Fixed and Variable Cash ISA

If you have been a customer for six months or more, you automatically receive our loyalty rate when you deposit or reinvest in an eligible product.

Interest is calculated daily on the cleared balance in your account.

Fixed rate interest is paid annually on the anniversary of the start of the fixed term or on early termination of a fixed term and paid into the Cash ISA.

Variable rate interest is paid annually on the last working day of March and paid into the Cash ISA.

If you transfer your ISA to us from another provider we will calculate your interest from the transfer date to ensure that you do not lose out on any interest.

For funds earning a fixed rate of interest, the interest rate is fixed for the entirety of the fixed term.

For funds earning a variable rate of interest the interest rate may change.

If we change the interest rate to your advantage we may make the change immediately and will notify you within a reasonable time of the change taking effect.

Where we make a change to the interest rate that is not to your advantage, we will notify you not less than 14 days before the change takes effect.

Where the balance of your account is less than £100, we will not be required to give you notice ahead of making a change. Please see the for further details.

The estimated balances are based on interest being paid annually and added to the balance and assumes no further deposits or withdrawals are made.

They are provided for illustrative purposes only and do not take into account a customer’s individual circumstances and any changes to the variable interest rate.

To open a Cash ISA you must:

• Apply online

• Be at least 16 years old and a UK resident for tax purposes or be performing duties as a Crown employee, or be married to, or in a civil partnership with such person.

• Have a National Insurance Number

• Choose to open a Variable Rate ISA or a Fixed Rate ISA. You may choose from a 1, 2, or 3 year team.

Investment limits

The investment limit is £20,000 for the tax year from 6 April 2024 to 5 April 2025.

You may subscribe to more than one Cash ISA in a single tax year with multiple providers (although in such year you may also invest in Stocks and Shares ISA, Innovative Finance ISA and /or Lifetime ISA, subject to overall ISA limits). Cynergy Bank currently offers only a Cash ISA.

You can deposit between £500 and £20,000 for a new investment in a Cash ISA or £500 and upwards for a transfer. Our Cash ISA can only accept transfers in of cash ISA’s from ISA providers who are members of BACS and can support the BACS Cash ISA transfer in process.

Fixed Rate ISA

When you open a Fixed Rate ISA we will automatically open a variable rate ISA for any additional funds you wish to top up (in addition to your fixed funds) up to your ISA limit (subject to a minimum of £100 per deposit).

Any additional funds received after your account is fixed will be deposited into the Variable Rate ISA.

(For an ISA providing easier access to your ISA subscriptions, take a look at our Online ISA.)

You can choose one fixed rate each tax year except when transferring previous tax year ISA funds where you can fix the rate for each transfer you make.

You can fix any amount from £500 upwards.

You can manage your account in the following ways: online post or over the phone.

Online Banking

You can use Online Banking to manage your account and make withdrawals.

For added security, when you use Online Banking, you’ll need to download and register our Authenticator App (available for free on Google Play or the Apple App Store) or request a Digipass®.

You will need access to the Authenticator App or Digipass every time you log in to your account. This added security step helps us know that it is you making the transaction so we can keep your account safe.

Cancellation

We hope you’re happy with your Cash ISA, however if you change your mind you can cancel it free of charge within 14 days of the start date of your Cash ISA.

The right to cancel applies to new Cash ISAs, fixed term Cash ISAs and renewals.

After the 14 day cancellation period you are only entitled to withdraw funds in the following circumstances:

• Variable rate
  
  You can make withdrawals at any time without notice or charge.
  
  At times, it may be necessary for your payment to be put through some additional security checks, to make sure it’s genuine. This means it might take a little longer than usual to reach its recipient. Please do not attempt to make the payment again while these checks are taking place.

• Fixed Rate
  
  If you withdraw or close your account before the end of your fixed term you will be charged an early breakage fee. Fee-free withdrawals or account closure is permitted at the end of the fixed term.
  
  If you break the fixed term we will charge a fee equivalent to 180 days’ interest on the amount invested in the Fixed Term. This means if you close your Fixed Rate ISA within the first 180 days you may get back less than you originally deposited.
  
  Fixed rates are automatically renewed at the end of the fixed term for a further fixed term. We will write to you 14 days before the renewal date to remind you of your options.

Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

The tax treatment and the rate of interest payable depend on individual circumstances and may be subject to change in the future.

We may periodically launch new savings product issues which are given designated issue numbers. Individual product issues each have their own interest rate, these may vary from the prior/proceeding issues; either upwards or downwards.

We suggest customers check our website to see the latest available issue and if you wish to open a new product issue / savings then you can apply through our website or Online Banking.

We publish all current and historic issue interest rates here and in Online Banking if you hold one of our existing products.