Frequently Asked Questions

If we are able to confirm your identity electronically, we will open your account within a few minutes of receiving your fully completed online application. We will also provide you with your account number and sort code which you will be able to use immediately to make your deposit(s). If we have not been able to confirm your identity electronically, we will email you to let you know if we need more information to confirm your identity. Once we have received any additional information we will process your application and confirm to you by email once your account has been opened. If application is successful you will also receive your Online Banking User ID by email and your log in passcode by SMS.

The Online Easy Access Account is for UK individuals only with the following eligibility requirements:

• Customers must: 

  • be a UK resident

  • be aged 18 years or over

• Customers must also be able to provide:

  • details of a UK account (your nominated account) that accepts electronic transfers by Faster Payment and CHAPS - all external withdrawals will be paid here

  • a National Insurance number or UK Tax ID number

  • a valid email address

  • a valid UK mobile phone number

The account is not available to international customers and businesses.

Yes. A maximum of 2 account holders are able to operate an Online Easy Access Account. Both parties to a joint account will need to complete the online application. 

Yes. You can apply for an Online Easy Access Account under a Power of Attorney using the online application. We can accept Lasting Power of Attorney for financial decisions, Enduring Power of Attorney made and signed before October 1, 2007 and Ordinary Power of Attorney documents.

All attorneys are required to complete a Third Party Agreement form and may be required to provide certified identification documents.

Please note: we need to complete additional checks for Power of Attorney applications. We will endeavour to complete these as soon as possible however as a result it may take up to 15 days to open the account. When the account is open we will email you to let you know.

Yes, existing customers can open additional Online Easy Access Accounts.

To do this log into Online Banking and select Fast Track apply. As we hold your details, the application should only take a couple of minutes. Once your account is open you can fund it by:

• Transferring savings into it from an external account

Using your new account details, (account number and sort code can be found in the ‘Account Details’ section in Online Banking), log into your external account and transfer your savings to us using their online banking.

• Transferring savings across from an existing Cynergy Bank account

In Online Banking you can request to transfer savings from an existing account into your new Online Easy Access Account. Once requested this will be implemented immediately. 

Our “Fast Track” process is designed to streamline applications for additional accounts held by the same account holder.

If you are a joint account holder, you can use Fast Track to apply for another joint account with the same parties.

However, if you are a party to a joint account, but do not hold a sole account with us, you will not be able to use Fast Track. You can apply for an account by following the standard account application process on our website, which may require additional verification and documentation.

For further assistance, please contact our customer service team on 0345 850 5555.

If you have an existing sole account, you can use Fast Track to apply for additional sole accounts, however you can’t you it to open a new joint account.

For further assistance, please contact our Customer Service team.

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.

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

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

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

In order to close your account, you must log in to Online Banking:

• Select the ‘Accounts’ option on the menu bar then choose ‘Savings and Deposits Summary’ option from the drop-down menu.

• On the ‘Savings and Deposits Summary’ screen, your Online Easy Access 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 ‘Internal transfer and close’ or ‘Withdraw to nominated account and close’ options on the dropdown list in the ‘What would you like to do?’ section.

• If you select the ‘Internal transfer and close’ option then you can choose the internal account you can transfer in to.

• If you select the ‘Withdraw to nominated account and close’ option, the current nominated bank account is automatically shown on the ‘Sort code/Account number’ fields. This cannot be changed in this section. The balance and any accrued interest will be sent to your nominated account.

• 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. We take all customer complaints seriously and if you have a complaint we want to know.

Our Complaints page contains information on how to raise a complaint and what happens next.

We are committed to resolving your complaint as quickly as possible whilst being transparent, fair and thorough with our investigations. To help us do that, please be ready to 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’d like to inform you about some of our products, services and offers which we think you may be interested in (including those we offer that are supplied by our partners). We will not pass your details to third parties.

You can withdraw your consent or opt back into the receipt of such communications at any time by calling us on 0345 850 5555 or email us at customerservice@cynergybank.co.uk .

Full details of how we use your information are set out in our Privacy Policy.

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

Your first online statement for your Online Easy Access Account will be produced six months from the account opening date and then every six months thereafter. We will send you a text/email when your online statements are available via your Online Banking. You can also view your transactions in Online Banking at any time.

A nominated account is an account that you must provide us with that we will link to your Online Easy Access Account so that you can transfer money safely and securely from Cynergy Bank whenever you like. It must be an account held in your name with a UK bank or building society and must be able to receive Faster Payments. All external withdrawals from your Online Easy Access Account can only be sent to your nominated account.

To change a nominated account, log into Online Banking, visit the Account services section and select ‘Request to change nominated account’. When you request to change a nominated account we check that you are the owner of that account. In some cases we may request 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.

For sole Online Easy Access Accounts: Yes - you can use a sole or joint account as your nominated account, however you must be a named party on the account.

For joint Online Easy Access Accounts: Yes – at least one of the Online Easy Access Account holders must be named as a beneficiary on the nominated account.

At this time it is not possible to add another party to an Online Easy Access Account after it is opened, other than under a power of attorney. If you hold a sole account, you can open a joint account with another person.

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. Simply log into your external account held with another bank or building society and transfer your savings to us using their internet banking.
 
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.
 
We do not accept payment by debit card, direct debit, cheque or cash.

You will need to make an online payment from your existing bank account or contact your bank to provide them with your payment instructions. It is likely your bank or building society will make your payment by Faster Payments. Your bank may have limits as to how much it will allow to be sent by Faster Payments so you may need to send more than one payment. If your bank does not use Faster Payments they will offer alternative payment options such as CHAPS.

Please check with the Bank or Building Society you are sending money to, to ensure they support Faster Payments. Alternatively you can use the Sort Code Checker  on the public website of the Payments Council to check if your bank or building society offers Faster Payments.

The Faster Payments Service a system which speeds up the way electronic payments in Sterling are made and received in the UK. Faster Payments is a payment system used between banks and building societies and 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 the Payments Council.

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 2.30pm on a Working Day.

If you ask us to make the transfer after 2.30pm 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 Business Day and this is when we will start processing it.

We are unable to send payments outside of the UK. We can only make payments in Sterling to your nominated account.

No, Cynergy Bank does not charge for any withdrawals from the Online Easy Access Account.

Once your account has been successfully opened we will provide you with an Online Banking User ID by email and an Online Banking passcode by SMS. These together will allow you to access Online Banking to manage your account.

You can log in to Online Banking by visiting our website and clicking the Login button in the top right corner. This will take you to our secure log in page . Enter your User ID and passcode to log in to Online Banking.

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.

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 log in page.

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

Online Banking User ID: When your account is opened we will send you and 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 including your account number and sort code from the ‘Account details’ section of Online Banking.

We take the security of our customers very seriously. When you change a nominated account we need to check that you are the owner of that account. In some cases to do this we request a bank statement to be provided before we activate your new nominated account. We will contact you if this is required.

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/ .

You can find out details of your Online Easy Access Account by phone or post however the account can only be managed online using Online Banking. All transactions must be completed using Online Banking.

We will pay your interest into your Online Easy Access Account on the anniversary of the account opening date (or the next working day if the anniversary falls on a non-working day, such as a weekend or bank holiday). Interest is calculated daily using the cleared balance in the account at 7pm. Payments into your Online Easy Access 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 deposit amount is £1. If we do not receive your deposit within the first few days of the account being opened we will remind you to fund. If we do not receive your deposit 14 days after your account is opened, we will close your account.

No, the interest rate on the Online Easy Access account is not tiered. The advertised credit interest rate will apply to the entire balance.

The rate offered on your Online Easy Access account is a variable rate that may change in the future.

If the interest rate of your specific Online Easy Access issue increases, we will make the change immediately and notify you of the change at the earliest opportunity.

If your interest rate decreases, provided your balance is £100 or more we will provide you with no less than 14 days’ notice by email before such a change takes place.

Please see the for details.

Interest will be paid without the deduction of tax. On 6 April 2016 the Government introduced the Personal Savings Allowance, which is the amount the Government allows you to receive in savings’ interest each year (excluding ISA) before you need to pay tax on your interest. From 6 April 2016 your annual Personal Savings Allowance is £1,000 for basic rate taxpayers or £500 for higher rate taxpayers. Individuals may have tax to pay on any interest received that exceeds their Personal Savings Allowance. The tax treatment and the rate of interest payable depend on individual circumstances and may be subject to change in the future.

If you need further information about the Personal Savings Allowance or the requirement to pay tax on interest received please go to http://www.gov.uk/  or contact HMRC or your professional tax adviser.

Interest will be paid upon account closure and will include the bonus rate, if closed within the first 12 months of account opening.