Cynergy Bank offers market-leading 6.06% interest rate on fixed savings account | Personal Finance | Finance

Cynergy Bank is offering a market-leading 6.05 percent interest rate on its Fixed Rate Bond, and savers can get started with £1,000.

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

Boasting an array of different savers, from easy access accounts 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 looking to put money away for up to two years without needing to dip in.

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

Interest is calculated daily, beginning on the first working day following account opening, and is paid annually to the account balance.

Described as an account that’s “most suitable” for those who want to invest long term, withdrawals are not permitted until maturity – unless in exceptional circumstances.

But while Cynergy Bank is taking the top spot for two-year savers, competition isn’t too far behind. Ford Money has recently boosted the interest on its Fixed Saver Two Year to an Annual Equivalent Rate (AER) of 6.05 percent.

The account can be opened by those aged 16 or over with a minimum deposit of £500. Interest is calculated daily and paid monthly or annually.

The account can only be launched online, up to £2million can be invested, and similar to Cynergy Bank, withdrawals are not permitted during the term.

Atom Bank is also offering an AER of 6.05 percent on its Two Year Fixed Saver, with a much smaller deposit requirement. The account can be opened with a minimum of £50 and up to £100,000 can be invested overall.

The account can be launched and managed via Atom Bank’s app and savers must be aged 18 or over. Interest is paid on the anniversary.

Joint accounts are not currently available, and withdrawals are not permitted throughout the two-year term.

Charter Savings Bank falls just behind with an AER of 6.03 percent. Aimed at those with slightly more to invest, the account can be opened with a minimum deposit of £5,000.

Interest is calculated daily and can be paid either annually or monthly. Savers must be 18 or over and the account can only be launched and managed online. Similar to the rest of the accounts, withdrawals are not permitted throughout the term.

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