can now confirm that due to the UK’s exit from the EU, we have decided to withdraw some products for EU residents. We are writing to all impacted customers to inform them of their options and the impact per product are summarised below:
We have taken the difficult decision to close current accounts held by EU resident customers, providing 60 days’ notice of closure and will support impacted customers as they find a new banking provider.
The easiest way for customers to manage their account closure will be to log in to Online Banking to cancel their standing orders and Direct Debits, as well as transferring their funds out of their account. Alternatively, our customer service team will be available to support customers with the transition.
EU-resident customers with a loan linked to their current account will be contacted separately to confirm next steps.
Classic Saver Accounts
We are happy to confirm Classic Saver Accounts are unaffected by the UK’s exit from the EU, and will remain open.
Personal Fixed Term Bonds
The UK’s exit from the EU means we will no longer be able to re-invest or open any new Fixed Rate Bonds or FlexiBonds for EU residents. Current fixed terms remain unchanged and will continue to stay open but we won’t be able to renew these bonds at maturity. We will contact impacted customers nearer the time of their bond maturity to advise them of their options.
Business Fixed Term Bonds and Personal Fixed Rate ISA’s
The UK’s exit from the EU means we will no longer be able to re-invest or open any new Fixed Rate Products for EU residents. Customers with Business Fixed Term Bonds and Personal Fixed Rate ISA’s will be contacted to inform them of the impact on their account.
All eligible deposits with Cynergy Bank continue to be protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme. The maximum compensation limit applies per depositor not per account, so for joint accounts each account holder would be entitled to compensation up to the maximum limit.