Cynergy Bank might look and sound new, but it began as the Bank of Cyprus UK in 1955. Cynergy Bank’s new name and branding was officially launched in December 2018. Cynergy offers a range of business banking products, including current accounts, savings, and overdrafts. There are just 3 branches in the UK, but you can access services through HSBC branches and online 24/7.
Cynergy Bank Business Banking Services
The Cynergy business current account includes online and mobile banking, a contactless debit card, and a range of payment and transfer services. The minimum opening balance is £10. For UK residents, there’s no monthly fee for general account maintenance. Instead, you pay for what you use and fees apply to most account transactions.
A fixed rate bond is available to business customers. You can open your balance with a minimum deposit of £10,000, and save for 1, 2, or 3 years. Interest rates vary from 1.35% to 1.65%, depending on how long you save for, and are fixed for the whole term. Unusually, you have to apply for the account by post, but you can manage it online.
Overdrafts are available up to £10,000, from £10,000 to £100,000, and £100,000+. An arrangement fee and annual review fee apply of at least £75 each. Specific interest rates are “subject to application”.
Business finance and loans
Cynergy Bank Reviews and Ratings
Currently there’s just one live Trustpilot review, which is very critical of customer service.
Reviews for Cynergy’s former name, Bank of Cyprus are available on Smart Money People. They’re very mixed, with a few customers saying they’re happy with their savings rates, and others claiming customer service is non-existent.
There are no reviews on Reviews.co.uk. Cynergy Bank is not included in the Which? list of ‘Best & Worst Banks’.
- Very competitive interest rates.
- Choice of products available, including savings, a current account, and an overdraft.
- There aren’t many reviews, but they’re critical overall.
- Just one savings option available.
- Account management fees are high. If you make a lot of transfers and withdrawals, it could be very expensive.
Website: Cynergy Bank Business Banking