🔔 Provider Focus: Cynergy Bank (formerly Bank of Cyprus UK)

Cynergy Capital Limited has acquired Bank of Cyprus UK, which has now been rebranded as Cynergy Bank.

Bank of Cyprus UK was already a well-established bank and one that has been competitive in the UK savings market over the last few years.

Currently featuring in our best buy tables with its brand new name, this is an ideal time to tell you more about Cynergy Bank and get your feedback from your own dealings with the provider.

Remember to submit your review to rate Cynergy Bank and your other providers to help us provide insight for your fellow savers.

Background Information

Bank of Cyprus UK has been operating in the UK since 1955, when the Bank of Cyprus opened its first branch abroad, serving the Cypriot community in London. In 2004, the Bank of Cyprus merged its UK branch with its subsidiary, Bank of Cyprus (London) Ltd, with the combined business then known as Bank of Cyprus UK.

Bank of Cyprus UK then became a subsidiary of the group in 2012, regulated in its own right by the Financial Services Authority, which was the regulator at the time.

Bank of Cyprus UK was then acquired by Cynergy Capital Limited, with the sale completed on 23 November 2018 and its rebranding taking place on 3 December 2018.

Cynergy Bank has offices in London, Birmingham, Brighton, Bristol and Manchester.

Cynergy Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

In addition, Cynergy Bank is a member of the UK Financial Services Compensation Scheme (FSCS), so funds placed with the provider would be covered up to £85,000 per person, should the provider go out of business - as they were before with the Bank of Cyprus UK.

Check the FSCS licence information for your bank or building society

Today’s Savings Market

As mentioned previously, Bank of Cyprus UK has featured regularly in our best buys over our lifetime and is particularly prominent in our two and three year fixed rate cash ISA tables at the moment

The provider is also offering a competitive rate on its easy access account which sits just outside of our top five.

The provider also offers a range of other fixed rate cash ISAs and fixed rate bonds and with each you will be eligible to receive an enhanced rate when you apply for a new account if you have been a Bank of Cyprus UK/Cynergy Bank customer for at least six months.

For alternatives and to compare the accounts to the rest of the market, please take a look at our Best Buy Tables.

Application Process and Customer Service

You can apply for the easy access account featured above online, with a minimum of just £1. Fixed rate cash ISAs can also be applied for online, though there is a higher minimum balance requirement of £500. The fixed rate cash ISA accepts transfers of previous ISAs in and if you need to access your funds before the end of the term, there is a penalty equivalent to 180 days’ interest payable.

The application process is straightforward and we have not been made aware of any negative experiences from our clients or from our own dealings with the provider.

Of course, as mentioned earlier, your thoughts and experiences about providers’ customer service are invaluable for us, particularly about providers that are new to us or to the savings market, so please share any feedback you have. 

A final word…

It is tempting to stick to the well-known brands when it comes to savings accounts, but in doing so, you may be missing out on some of the best rates on the market.

Whilst there are some exceptions, for example High Interest Current Accounts, you can no longer rely on the larger brands and high street names to offer the best interest rates.

Providers like Cynergy Bank continue to drive competition in the savings market and offer some of the best rates available at the moment. The best strategy is to look at all options and take each provider on its own merits, considering alternative providers to get the best returns for your money. As long as you do your research (or ask us for more information!) and are comfortable with the provider, there is no reason not to consider them.

If there is a provider that you would like to see featured in a future article, please let us know. We are also keen to hear from you if you have any feedback about any provider’s customer service, good or bad!

Submit your review here and help us provide insight for your fellow savers.

*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).