Wyelands Bank Decent 95day notice account 1.4%?

SallySunshine

Wyelands Bank
Just looking for another decent notice account when I came across this, although the minimum deposit is £5k
Usually the sites have an 'About us" page info but nothing came up about this until I Googled new Challenger Banks.

although it is regulated etc , it does seem to have had a few guises?



Wyelands Bank is small entity previously known as Tungsten Bank and before that as FIBI Bank.

FIBI Bank was purchased by Tungsten Corporation from First International Bank of Israel in mid-2014 for £30 million. In late 2016, it was sold to Wyelands Holdings (part of Gupta Family Alliance/Liberty House Group) also for £30 million.

It will relaunch in 2017 with a new identity and focus as a specialist provider of financial solutions to commodities, steel and engineering enterprises. Sanjeev Gupta, executive chairman of Liberty House Group, says the acquisition is part of the group’s strategy to support the UK manufacturing.

Wyelands Bank will also have a new core banking system to replace its legacy Misys’ Equation core. This is understood to be ERI’s Olympic.

eskbanker

SallySunshine wrote: »

Usually the sites have an 'About us" page info but nothing came up about this

https://www.wyelandsbank.co.uk/about-us/ is linked from the top left corner of their home page....

SallySunshine

thanks for that eskbanker.
serves me right for not looking properly, used to seeing that info at the bottom of sites.
Still not sure if info is too much or too little.
Perhaps i'm reading too much!

[Deleted User]

They are advertising a 1 year fixed rate bond at 1.83% pa (min deposit £5000), currently only beaten by Atom Bank. I opened one yesterday for my elderly mother, but am waiting for user ID by post (for internet access) before funding (14 days allowed to fund). They have full FSCS protection up to £85K.

escapee

Deleted_User wrote: »

They are advertising a 1 year fixed rate bond at 1.83% pa (min deposit £5000), currently only beaten by Atom Bank. I opened one yesterday for my elderly mother, but am waiting for user ID by post (for internet access) before funding (14 days allowed to fund). They have full FSCS protection up to £85K.

Hattie625 How are you finding Wyelands Bank so far?

I am considering placing a sum of money with them for a 24 month period but as stated in the initial post, information on the bank is very thin on the ground.

Ifts

escapee wrote: »

I am considering placing a sum of money with them for a 24 month period but as stated in the initial post, information on the bank is very thin on the ground.

https://www.wyelandsbank.co.uk/savings/fixed-rate-accounts/#/frequently-asked-questions/

Financial Services Compensation Scheme (FSCS). This product is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. For further information about the compensation provided by the FSCS (including amounts covered and eligibility to claim), refer to the FSCS website https://www.FSCS.org.uk.

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

https://www.wyelandsbank.co.uk/savings/fixed-rate-accounts/#


I applied for their 2 year fixed rate bond yesterday.

All went OK and at the end of the application it gives you your account opening reference number and their account number / sort code to pay in to the account. Am waiting for user pack and online ID by post.

When making a faster payment into your account it is important to use your account opening reference number as the Payee reference so Wyelands Bank can link the payment to your account.

edit: Once you have received your welcome pack in the post and have been issued your account number, then when making a faster payment deposit you must use your name and account number as the payee reference.

MarkFromCornwall

Note the warning on the FCA page for Wyelands Bank...
https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000Mf9utAAB
and make sure, when contacting them for the first time, that you are dealing with the real Wyelands Bank.

escapee

In the very first instance I'd checked the bank was part of the FSCS.

I do find it quite concerning the bank asks you to send funds into their account rather than being issued with your own unique sort code and account number - I can see how this could be abused by scammers. I think for peace of mind, I will do a little more research before committing.

Thanks both of you for your input.

greenglide

I do find it quite concerning the bank asks you to send funds into their account rather than being issued with your own unique sort code and account number - I can see how this could be abused by scammers.

I assume this is a savings account, not a current account.

There are still many organisations which use the old "building society" approach of paying into a central account and then directing the money based on an account reference number in the appropriate field.

Ford money use the same method, there are many more.

Ifts

escapee wrote: »

I think for peace of mind, I will do a little more research before committing.

As mentioned by greenglide there are many financial institutions that still work like this. They use a clearing bank, then using your account reference number they link the payment to your account.

Birmingham Midshires also operates the same way - Iv'e had a savings account with them for many years and all works fine.

jayship

Wyelands bank is offering 2.15% for a 2 year fixed deposit. I have opened an account but have not funded yet. It seems that there has been several buyouts in the past which does not give me confidence.

They have FSCS protection and are registered with FCA. Spoke to FCA and they have had no complaints registered against the bank. Thoughts from MSE members please.