Best Business

Cynergy Bank Business Banking

About Cynergy Bank

Editorial Team
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Cynergy Bank are a specialist commercial bank that focus on 'empowering business owners' with their range of financial offerings. They used to be a subsidiary of the Bank of Cyprus UK, operating since 1955, but were bought by Cynergy Capital Limited in 2018. There are currently no Cynergy branches in the UK, following the closure of their Southgate branch in 2020. Instead they offer online accounts with cash services provided at HSBC branches.

See our full Cynergy Bank business accounts review of features, fees and how they compare against other online and high street bank accounts.

Cynergy Bank pros & cons

Pros of Cynergy Bank

  • 12 months free business banking for new customers, T&Cs apply
  • Standalone easy-access saver with variable 4.00% AER interest
  • Business account fee includes up to 100 monthly transactions
  • Earn 2.50% AER variable on current account deposits up to & including £25,000, with easy access
  • Online applications that can be done in 15 minutes
  • Eligible deposits FSCS protected up to £85,000

Cons of Cynergy Bank

  • Not a lot of information offered around business overdrafts
  • Only earn 0.25% AER variable on current account balances above £25,000
  • Monthly fee does not cover cash, CHAPS, SWIFT, or SEPA payments
  • Completely online with no UK branches

Cynergy Bank business current account

Cynergy Bank offers an interest-earning business current account that could be beneficial for businesses that make a lot of bank transfers.

It costs £25 a month to operate which includes up to 100 standard electronic transactions (excluding cash, CHAPS, SWIFT, and SEPA)

Positive balances up to £25,000 earn an interest rate of 2.50% AER variable, while all balances above this earn a variable rate of 0.25% AER.

For a limited time Cynergy are offering their business current account for free, for 12 months. Cynergy reserve the right to withdraw the offer at any time and terms and conditions apply.

These are Cynergy Bank's typical business current account fees:

Account nameCynergy Bank Business Current Account
Application feeFree
Monthly fee£25 (free for the first 12 months for new customers)
Bank transfersFree
Card purchasesFree
ATM withdrawals1.50% (£1.50 minimum)
Cash deposits (HSBC branches)65p per £100
Cheque deposits (HSBC branches)30p
Interest (AER) - up to & including £25,0002.50% variable
Interest (AER) - over £25,0000.25% variable

Eligibility

To be eligible for a Cynergy Bank business current account you must:

  • Be either a sole trader, partnership, limited liability partnership, or a limited company,
  • Be registered in the UK with Companies House
  • Have a maximum of 10 directors

While it is not suitable for:

  • Charities or trusts
  • Non-UK businesses

Opening an account

Here's how to open a Cynergy Bank business current account:

  1. Complete their online application - can take as little as 15 minutes
  2. Verify your ID - with photo ID such as a passport or photocard driving licence
  3. You'll need to download their authenticator app on Google Play or the App Store
  4. Once approved you can start banking

Cynergy Bank business savings account

Cynergy Bank offer one business savings account. Their Business Saver, which is an easy access account that gives an interest of 4.00% AER variable, on savings between £1 and £10 million.

Here's a summary of Cynergy Bank's business savings account:

Account nameCynergy Bank Business Saver
Account typeEasy access
Interest rate (AER)4.00%
Minimum deposit£1
Maximum balance£10,000,000

Cynergy Bank reviews

Cynergy Bank customers rate them average on Trustpilot with 3.5 out of 5 stars, based on over 2,600 reviews, where 54% of customers rated them 5 stars.

Information correct as of 22nd May 2024.