Account switching with Cynergy Bank: How it works

Account Switching with Cynergy Bank will help you switch your personal current account to or from another UK bank or building society account held in the same currency.

Account Switching In to Cynergy Bank enables you to move your money and payments from a personal current account held with another UK bank or building society to your new or existing personal current account with Cynergy Bank.

You can Switch Out by instructing your new UK bank or building society to tell us that you want to move your payments* away from Cynergy Bank, as well as transfer any credit balance and close your account. You will need to complete the relevant instruction provided by your new bank or building society.

Switching In

If you apply for a Cynergy Bank Personal Current Account and select Account Switching during the application we will first seek to open your new Cynergy Bank Personal Current Account. You will need to meet the opening requirements for the accounts and any necessary checks will need to be completed before the account is opened.

When we have successfully opened your account, we will process your account switching in. To do this, we will need a completed copy of the Account Switching Mandate which we will have sent you after you submitted your application.

The Account Switching Mandate is also available here, which you can fill in and return to the Customer Service details provided below.

To switch your account you must choose a Switch Date so that both current account providers know when they should start or stop, making or receiving payments from or into your account respectively. You must allow at least 13 Working Days from the date we receive your Account Switching Mandate for the Switch Date to take effect. You should choose a Switch Date that is not close to your most important payments for example a mortgage direct debit or a salary credit.

Switching Out

Switching Out from Cynergy Bank

Your new bank or building society will contact us to let us know that you have instructed chosen to switch away from Cynergy Bank. As soon as we receive your mandate from your new bank or building society we will:

  1. Send, within 5 Working Days of receipt, to your new bank (and to you, if requested) a list of the details we hold of the following payments on your account:
    1. All active Direct Debits
    2. All active Standing Orders
    3. All Recurring Incoming Credit Transfers received within the previous 13 months
    4. All Creditor-Driven Direct Debits received within the previous 13 months
    5. Send these details to you, if requested
  2. Contact you as soon as possible to let you know if there is any reason preventing us withfrom complying with any request you make to close your account.
  3. Stop accepting or making payments from your account on the date you request.
    1. If we receive any Direct Debit claims or credit transfers after this date, we will contact the payment originators to inform them that you have switched accounts and to contact you for further details
  4. Transfer any credit balance, if requested, to your new account on the date requested
  5. Close your Cynergy Bank current account, if requested, on the date requested

Timelines

Current providers are required by regulation to complete their switching tasks within the following timelines:

  1. The customer switch mandate must be sent by the new provider to the existing provider within 2 working days.
  2. The existing provider must send the list of payments held on the account along with the details required to complete the switch within 5 working days to the new provider.
  3. The new provider must set up the payments being switched within 5 working days of being received and be ready to make and receive payments from the Switch Date.

The Switch Date may be delayed if:

  • The existing provider does not provide the required information within 5 working days
  • There is an outstanding obligation on the existing account preventing a switch, such as an unpaid debit balance
  • The new provider has to contact you or the existing bank for any missing information
  • The new provider has to contact you to confirm which payments you want to switch if you choose to switch only some of your payments

It is important to note that Account Switching with Cynergy Bank is not an automated service and therefore the switching of payments can be dependent on when your existing bank and payers respond to Cynergy Bank; and also does not involve automated re-direction of payments. This means your existing provider will return payments or claims received after the Switch Date – it is important that you check the information we send you carefully to make sure that the payments have been switched over in time. Also, it is not currently possible to move your account number or sort code from one bank or building society to another.

Important information about account switching

  1. You can only switch between accounts held in the same currency i.e. an account held in pounds to another account held in pounds or an account held in euros to another account held in euros
  2. The service is only available to switches in or out from the Cynergy Bank Personal Current Account
  3. Only accounts held with another UK bank or building society can be switched in
  4. If you want to switch out to another UK bank or building society you should provide them with your instructions and they will contact us to complete the switch
  5. If you want to switch out to another bank or building society based in the EU or EEA please contact us and we will provide you with the information on your eligible payments and take your instructions relating to transferring any credit balance or closing your account (and let you know if there are any outstanding obligations preventing us from complying with your request).

Complaints

Cynergy Bank takes pride in offering a high standard of customer service, and takes all Customer complaints seriously.

If we are unable to resolve your complaint to your satisfaction, you may take your complaint to the Financial Ombudsman Service, provided your complaint falls within the Ombudsman's terms of reference. You can find the contact details for the Financial Ombudsman Service here.

You have the security of knowing your eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.

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