Business Fixed Rate Bond
Frequently Asked Questions (FAQs)
Business Fixed Rate Bond
Frequently Asked Questions (FAQs)
Applying for a Business Fixed Rate Bond
If you’re 18 years or over and live in the UK, you can open a Business Fixed Rate Bond using our online application process. Here's what you will need:
Details of the UK business current account in your business name. This is your 'Nominated Account'. All deposits must come from this account, and all withdrawals will be sent to it.
The mobile phone number and email address for all account signatories.
An opening deposit between £10,000 and £10,000,000. You must transfer at least £10,000 within 14 days of opening your account.
Access to our Online Banking or the Cynergy Bank Mobile Banking app .
Existing Cynergy Bank business customers please contact your Relationship Manager or our Customer Service team if you need help.
On the first page of the application, we’ll ask for your email address and a password. You can save your application at any time; your progress is saved automatically when you close the window.
When you're ready to resume, go back to the Business Fixed Rate Bond application page, select 'Other Ways to Apply' then 'Continue your Application' and log in.
If you forget your password, select ‘Forgot Password’.
We keep saved applications for 14 days. After this, they are deleted as per our Privacy Policy and you’ll need to start a new application.
Sole Traders
You and anyone you authorise to use your account must:
Be aged 18 or over;
Live in the UK; and
Not be a US citizen.
Companies and Partnerships
Anyone with significant control, and anyone authorised to use the account must:
Be aged 18 or over;
Be a UK resident and tax resident in the UK only; and
Not be a US citizen.
We can accept up to 10 named individuals, including partners, directors and shareholders with more than a 10% shareholding.
Business Fixed Rate Bond is not suitable for:
Clubs or societies; or
Charities or trusts.
We don’t accept client money. You can only pay money into your Business Fixed Rate Bond if you are the legal and beneficial owner.
You have 14 days from account opening to make your first deposit. After this, we will close your account.
The minimum opening deposit is £10,000, and it must be transferred from the Nominated Account you provided in your application, or from an existing Cynergy account held by the business.
We use an online tool to verify your identity. After submitting your application, each person named on the account will need to confirm their details through this process.
For best results, use a smartphone or tablet. Here are some tips:
Select the ID type and country of issue.
Continue the verification process on your mobile device. Take a photo with your camera or upload a scan.
Upload a clear colour image of the full, including its edges. Screenshots are not accepted.
For face verification, centre your face in the frame and follow the instructions.
Each additional applicant will receive an email link to complete their ID check.
Yes, you can hold up to 9 accounts
From submitting the application it usually takes between 3 to 5 days for the account to be opened.
Making payments to and from my Business Fixed Rate Bond
All deposits must come from your Nominated Account or an existing Cynergy account if the Business already holds one
Once your account is open, we’ll give you your account number and sort code. Use these details to make your initial deposit.
If you need a reminder of your account number or sort code, you can find them in the ‘Account details’ section of Cynergy Bank Online Banking .
We accept most types of electronic payments, including Faster Payments, BACS and CHAPS. We do not accept payments by debit card, direct debit, cheque or cash.
Payments made via Faster Payments should reach your account on the same day.
Payments sent via BACS may take up to two working days to be credited.
CHAPS payments are credited on the same day, as long as we receive them by us by 3:30 PM on a working day. Otherwise, they’ll be credited the next working day.
Sometimes payments may be delayed due to additional security checks. Please do not attempt the payment again. If your funds do not arrive as expected, please Contact us for help.
You can add money to your bond as many times as you want during the first 14 days. After this time, no further deposits are allowed.
Once the funding window has closed any deposits made to the bond will be returned to the originating account.
You will receive an email and/or SMS to let you know that funds have been received.
Business Fixed Rate Bond: How to manage your account
Once your account has been opened successfully, we’ll provide you with an Online Banking User ID and Online Banking passcode by email. Together these will allow you to access Online Banking to manage your account.
You can log into 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 login page. Enter your User ID and passcode to log into Online Banking .
If you are logging in for the first time, you’ll be prompted to change your passcode to something more memorable for your additional security.
To update any personal details, log in to Online Banking. Click Settings > View personal details and edit where necessary. For updating business details you’ll have to Contact us .
Text alerts are SMS messages that help you keep track of your account. These alerts include transaction notifications and balance updates.
You can sign up by selecting ‘Text alerts’ in the ‘Account services’ section of Online Banking, or by contacting us .
Please note that text alerts only work on mobile phones using a UK network.
A Nominated Account is the bank account we link to your Business Fixed Rate Bond so that you can transfer money securely.
It must be a UK bank or building society account held in your business’ name, and able to receive Faster Payments.
All external withdrawals from your Business Fixed Rate Bond can only be sent to your Nominated Account.
If you send money from any account other than your Nominated Account, we’ll return the funds and temporarily block your Cynergy Bank account. Contact us to reactivate it.
Your Nominated Account is shared across all of your business savings accounts.
Log into Online Banking , go to 'Account Services', and select ‘Request to change Nominated Account’.
We’ll verify that you own the new account. In some cases, we may ask for a bank statement. If so, we’ll contact you.
Please allow up to five working days for a change to a Nominated Account.
Your Nominated Account is shared across all of your business savings accounts.
Your first online statement will be produced on the anniversary of your account opening, and annually thereafter.
We’ll notify you by text message or email when your statement is available in Online Banking. You can also view your transactions in Online Banking or the Mobile Banking app .
You can also download or print your transaction history at any time through Online Banking. If you need a formal statement, please Contact us and we’ll generate one for you.
Interest on your Business Fixed Rate Bond is paid gross, before tax. You are responsible for declaring and paying any tax due as part of your annual tax return.
For security reasons, you cannot add or remove account holders through Online Banking.
Contact us to request an application form to update authorised users. This form will include a list of the documents we require.
If you want to close your bond during the 14-day cancellation period:
Log into Online Banking or the Mobile Banking app
Click or tap the three dots by your Business Fixed Rate Bond account and select ‘Manage my bond’
Choose ‘Close my bond’ at the bottom of the screen
Follow the on-screen instructions to either withdraw to your Nominated Account or another Cynergy Bank account
After the 14-day funding window has closed, withdrawals are not permitted before the end of the term unless under exceptional circumstances. If you want to close your bond when it matures:
Log into Online Banking or the Mobile Banking app
Click or tap the three dots by your Business Fixed Rate Bond account and select Manage my bond’
Toggle on ‘Close my bond at maturity’ and follow the on-screen instructions
Note your maturity options are only available 14 days before your maturity date. You can check this date on your ‘Manage my bond’ screen.
Interest is paid once a year – on the anniversary of the account opening.
If your bond is for 1 year, interest will be paid at maturity;
If your bond is over 1 year, the interest is added (capitalised) to your bond
Interest is calculated daily on the cleared balance in your account at 5.00pm.
Bond Maturity
We’ll contact you twice:
30 days before your maturity – to give you a heads-up
14 days before your maturity – to confirm your renewal status and rate.
If you’ve chosen auto-renew, we’ll tell you your loyalty rate. If you haven’t, we’ll explain the variable rate that applies after maturity.
You can update your auto-renew preference in Online Banking or the Mobile Banking app from 14 days before your maturity day up until 7.00am on your maturity day.
Loyalty rates are special interest rates for customers renewing their Business Fixed Rate Bonds. They’re slightly better than rates for new customers. You’ll see your loyalty rate in your renewal notice, uploaded to Online Banking 14 days before maturity. To find it:
Log into Online Banking or the Mobile Banking app
Click or tap the three dots next to your Business Fixed Rate Bond and select ‘Statements and documents’
If the loyalty rate goes up after you’ve received your renewal notice, we’ll give you the higher rate automatically. Any change to your interest rate will be emailed to you.
If you’ve chosen to auto-renew, we’ll automatically reinvest your bond at maturity into the same term. If that term isn’t available, we’ll use the next shortest term.
After your bond auto-renews, during your 14-day funding window, you can:
Add more money
Change your bond term
Withdraw and close the bond
You can update your auto-renew preference in Online Banking or the Mobile Banking app from 14 days before your maturity day up until 7.00am on your maturity day.
You can update your auto-renewal preference online:
Log into Online Banking or the Mobile Banking app
Click or tap the three dots next to your Business Fixed Rate Bond and select ‘Manage my bond’
Use the toggle switch to change your auto-renew status
We’ll context you 14 days before maturity to let you know you can send us your maturity instructions. You’ll have three options:
Renew your Business Fixed Rate Bond – reinvest your savings and interest at your loyalty rate
Withdraw and reinvest – keep some of your original investment working for you at your loyalty rate whilst withdrawing what you need
Close your bond – if you’d like to access all your funds and interest earned
All withdrawals happen on your maturity date. Your money can be withdrawn to your Nominated Account or to another Cynergy account.
To make a partial withdrawal in Online Banking or the Mobile Banking app:
Click or tap the three dots next to your Business Fixed Rate Bond and choose ‘Manage my bond’
Make sure the ‘Automatically renew’ is toggled on
Toggle on ‘Withdraw money at maturity’ and choose ‘interest only withdrawal’ or ‘partial withdrawal’
Follow the on-screen steps to submit your instructions
To withdraw and close your bond in Online Banking or the Mobile Banking app:
Click or tap the three dots on your Business Fixed Rate Bond and choose ‘Manage my bond’
Make sure the ‘Close my bond at maturity’ is toggled on
Note you can only submit maturity instructions when you’re within 14 days of your maturity day.
Yes. If it’s within the 14-day funding window, you can withdraw to your Nominated Account or to another Cynergy account. After the funding window has closed, withdrawals aren’t allowed unless there are exceptional circumstances.
Yes. Here’s how:
Log into Online Banking or the Mobile Banking app
Click or tap the three dots on your Business Fixed Rate Bond and choose ‘Reinvest my bond’ and follow the on-screen instructions
In order to reinvest your bond, you’ll need to confirm your details are correct. If your details need updating, you can do this in Online Banking or the Mobile Banking app yourself, or send us a Secure Message.
Once reinvested, you can add funds to your new Fixed Rate Bond during the 14-day funding window.
Log into Online Banking or the Mobile Banking app, click or tap the three dots on your Business Fixed Rate Bond and choose ‘Statement and documents’.
No – maturity instructions must be updated through Online Banking or the Mobile Banking app. Need help? Contact us and we’ll guide you through it.
You can update your auto-renew preference and any maturity instructions from 14 days before your maturity day until 7.00am on the day of maturity. After maturity, you have 14 days from the start date of your new Business Fixed Rate Bond to:
Add funds
Change the term
Cancel the renewal and withdraw funds
Business Fixed Rate Bond: Security and accessibility
Accounts are set up for online access based on your existing signing instructions. If your business requires more than one signature, more than one Online Banking user with the correct authority will be needed to approve transactions.
After your account is open, you can log into Online Banking. You’ll need:
Your passcode, sent by SMS;
Your User ID, found in your Welcome email
Go to www.cynergybank.co.uk and, at the top of the page, click the ‘Log in’ > ‘Online Banking’ button to log in.
Forgot your passcode? Click ‘Forgotten passcode’ on the login page to request a new passcode.
Forgot your User ID? Your User ID is in your Welcome email. If you no longer have that, Contact us and we’ll help.
Log into Online Banking or the Mobile Banking app. You’ll find your details in the ‘Account details’ section.
Complaints and Other Questions
We take all complaints seriously and aim to provide excellent customer service. If you’re unhappy, we want to know.
Call our Customer Service: 0345 850 5555 (or if calling from outside the UK +44 (0)20 3375 6422). Calls cost no more than standard landline calls. Calls may be recorded for training and monitoring.
Email our Customer Care Team at complaints@cynergybank.co.uk
Or write to us at:
Customer Care Team
Cynergy Bank plc
PO Box 80030
London EC4P 4NG
To help us handle your complaint, please include:
Your name and address
What happened and when
How this has affected you
A contact number and a good time for us to call
We aim to resolve your complaint as quickly as we can. We will always be fair, transparent and thorough in our response.
Eligible deposits with Cynergy Bank plc are protected up to £120,000 under the Financial Services Compensation Scheme (FSCS). Money above this limit is unlikely to be covered. Find out more or Visit https://www.fscs.org.uk/ for more information.
If you have separate legal entities with separate eligible accounts, each may be protected up to £85,000. For details, visit https://www.fscs.org.uk/making-a-claim/claims-process/small-business/