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Bank boosts interest on savings account to 4.27% and earns 'excellent' rating

Reach Daily Express | April 20, 2026 9:41 PM CST

Cynergy Bank has boosted the interest on its savings account to 4.27% AER, earning it an 'excellent' rating from Moneyfactscompare. The Online Easy Access Account pays interest from two pots: a fixed 2% bonus for the first 12 months, combined with a variable underlying rate of 2.27%, which can change.

This means those looking for a fixed rate may want to look elsewhere, since Cynergy can change the base rate on the account, and the interest rate drops significantly to 2.27% AER variable after a year. Savers can open an account with as little as £1, save up to £1million, and make unlimited free withdrawals, so it suits savers who want easy access to their money.

The bank estimates that Brits who open the account with £1,000 will earn £42 in a year, based on the current rates. If they leave the £1,000 in the account for 24 months, they would earn an extra £24, as the interest rate drops significantly, bringing the balance to £1,066. Interest will be paid annually on the anniversary of the initial deposit.

Commenting on the deal, Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, described the offer as competitive.

She said: "The boost improves its position in the top tables and now pays a competitive 4.27%. Savers can start from as little as £1, and it may be a suitable option for those who need to dip into their pots regularly, as the account permits unlimited access with no penalty.

"However, it's important to note the rate includes a significant 2% bonus, so it's crucial that savers review their deal when this expires in 12 months. Overall, the deal earns an Excellent Moneyfacts product rating."

How do other accounts compare?

Tembo Money is offering a 4.75% rate on its HomeSaver easy access account, which includes a 1.75% bonus for 12 months. However, savers will only get the maximum interest and qualify for a 1% Home Saver bonus if they complete a qualifying mortgage through Tembo Money.

LHV Bank is offering a 4.25% rate on its variable Easy Access account. The maximum investment is £100,000, and there is no minimum opening amount.

Sidekick comes next on the Moneyfacts table, with a 4.23% rate on its Multi Shield account. The rate includes 1.00% bonus for six months on balances from £10,000 to £120,000.