Cynergy Bank offers market-leading 4.8% interest rate on easy access savings account | Personal Finance | Finance


Cynergy Bank offers a market-leading 4.8 percent interest rate on its easy access account (Issue 65), and savers can get started with £1.

Launching in 1956, Cynergy is a specialist bank that offers a range of personal savings, business, property and private loan products.

Boasting an array of different savings accounts – from easy access and fixed rates to cash ISAs – the bank has remained competitive with its interest rates month on month. Now, it’s offering some of the highest returns for those needing instant access to their cash.

Savers can open Cynergy Bank’s easy access savings account online, and up to £1million can be invested overall.

The interest rate includes a 0.75 percent fixed bonus for the first 12 months, after 12 months the interest rate reverts to a 4.05 percent Annual Equivalent Rate (AER) variable.

Interest is calculated daily on the cleared balance and paid annually on the anniversary of the initial deposit.

Savers must be aged 18 or over and be UK residents to launch an account and withdrawals can be made at any time.

But while Cynergy Bank may be offering a particularly attractive deal, competition remains strong within the easy access market. Oxbury Bank is also offering an AER of 4.8 percent for a slightly larger opening deposit of £1,000.

Offering ample flexibility, savers can also withdraw funds whenever needed without restrictions.

Interest is calculated daily and paid monthly, and up to £500,000 can be invested in the account overall. Savers must be aged 18 or over and have a UK current account the saver can be linked to.

Post Office Money is offering a 4.78 percent AER on its Online Saver (Issue 68). The account can be opened with as little as £1 and interest can be paid either monthly or annually.

Savers must be aged 18 or over and the account can only be launched and managed online. Up to £2million can be invested overall and there are no withdrawal restrictions.

Shawbrook Bank follows close behind with its Easy Access (Issue 36), offering an AER of 4.68 percent.

The account can be opened with a minimum deposit of £1,000 and interest can be paid either monthly or annually.

People can only apply for the account online and up to £85,000 can be invested overall in a solely-held account.

There are no limitations on the number of withdrawals and no notice of withdrawal is required, however, the minimum amount a person can take out at one time is £500.


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