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Cynergy Bank unveils table-topping one-year cash ISA deal paying 1.61%

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Cynergy Bank has been sitting at the top of the easy access savings account table for several weeks with a market leading rate of 1.5 per cent.

But now the challenger is shaking things up in the cash ISA space with a new table topping rate of 1.61 per cent on its one-year fixed product.

The rate is available on balances of £500 and above and you can transfer in existing cash ISAs.

Deposits with Cynergy, which was formerly Bank of Cyprus UK, are protected by the Financial Services Compensation Scheme (FSCS).

Rachel Springall, finance expert at Moneyfacts, said: “Savers considering this deal may not want to hang around, as challenger banks can swiftly change their range if they hit their deposit requirements.”

The account can be opened online only.

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