Frequently Asked Questions

To be eligible to open a Cynergy Bank Fixed Rate Bond you must fulfil the following:

• You must be at least 18 years of age.

• You must be ordinarily resident in the UK for tax purposes

• You must provide a UK mobile number and an up to date email address.

• You must register a nominated account for the purpose of making external withdrawals (outside of Cynergy Bank). Your nominated account must be a personal UK bank/building society account in your name and linked to the same address provided in your application. Your nominated account must accept Faster Payments and CHAPS.

A Fast track application is available for existing customers. To apply, log into Online Banking and select ‘Fast Track apply’ from the menu.

When you have completed the online application and if have been able to electronically confirm your identity, we will open your account instantly and provide you with your new account number and sort code.

If we have not been able to electronically confirm your identity, we will contact you to let you know what information we need. Once we have received the additional information required, we will process your application and confirm to you by email when your account has been opened.

You can find your account number and sort code on your Online Banking once your account is open.  You can view these in the ‘Account details’ section of Online Banking.

The minimum initial deposit is £1,000.

Please ensure your account is funded to the minimum balance within 14 days of opening your account. If we have not received the minimum balance, we will return any funds to your nominated account and close your account.

Yes, you can. You can use the fast track apply page to apply for a new Fixed Rate Bond within minutes.

If you hold a Fixed Rate Bond which was opened before March 2022, please take note that the terms and conditions will be different for Fixed Rate Bonds opened from April 2022.

Yes. A maximum of 2 account holders are able to operate a Fixed Rate Bond. Both parties to a joint account will need to complete the online application.

You will have a 14 day funding window to make payments into your account. If the 14^th day lands on a non-working day, your funding window will close on the next working day.

Your funding window is the 14 days you have available to deposit funds into your Fixed Rate Bond. After your funding window closes, no further funds will be accepted into your account.

You have 14 calendar days in which to cancel your Fixed Rate Bond from account opening . If you wish to cancel your Fixed Rate Bond you can do this via your Online Banking by going to your account details and then selecting to withdraw and close. You can also select to internal transfer and close to another account you hold with Cynergy Bank.

Once your account is opened, we will provide you with your account number and sort code. You can use these details to make your initial deposit. Log into or contact your bank or building society where you want to move your money from, and transfer your savings using your new Fixed Rate Bond account details.

If you want to transfer your savings over from an existing Cynergy Bank account that allows withdrawals simply log into Online Banking and complete the transfer. Once requested this will be implemented almost immediately.

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

We accept most forms of electronic payments including Faster Payments, BACS and CHAPS.

The Fixed Rate Bond does not accept payments by debit card, direct debit, cheque or cash.

While you are in your funding window you can send money into your account multiple times before 5.00pm on the day your funding window closes. You can find the date your funding window closes on your account opening email. 

If you attempt to send money to your account after the funding window has closed, your funds will be returned to your nominated account. This may take up to one working day.

You will receive a SMS and email notification to let you know your funds were received within one hour of receiving the funds. You can also check the funds in your account on your Online Banking at any time.

Yes, you are free to withdraw your funds within your cancellation period, but you will need to withdraw the full balance and close the account. You can do this through your Online Banking or Mobile Banking app.

No, not unless in exceptional circumstances. If you have an emergency need for the funds  as per our terms and conditions, please contact us and we will ask you a few questions before helping you retrieve your funds.

Once your account is open, you will be able to log into Cynergy Bank’s Online Banking. To do this you need your Online Banking passcode, which will be sent to you via SMS, and your User ID, which was in your Welcome email.

To log in please visit our website at www.cynergybank.co.uk and click the ‘Online Banking Log in’ button near the top of the page.

You can log in to 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 log in page. You will need your User ID and passcode.

It is recommended you only access Online Banking via the Cynergy Bank website and never use any other links. This applies to any computer that you use.

Ensure that your connection to Online Banking is secure by checking that you have a padlock or unbroken key in the bottom right of your browser window or alongside the address bar - this indicates that you are accessing a valid and secure site. All secure website addresses start with 'https' rather than 'http'.

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

Online Banking User ID: Your Online Banking User ID is contained in the Welcome email we sent you at account opening. If you don’t have a copy of this, you can request a reminder of your Online Banking User ID by contacting us.

If you need a reminder of your account details, log into Online Banking to view these in the ‘Account details’ section.

The Faster Payments Service is a payment system used between banks and building societies to speed up the way electronic payments in Sterling are made and received in the UK. Payments usually complete within hours. We will process most withdrawal requests by Faster Payments, depending on the amount and time of withdrawal request.

Not all Banks and Building Societies offer this service though, so please check with the Bank or Building Society you are sending money to/from to ensure they support Faster Payments, alternatively use the Sort Code Checker on the public website of BACS.

We will normally use Faster Payments for payments however, in some cases we use CHAPS. CHAPS (Clearing House Automated Payments System) is the system used for the electronic processing of financial transactions where guaranteed payments are transferred between UK banks on the same day. We may use CHAPS to process higher value withdrawals depending on the withdrawal amount and time of withdrawal request. CHAPS payments usually clear on the same day if advised by 3.30pm on a Working Day.

If you request CHAPS payment after 3.30pm on a Working Day or on a non-Working Day we will treat your instruction as having been received at the beginning of the next Working Day and this is when we will start processing it.

A nominated account is an account that you must provide us with at application that we link to your Fixed Rate Bond. Any external withdrawals will be made to this nominated account. It must be an account you are a named beneficiary on with a UK bank or building society and must be able to receive Faster Payments.

You can request to amend your Fixed Rate Bond nominated account via Online Banking. You will be required to enter a One Time Passcode to confirm your request. We will electronically validate that you are named on the new nominated account. If the account passes electronic validation it will immediately be activated, and you can pay funds to it (subject to your funds being available for withdrawal).

If it does not pass electronic validation it will normally be ready to use after five working days. During these five working days you will not be able to pay funds away to the new nominated account however the existing nominated account will remain active until the new nominated account is activated. In some cases, we may request documentation from you and it may take longer to activate your new nominated account.

Yes. You can use a sole or joint account as your nominated account however, you must be a named beneficiary on the account.

If you’re unable to complete a transaction online or you can’t find the account information you need, we will be happy to assist you. Please note however that ordinarily no transactions can be completed by phone.

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

If you wish to close your Fixed Rate Bond in the 14 day cancellation window, you can close your account via Online Banking or the Mobile Banking app. Simply select your account and select the withdraw and closure option you want from the dropdown list and follow the on-screen instructions. If you wish to withdraw your funds to another Cynergy Bank account, you can select to internal transfer and close.

Interest is paid on an annual basis on the anniversary of the account opening. This will be paid into the bond account and interest will capitalise where the bond is a 2 or 3 year term. Interest is calculated daily using the cleared balance in the account at 5.00pm.

No. The Fixed Rate Bond’s rate is set for the term selected upon account opening.

We will contact you 30 days before your maturity to remind you this is upcoming.We will then contact you 14 days before your Fixed Rate Bond matures to advise you of your current auto renewal status. We will also let you know the interest rate at renewal if you have elected to auto renewal. If you have elected not to auto renew, then we will let you know the post-maturity variable interest rate you will receive.

You can amend your auto renew preference within Online Banking or Mobile Banking app until 7am on the morning of your maturity.

Loyalty rates are rates which are available to maturing Fixed Rate Bonds. These are slightly higher than our rate available to new customers to ensure we’re rewarding our loyal customers. You can check what rates will be available for you on your Fixed Rate Bond renewal notice which will be uploaded to your Online Banking 14 days before maturity. You can find this within the Account Services menu by selecting “Statements and documents”.

If the Fixed Rate Bond interest rate offered by Cynergy Bank increases between you having received your 14-day renewal notice and maturity, we will offer you the new higher loyalty rate which will be automatically applied.

A new higher loyalty rate will also be automatically applied to your account if the interest rate on the Fixed Rate Bond increases during the 14-day renewal funding window.

Any increase in rate will be communicated to you by email.

If you have selected to auto renew your Fixed Rate Bond, this means at maturity if we don’t hear from you, we will renew your Fixed Rate Bond into the same term automatically. If a Bond of the same term is no longer available, we will reinvest your funds into the next shortest term available.

At maturity, you will be able to perform the following on your renewed Fixed Rate Bond during the 14-day funding window:

• Deposit additional funds

• Change the term

• Close the Fixed Rate Bond by withdrawing funds to your nominated account or performing an internal transfer into your Cynergy Bank account.

If you no longer want to renew your Fixed Rate Bond, you will be able to change your auto renew preference on your Online Banking or Mobile Banking app until 7am on the day of maturity.

You can amend your auto renewal preference on your Online Banking or Mobile Banking app.

Online Banking

1. Log on to your Online Banking and go to the ‘Deposit details’ screen. You can reach this by clicking on the arrow beside your Fixed Rate Bond and selecting ‘View account details’, or by clicking on your Fixed Rate Bond account number.

2. On the Deposit details screen, you will be able to view and amend your current auto-renewal preference. This can be found under the section ‘Amend Automatic Renewal Status’.

3. You can amend your auto renew preference at any time and as many times as you like, until your Fixed Rate Bond has reached maturity. Please note, to auto renew your Fixed Rate Bond, you will need to update your auto renewal status to ‘Yes’ by 7am on the day of maturity.

Mobile Banking app

1. Select your Fixed Rate Bond account from your list of accounts.

2. Select ‘Maturity instructions’ from the drop down list available.

3. Toggle your renewal preference. You will also be able to add your maturity instructions within the Mobile Banking app.

If you have selected to auto renew your Fixed Rate Bond and it has reached maturity, you can update the term of within Online Banking or Mobile Banking app.

Select the account number of your Fixed Rate Bond that has matured to amend the term. In Online Banking go to the ‘Deposit details’ screen and selecting ‘Amend Term’.

In Mobile Banking app you will need to select ‘End of term instructions’.

Please note that you can only update the term for your renewed Fixed Rate Bond during the 14-day funding window at maturity.

Once your Fixed Rate Bond has matured, you will be able to withdraw your full balance, including any interest, to your nominated account using your Online Banking. You can also make an internal transfer to another Cynergy Bank account.

Online Banking

On the ‘Deposit details’ screen you will be able to:

• Withdraw funds to your nominated account and close the account or;

• Perform an internal transfer and close the account.

You can find this under the section ‘What would you like to do?’ and select between the options using the dropdown.

Mobile Banking app

Within the ‘End of term instructions’ option you will need to toggle the option not to auto renew. You will then be able to pay your details to your nominated account or another eligible Cynergy Bank account.

If you have changed your mind and wish to close the account, you can withdraw the funds to your nominated account or perform an internal transfer from your Fixed Rate Bond during the 14-day funding window. After the funding window has closed, withdrawals are not permitted before the end of the term, unless in exceptional circumstances.

For further information, please refer to .

You can deposit money from any UK bank account or make an internal transfer into your Fixed Rate Bond within 14 days of your Fixed Rate Bond renewal.

You will need to apply for a new Fixed Rate Bond via the ‘Fast Track apply’ menu on your Online Banking. Once the new Fixed Rate Bond account has been opened, you can perform an internal transfer from your matured Fixed Rate Bond account to your new Fixed Rate Bond account within 14 days of account opening. To continue receiving the loyalty rate, please make sure that you transfer your funds directly from your matured Fixed Rate Bond to your new Fixed Rate Bond.

You can also add additional deposits from any UK bank account using the sort code and account number of your new Fixed Rate Bond.

If you wish to withdraw funds from your Fixed Rate Bond, the full balance including interest, must be withdrawn, or transferred, and the account will be closed. You are unable to withdraw only a partial amount from your Fixed Rate Bond during the funding window.

If you wish to only reinvest a partial amount from your Fixed Rate Bond, you will need to provide your maturity instructions within the Mobile Banking app prior to maturity. This can be done by selecting the Fixed Rate Bond account and opening ‘Maturity Instructions’.

If you wish to withdraw a partial amount during the funding window you will need close your renewed Fixed Rate Bond and fast track apply for a new bond. Please note that the loyalty rate will no longer apply if you chose this option. You can apply for a new Fixed Rate Bond via ‘Fast Track apply’ from the menu on your Online Banking and deposit the desired amount into the new Fixed Rate Bond by making an internal transfer or payment from any UK bank account.

To view your statements and documents in your Online Banking, you can log in and under the Account Services menu, select “Statement and documents”. You can use the dropdown to select the account to view your statements and documents.

You can only amend your maturity instructions for your Fixed Rate Bond within your Online Banking. Should you require assistance on how to update this within Online Banking, please  and we will be happy to provide further guidance and support.

You can amend your auto renew preference in Online Banking or Mobile Banking app at any time before 7am on the day of maturity.

If you have selected auto-renew, you have 14 days from the start date to manage the following in Online Banking or Mobile Banking app:

• Add funds to your renewed Fixed Rate Bond

• Switch to a different term

• Opt out of renewal and withdraw your funds

These can be managed on the "View account details" screen within Online Banking.

After the 14-day period ends, no changes can be made to your Fixed Rate Bond.

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 per depositor. or visit the FSCS website:  www.fscs.org.uk .

Cynergy Bank takes pride in offering a high standard of customer service. We take all customer complaints seriously and if you have a complaint, we want to know.

To make a complaint about your Fixed Rate Bond please contact our Customer Service Department on 0345 850 5555 (or if calling from outside the UK +44 (0)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 Customer Care Team by emailing us at complaints@cynergybank.co.uk  or by writing to us at the following address:

   Customer Care Team
Cynergy Bank plc
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.