Business Saver Account: Applying for an account

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New to Cynergy Bank and or Existing Cynergy Business Finance customer:

Please visit the Business Saver page and click on Apply Now.

 

Existing Cynergy Bank customer:

Contact your relationship manager, or our Customer Service team, and we will swiftly process your application. Please note, if you wish to open an account for an additional business, or a new legal entity, please apply as a new customer using the links above.

On the first page of the application, we will ask for your email address and a password. You can save your application at any time by closing the window and it will automatically save your progress. When you return, go to the Business Saver product page and click the Resume Application button. Log in with your email address and password, and you will be taken to where you left off.

 

If you have forgotten your password, click on Forgot Password and we will send you an email to reset your password, so you can login and resume your application.

 

We can only save your application details for 14 days. If the application is not completed within this time, all details will be deleted as per our Privacy Policy. Once 14 days have passed, you will need to start a new application to open an account by clicking Apply Now.

Sole Traders – The applicant, as well as anyone you appoint as an authorised user of your account, must:

  • Be an individual aged 18 or over
  • Resident in the UK
  • Not be a US citizen

 

Companies and partnerships – Any individual who is a person of significant control, and anyone you appoint as an authorised user for your account must:

  • Be aged 18 or over,
  • Be a UK resident, and only tax resident in the UK
  • Not be a US citizen

 

We can accept a maximum of 10 named individuals, including partners and directors, and shareholders with a greater than 10% shareholding, as users for the account.

 

The account is not available to:

  • Clubs or societies
  • Charities or trusts

 

We do not accept client money. This means that you can only pay money into your Business Saver Account as the legal and beneficial owner of it.

The minimum deposit to open an account is £1. Your account must be funded from your designated nominated account.

If we do not receive your first deposit soon after the account is opened, we will send you a reminder to add funds to the account. Your account will be closed if we do not receive your deposit within the 14 days after your account is opened.

Eligible deposits with Cynergy Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any money you hold above this protected limit is unlikely to be covered. Further information is available here, or you can visit https://www.fscs.org.uk/ to find out more.

 

If you have multiple separate legal entities, with separate accounts, and they are all eligible under the scheme, then you may be protected up to £85,000 for each account. For more details visit https://www.fscs.org.uk/making-a-claim/claims-process/small-business/

We use an online tool to validate your ID. This helps us to verify that you are who you say you are during your application. Once the initial application is submitted, each person named on the account will be required to confirm their details though this process. We recommend using a smart mobile device for best results.

 

Step 1 – For your document, select the ID type and country of issue.

Step 2 – You will be directed to continue the verification process on your mobile device. Take a photo using your webcam or upload a scan of your document from your device.

Step 3 – Upload a clear colour picture of the document, as instructed. As outlined in the instructions, pictures should be of the key parts of the document. Photographs should be of the entire document, with the page edges included in the images. Screenshots are not allowed.

Step 4 – Face verification. Centre your face in the frame and follow the on-screen instructions.

Step 5 – Each additional applicant will be sent a link via email to complete the ID verification process.

Business Saver Account: Payments to and from my account

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All deposits must come from your nominated account.

 

Once your account is open, we will provide you with your account number and sort code. You should use these details to make your initial deposit.

 

If you need a reminder of your account number and sort code, you can view these in the ‘Account details’ section of our Online Banking platform.

 

We accept most forms of electronic payments, including Faster Payments, BACS and CHAPS. We do not accept payment by debit card, direct debit, cheque, or cash.

If your payment is made via Faster Payments, we would expect your account to be credited on the same day as the payment was initiated.

 

If payment is sent via BACS, it may take up to 2 working days for money to be credited to your account.

 

Payment via CHAPS is accepted on the same day that the payment is made. Payments via CHAPS must be made on a working day and must be accepted by us by 3:30 PM on that day. Otherwise, your account will be credited the following working day.

 

At times, it may be necessary for your payment to be put through some additional security checks. This means it might take a little longer than usual to reach its recipient. Please don’t attempt to make the payment again. If you do not see funds credited when expected, please contact our Customer Service team who will be able to assist.

You can withdraw from our Business Saver account at any time, without notice. You won’t be charged a fee for withdrawals, and there are no limits to the number of withdrawals you can make. Your withdrawal will be made to your nominated account. You can bank online at any time; however, withdrawals should be made on a working day before 3.30pm to be processed as quickly as possible.

Under £50,000

All withdrawals under £50,000 will be paid into your nominated account using Faster Payments. Withdrawals under £50,000 made on a working day will arrive in your nominated account on the same day that the withdrawal was requested. Withdrawal requests made on weekends or bank holidays will arrive in your account on the next working day.

 

Over £50,000

Payments over £50,000 will be sent via CHAPS. Withdrawals over £50,000 made after 3.30pm on a working day, or at any time over the weekend, will arrive no later than the end of the second working day after the withdrawal request has been made.

No. You can only withdraw money to your specified nominated account, or another Cynergy Bank business account that bears the same name as per the legal entity. We do not allow payments to be made from your Business Saver account to any other accounts.

No, Cynergy Bank does not charge for any withdrawals from the Business Saver account. Your interest rate is not affected by the number of withdrawals that you make.

Business Saver Account: How to manage your account

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You can update your personal details by contacting us. For security reasons, we are unable to update mobile phone numbers by secure message sent using Online Banking.

Text alerts are SMS messages sent to your mobile phone that help you to keep track of your account. These alerts can include transaction alerts and balance updates.

 

You can sign up for text alerts, and control them, by selecting the ‘Text alerts’ option in the ‘Account services’ section of Online Banking. Alternatively, you can contact us to set these up.

 

Please note, text alerts can only be used on a mobile phone compatible with a UK network.

To close your account, you must log into your Online Banking:

 

  • Select the ‘Accounts’ option on the menu bar then choose the ‘Savings and Deposits Summary’ option from the drop-down menu.
  • On the Savings and Deposits Summary screen, your Business Saver account(s) will be shown. Select the account number under the ‘Reference’ column.
  • Once this is selected, you will be shown a summary page.
  • To close the account, select either the ‘Transfer to a Cynergy Bank account and close’ option (you may have this option if you also hold a Business Current account) or the ‘Withdraw to nominated account and close’ option on the dropdown list in the ‘What would you like to do?’ section.
  • If you select the ‘Internal transfer and close’ option, you can then choose the internal account you wish to transfer into.
  • If you select the ‘Withdraw to nominated account and close’ option, the sort code and account number of your current nominated bank account is automatically entered into the ‘Sort code/Account number’ fields. Your nominated account can only be changed in the Account Services section and will take 3-5 working days to update.
  • The balance and any accrued interest will be sent to your nominated account once your Business Saver Account has been closed.
  • Press Submit to confirm the withdrawal and closure request.
  • You will be required to enter a one-time passcode to confirm the request.

Cynergy Bank takes pride in offering a high standard of customer service. If you have a complaint, we want to know. We take all customer concerns and complaints seriously. To make a complaint about your Business Saver application experience, please contact Customer Service on 0345 850 5555 (or if calling from outside the UK +44 20 3375 6422). This call will cost you no more than calls to fixed line phones (landlines). Calls may be recorded for monitoring and training, and to help us manage your account.

 

Alternatively, you can contact our Complaint Resolution Team by:

 

 

Complaint Resolution Team

Cynergy Bank Limited

PO Box 80030

London EC4P 4NG

 

We are dedicated to resolving any complaint you have. To help us do this, please provide:

 

  • Your name and address
  • Details of what happened and when it happened
  • How you have been affected by this
  • A contact number and a convenient time to call you

 

We are committed to resolving your complaint as quickly as possible whilst being transparent, fair and thorough with our investigations.

A nominated account is a single bank account that we will link to your Business Saver account so that you can transfer money safely and securely to and from your Cynergy Bank Business Saver Account whenever you like. It must be an account with a UK bank or building society, held in the name of your business, and the account must be able to receive Faster Payments. All external withdrawals from your Business Saver account can only be sent to your nominated account. If you send money except from your nominated account, we will return your funds and your Cynergy account will be temporarily blocked. You need to contact us to activate your account.

To change your nominated account, log into Online Banking, visit the Account Services section and select ‘Request to change nominated account’. When you request to change your nominated account, we will check that you are the owner of the new nominated account. In some cases, we may request to see a bank statement before we activate your new nominated account. We will contact you if this is required. Please allow up to five working days for a change to a nominated account.

From time to time, we may contact you to inform you of products, services and offers that we think you may be interested in. This includes offers from our partners. We will not pass your details to third parties.

 

You can change or withdraw your consent to marketing communications at any time by calling us on 0345 850 5555 or emailing us at customerservice@cynergybank.co.uk. Full details of how we use your information are set out in our Privacy Policy.

The first online statement for your Business Saver account will be produced on the anniversary of the account opening date and then every year thereafter. We will send you a text/email to alert you that your online statement is available via Online Banking. You can also view your transactions in Online Banking at any time.

You can log into Online Banking and print/download your transaction history at any time. But, if you need a statement from us, you will need to contact our Customer Service team directly and we will generate this for you.

The interest rate on our Business Saver account is calculated gross, before the deduction of taxes. Your account will display interest before taxes are deducted. You will need to deduct tax yourself by declaring it as part of your annual tax return

For security reasons we do not allow the removal or addition of people with access to your account via Online Banking. You can add/remove account holders by contacting us. For security reasons, we will need to send you an application form. This will include all the details of the documents required to add/remove an applicant.

Yes, you can have multiple Business Saver Accounts with us. To do this you need to contact our Customer Service team directly and we will process your application swiftly.

If you can’t find the answer to your question here, please Contact us.

Business Saver Account: Security and accessibility

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Account(s) are set up for online access in accordance with the existing signing instructions. Business accounts that require more than one signature will require more than one Online Banking user with the appropriate authority to approve a transaction.

Once your account has been opened successfully, we will 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. When prompted, you will also be required to authenticate with the new ‘Cynergy Bank Authenticator’ app or new Digipass®, when requested to do so.

 

If you are logging in for the first time, you will be prompted to change your passcode to something more memorable for your additional security.

For business customers only: A Digipass® is a small security device that generates a unique code that changes every 30 seconds. It is used together with your User ID and passcode for making payments and enhances the already high level of security of Online Banking.

When logging in for the first time, you will be prompted to change your passcode to something more memorable for your additional security. You can also request a new passcode for Online Banking by using the 'Forgotten passcode' link on the Online Banking login page.

Online Banking passcode: You can also request a new passcode for Online Banking by using the 'Forgotten passcode' link on the Online Banking login page.

 

Online Banking User ID: When your account is opened, we will send you an email with your Online Banking User ID. You can also request a reminder of your Online Banking User ID by contacting us.

You can request a new passcode for Online Banking by using the 'Forgotten passcode' link on the Online Banking log in page.

You can manage your account at any time using Online Banking. If you need a reminder of your account details, you can view your details from the ‘Account details’ section of Online Banking. This includes your account number and sort code.

Cynergy Bank is a member of the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Eligible deposits with Cynergy Bank are protected up to a total of £85,000. Any deposits you hold above the protected limit are unlikely to be covered.

 

Further information is available here or visit http://www.fscs.org.uk/.

If you are unable to view the Online Banking site, check that the computer you are using meets the system requirements for Online Banking.

 

If you are trying to log in and see an error message saying, 'Invalid User ID' or 'Invalid Passcode', check that you are typing your login details correctly.

 

It may be that Online Banking is temporarily unavailable; Please wait and try logging on again after a short time. If you still experience issues logging in, call our Customer Service team for further assistance.

Business Saver Account: Interest rate

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Interest is calculated daily on the cleared balance in your account at 7pm. This is then paid monthly into your account at the end of every month (or the next working day if the end of the month falls on a non-working day, such as a weekend or bank holiday). Payments into your Business Saver account received after 7pm may be credited to your account on the next working day.

An electronic deposit will start earning interest on the day we receive your money, or the next working day if the deposit is received after 7pm. Interest is calculated daily using the cleared balance in the account at 7pm. The minimum balance requirement to start getting interest is £1.

 

For a non-working day, you will start accruing interest the day that money is credited in the account with us. The accrued interest amount will be calculated on the next working day.

The rate offered on your Business Saver account is a variable rate and is subject to change as per our terms and conditions. If the interest rate of your specific Business Saver issue increases, we can make the change immediately and notify you within a reasonable time of the change. If we reduce the rate, provided your balance is £100 or more, we will notify you no less than 14 days before the change.

Interest will be paid upon account closure, if closed before the first month anniversary.

Business Saver Account: FATCA and CRS

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FATCA stands for the Foreign Account Tax Compliance Act. It is a new piece of legislation to help counter tax evasion in the US.

 

Introduced by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (IRS), the purpose of FATCA is to encourage better tax compliance by preventing US persons from using banks and other financial organisations to avoid US taxation on their income and assets.

 

A significant number of countries and territories worldwide are expected to sign inter-governmental agreements (IGAs) relating to FATCA compliance with the United States government. These IGAs will result in the FATCA legislation becoming part of their local laws.

FATCA legislation affects both personal and business customers who are treated as a US person for US tax purposes. The FATCA legislation also affects certain types of businesses with US owners.

 

The term ‘US person’ includes the following (but is not limited to):

  • A citizen of the US, including an individual born in the US but resident in another country or territory (who has not given up their US citizenship)
  • A person residing in the US, including US green card holders
  • Certain persons who spend a significant number of days in the US each year
  • US corporations, US partnerships, US estates and US trusts.

For more information regarding FATCA, please visit the IRS website or contact your tax professional.

The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries/jurisdictions, to help fight against tax evasion and protect the integrity of tax systems.

The CRS seeks to establish the tax residency of customers. Under the CRS, financial institutions are required to identify customers who appear to be tax residents outside of the country/jurisdiction where they hold their accounts and products and report certain information to our local tax authority. They may then share that information with the tax authority where the customer is tax resident.

Under the CRS, tax authorities require financial institutions such as Cynergy Bank to collect and report certain information relating to their customers’ tax statuses.

 

If you open a new bank account with us, invest in new financial products or change your circumstances in some way, we will ask you to certify a number of details about yourself. This process is called “self-certification”, and we are required to collect this information under the CRS.

For further information on your tax residency, please refer to the rules governing tax residence published by each national tax authority. You can also find out more at the OECD Automatic Exchange of Information portal.