Provider Focus: Wyelands Bank

06th September 2017

We are often asked for more information on various savings providers that are of interest to savers.

In this regular series of articles, we aim to turn the spotlight on these providers to give you more information about their background and history and why they are of particular interest in today’s savings market.

We hope that you find this information useful and as always, if you have any feedback or suggestions as to who should appear in a future article, please let us know.

Wyelands Bank

The provider chosen this time is a brand-new entrant to the UK savings market, Wyelands Bank, who entered into the UK savings market just last week.

As the latest addition to the savings market, this is an ideal time to give you some background information on the provider and a good opportunity to get your feedback from any initial dealings with the provider.

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.

At this early point, the signs are positive with competitive interest rates on its first venture into the savings market.

With one of the values of the provider being ‘Customer Driven’ – we expect the customer service to be of high standard.

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.

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.

Alternatively, if you would prefer, give one of our Savings Experts a call and they will be happy to help.

For more information on the FSCS, please take a look at our handy guide or call us on 0800 011 9705 to speak to one of our Savings Experts.  

Today’s Savings Market

Wyelands Bank entered the UK savings market with fixed rate bonds over a variety of different terms, along with both a 35 day and a 95 day notice account.

Upon launch, both its 12 and 24 month fixed rate bonds featured in our respective best buy tables, whilst its 95 day notice account also offers a top rate in the current market.

For more information on Wyelands Bank’s new savings accounts, click on the links below.

6 Months Fixed Term Account – 0.75% gross/AER

12 Months Fixed Term Account– 1.83% gross/AER

24 Months Fixed Term Account– 2.00% gross/AER

35 day notice account – 0.80% gross/AER

95 day notice account– 1.40% gross/AER

The Fixed Term Accounts and Notice Accounts can all be opened online, with a minimum of £5,000, up to a maximum of £1,000,000.

You cannot access funds deposited in a Fixed Term Account until the end of the term, whereas withdrawals from the Notice Accounts, as the names suggest, are subject to 35 days’ and 95 days’ notice respectively, there is no option to access funds early by paying a penalty.

For alternatives and to see how these accounts hold up against the rest of the market, please have a look at our Best Buy Tables.

It is an encouraging start by Wyelands Bank, with the provider prominent in our best buy tables right from the start, helping to promote its name in the savings market.

We are hopeful that the provider builds on this start and continues to support savers with competitive rates in the future.

Application Process and Customer Service

As previously mentioned, you can apply for the accounts online with a minimum deposit of £5,000, which is slightly higher than the more common £1,000 required for many other leading rates.

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 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, particularly about providers that are new to us or to the savings market, so please get in touch to 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 or Regular Savings 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.

As mentioned earlier, if there is a provider that you would like to see featured in a future article, please let us know.

We are also keen to hear from you if you have any feedback about any provider’s customer service, good or bad! Please contact us at [email protected] to share your experiences.

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