Cynergy Bank Business Savings Review: Features, Safety and More

If you are a company owner, entrepreneur, or family member in need of banking services, Cynergy Bank is here for you. Recognizing the frequent overlap between work and personal life, their purpose is to assist clients in reaching their aspirations by attending to all of their banking requirements. Their focus is on building long-term partnerships. They take advantage of new possibilities in the market while providing clients with high-quality goods, services, and advice to assist them handle their interdependent personal and professional financial needs. The Institute for Family Businesses (IFB) is on a mission to ensure that family businesses thrive for generations to come, and they are happy to be a chosen partner of that organization.

Bank of Cyprus UK has been serving UK commercial clients since 1955, and its purchase led to the formation of Cynergy Bank. Their reach has grown, and they now have offices in Manchester, Birmingham, Bristol, and London. They will always be a customer-centric bank that values connections, and people, and provides a full suite of services to suit their clients’ changing demands.

The new name and logo are reflections of their Cypriot roots and development throughout the years, along with their goal of being the go-to bank for entrepreneurs and savers. By increasing their product offerings, service areas, and physical locations, they have already solidified their position in the UK market. This is only the start. Their lineage goes back a long way, but their narrative started in December 2018.

Cynergy Bank Business Savings Account Features

A convenient business savings account is available from Cynergy Bank.

Here are the main characteristics of the account:

An Affordable Rate of Interest: Monthly distributions at a variable rate of 3.65% AER, which is the same as 3.59% gross yearly.
Simple Account Creation: You may add up to ten directors, partners, or shareholders with 10% or more ownership as authorized signatories when you open a Business Saver account—and the process just takes ten minutes.
Adaptable Funds Transfers: Enjoy an infinite number of fee-free purchases.
Simple minimum required: You can contribute as little as £1 and as much as £10,000,000. You have 14 days from the date of account nomination to make your initial deposit.
Financial Transactions Online: You can easily manage your account, and make deposits, and withdrawals via the Cynergy website.
Flexible Closure: No fines will be charged if you close your account at any time.

Pros and cons of Cynergy Bank

Pros of Cynergy Bank

Terms and conditions apply; new customers receive 12 months of free business banking.
Independent, user-friendly saver with customisable interest rate on average equity ratio (4.00%)
The monthly transaction limit for business accounts is one hundred.
Gain a variable interest rate of 2.50% AER on deposits up to and including £25,000, with convenient access.
Accepted funds Secured up to £85,000 via FSCS

Cons of Cynergy Bank

Business overdrafts are not well-discussed.
On current account balances over £25,000, you will only receive 0.25% AER variable.
Payments made by cash, CHAPS, SWIFT, or SEPA are not covered by the monthly fee.
Virtual; no physical locations in the United Kingdom

Are Cynergy Bank Business Savings Accounts Safe?

Your account and funds are protected by cutting-edge security methods at Cynergy Bank, which include:

User ID and password will be sent to you for use in secure sign-ins.
Cynergy Bank has a Business Continuity Management strategy in place to safeguard your company and guarantee continuous service. Business Continuity Management (ISO 22301) accreditation attests to its reliable procedures.
Cynergy Bank has demonstrated its dedication to safeguarding client data and complying with worldwide standards by obtaining ISO 27001 certification for information security.
Cynergy Bank offers a Digipass device for secure payments, free software called IBM Security Trusteer Rapport, and a text message service that warns you when there’s activity in your account.
To make sure your money reaches the right account, you may use the Confirmation of Payee (CoP) service, which checks your payment information before adding a new payee or making specific payments.

Why Choose Cynergy Bank?

Understanding Our Customers: Our solutions take into account the complex interplay between your career and personal goals.
Customer-centric: Our forward-thinking teams care about your experience and work with you to find the best solutions as your company grows.
Quick Decision-Making: You’ll have access to trustworthy and prompt financial assistance since decisions are made swiftly and with clarity.

Conclusion

Trustpilot users have given Cynergy Bank a “great” rating after more than 2,000 reviews. The majority of reviews (57%) gave the bank a perfect score of 5, giving it an average TrustScore of 3.9.

Cynergy Bank has received praise for its ethical customer care and user-friendly online operations. One satisfied customer said the account opening procedure was “amazing” and that the deposit operations were quick and easy. Another satisfied client is thinking about making the transition to Cynergy for all of their banking requirements because of the “excellent customer service” they received.