Does Cynergy Bank act as the middle man?

RedPen

Hi, I'm considering opening a Cynergy fixed rate ISA. Would this be the type of account which is protected by FSCS because the money is actually kept with other banks who are protected by FSCS? In which case one needs to know so the £85,000 limit isn't exceeded. eg. I already at 70,000 in a high st bank and Synergy actually puts my ISA (20,000) in that same high st bank

eskbanker

Cynergy doesn't use other banks for deposits and has its own FSCS protection:

https://www.cynergybank.co.uk/financial-services-compensation-scheme

Albermarle

RedPen said:

Hi, I'm considering opening a Cynergy fixed rate ISA. Would this be the type of account which is protected by FSCS because the money is actually kept with other banks who are protected by FSCS? In which case one needs to know so the £85,000 limit isn't exceeded. eg. I already at 70,000 in a high st bank and Synergy actually puts my ISA (20,000) in that same high st bank

Where did you get this idea from ?