🔔 Provider Focus: Wyelands Bank

The featured provider this time is Wyelands Bank, which entered the UK savings market in August 2017 and was highly commended for Best New Provider in our 2018 awards.

As one of the more recent additions to the market, this is an ideal opportunity to give you some background information on the provider and get your feedback from any dealings you’ve had with them.

Remember to submit your review to rate Wyelands Bank and your other providers to help us provide insight for your fellow savers.

Background Information

Wyelands Bank Plc was previously known as Tungsten Bank until November 2016, when it was acquired by Sanjeev Gupta – a British industrial entrepreneur.

The bank is now functioning as part of a wider vision to promote the revival and growth of industrial businesses in the UK.

With one of the values of the provider being ‘Customer Driven’, we would certainly expect the customer service to be of high standard to live up to this.

Wyelands Bank Plc is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

Wyelands Bank Plc is a member of the Financial Services Compensation Scheme (FSCS), so funds placed with the provider would be covered up to £85,000 per person, should the provider go out of business.

Check the FSCS licence information for your bank or building society

As mentioned on the Financial Conduct Authority (FCA) register, there has been instances in the past where individuals have used the details of the firm to suggest they work for the genuine firm – known as a ‘cloned firm’.

It is therefore best to tread carefully and make sure you are dealing with the genuine firm.

If you have any concerns, use the links available through our website and this will ensure you are going to the genuine provider’s website.

Today’s Savings Market

Wyelands Bank products often feature in our best buy tables - particularly amongst the shorter-term fixed rate bonds.

For alternatives and to compare the accounts to the rest of the market, please take a look at our Best Buy Tables.

Application Process and Customer Service

You can apply for the accounts online with a minimum deposit of £5,000, which is significantly higher than some alternatives in our best buy tables.

Online applications are becoming the norm of late when it comes to the top rates available, but for those who do not have access to the internet or prefer not to conduct financial transactions online, you will need to look elsewhere.

The application process appears to be straightforward and whilst it is still fairly early days, we have not been made aware of any negative experiences from our clients or from our own dealings with the provider so far.

Of course, as mentioned earlier, your thoughts and experiences about providers’ customer service are invaluable for us, so please share any feedback you have.

A final word...

It is tempting to stick to the well-known brands when it comes to savings accounts, but in doing so, you may be missing out on some of the best rates on the market.

Whilst there are some exceptions, for example High Interest Current Accounts, you can no longer rely on the larger brands and high street names to offer the best interest rates.

Providers like Wyelands Bank are aiming to drive competition in the savings market and offer some of the best rates available at the moment. The best strategy is to look at all options and take each provider on its own merits, considering alternative providers to get the best returns for your money. As long as you do your research (or ask us for more information!) and are comfortable with the provider, there is no reason not to consider them.

Submit your review here and help us provide insight for your fellow savers.

*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).