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, payment services 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
Current Accounts
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. There is a £15 per quarter maintenance fee and transaction fees also apply.
Overdrafts
Overdrafts are available up to an agreed rate. Specific interest rates are “subject to application”.
Business finance and loans
Not available.
Cynergy Bank Reviews and Ratings
Cynergy Bank has received poor ratings on Trustpilot with 69% of reviewers scoring them as 1/1. Negative reviews include technical issues with accessing their systems, communication issues and poor levels of customer service. Positive reviews include good savings rates, simple to transfer to them and good experience with a customer service advisor.
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’.
Trustpilot – 1.9/5 (based on 295 review)
Reviews.co.uk – not available
Smart Money People (formerly Bank of Cyprus) – 2.2/5 (based on 10 reviews)
Which? – not included
Pros
- Very competitive interest rates.
- Offers an overdraft facility.
Cons
- Customer reviews are overall critical.
- No savings or lending products are 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