Online Easy Access Account (Issue 69)

This is the latest Issue offered by Cynergy Bank. The interest rates on different issues can vary.  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. Our latest Issue rate will always be displayed on this page and may be different to the rate on the product you hold.

5.10%

5.10% AER*/Gross/Variable

for first 12 months. After 12 months the interest rate reverts to 4.00%.

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

 

Features

  • Open with £1
  • Unlimited, free withdrawals
  • Interest paid annually

Keep in mind

  • After 12 months the interest rate reverts to the underlying variable rate
  • All external withdrawals will be paid to your nominated account
  • To access your account online you will need to use an Authentication device. Please see here for more details.

How to apply

  • Apply online

 

How to manage your account

  • Online banking only
  • You will be automatically enrolled to use the online banking service

Who this product may be suitable for

  • Suitable if you want access to your money at any time.

Who this product may not be suitable for​

  • May not be suitable if you want a fixed long-term investment.
  • May not be suitable if you are unable to use Online Banking

Please read the Personal Savings Account Terms and Conditions along with the Product Terms and Conditions and Summary Box below before you apply to ensure you understand the features and conditions of the account.

Apply in minutes.

Summary Box and Key Product Information

What is the interest rate?

5.10% AER variable. Rate includes a 1.10% fixed bonus for the first 12 months. After 12 months the interest rate reverts to 4.00% AER variable.

Interest is calculated daily on the cleared balance in your account and paid annually on the anniversary of the initial deposit. Interest is added to the account balance.

For accounts opened on and after 4:00pm Friday, 24 November 2023.

Can Cynergy Bank change the interest rate?

The Online Easy Access interest rate is a combination of:

  • A fixed bonus for the first 12 months; and
  • A variable underlying rate which can change

Cynergy Bank can change the underlying interest rate. Details of the circumstances under which the interest rate might change are in the Changes to interest rate section of the Online Easy Access Account Conditions.

Please note that if the interest rate of your specific issue changes and that change is to your advantage, we will make the change immediately and will notify you within 30 days of the change taking effect. Where we make a change to the interest rate that is not to your advantage , and you hold a balance of £100 or more, we will notify you 14 days before the changes take effect.

Please see the Online Easy Access Account Conditions for full details. 

What would the estimated balance be after 12 months, based on a £1,000 deposit?

Estimated balance after the first 12 months Estimated balance after 24 months
£1,051.00 £1,093.04
(Interest rate including bonus) (Interest rate including bonus for the first 12 months and the underlying interest rate only for the second 12 months)

The estimated balances shown are provided for illustrative purposes only and do not take into account a customer's individual circumstances. They assume you made an initial deposit of £1,000 and made no additional deposits or withdrawals.

How do I open and manage my account?

Personal customers who are 18 or over and a UK resident can open an account online.

You will need:

  • Your mobile phone number and email address
  • Details of a UK current account in the name(s). This will be your 'nominated account' - all withdrawals will be paid to this account.

The minimum initial deposit is £1 and you can deposit up to £1 million in this account.

It’s important we receive your initial deposit within 14 days from opening the account online.

You can only 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 login and make any actions on your account. This added security step helps us know that it is you making the transaction so we can keep your account safe.

For more information about Authentication and guidance help, please see our guidance pages here.

You may contact us by Secure Message via Online Banking, by telephone or in writing using the address or other contact details we have given you or which appear on our website. Please note we are unable to take transaction requests through these channels.

Can I withdraw money?

You can make unlimited, free withdrawals 24/7. All external withdrawals will be paid to your nominated account.

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 don’t attempt to make the payment again while these checks are taking place.

Additional Information

Interest will be paid without deduction of tax. The tax treatment and the rate of interest payable depend on individual circumstances and may be subject to change in the future. You may have to pay tax on any interest received that exceeds your Personal Savings Allowance. Further information on the Personal Savings Allowance can be found at www.gov.uk.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross interest is the contractual rate of interest.

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.

Whilst we strongly suggest customers frequently check our website to see the latest available issue. We may also periodically communicate with customers directly drawing your attention to other available products/rates. 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 on our website (https://www.cynergybank.co.uk/rates/) and within Online Banking if you hold one of our existing products.

Please read the important information below before applying:

Cynergy Bank Privacy Policy

FSCS Information Sheet / Exclusions List

Online Easy Access Account Conditions

Historic Interest Rates

Please read the Personal Savings Account Terms and Conditions along with the Product Terms and Conditions and Summary Box above before you apply to ensure you understand the features and conditions of the account.

Apply in minutes.

PFA 2023 24 Winners Logo Best Online Savings Provider 01 200Px

Personal Finance Awards 2023/24

Cynergy Bank has been awarded ‘Best Online Savings Provider’ at the Personal Finance Awards 2023/24.

Read More
SC AWARDS FINALIST 2022 2.1 OEAA (1)

Savings Champion Awards

Cynergy Bank was shortlisted in the category of ‘Best Easy Access Account Provider’ at the Savings Champion Awards 2022.

Read More

Your deposits are protected

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Looking for a better deal?

If you can put your money away for one year or more, you could earn a better rate on your savings. Find out more about our Fixed Rate Bonds.

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