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  • FIRST POST
    • SallySunshine
    • By SallySunshine 3rd Sep 17, 5:59 PM
    • 673Posts
    • 236Thanks
    SallySunshine
    Wyelands Bank Decent 95day notice account 1.4%?
    • #1
    • 3rd Sep 17, 5:59 PM
    Wyelands Bank Decent 95day notice account 1.4%? 3rd Sep 17 at 5:59 PM
    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 groupís strategy to support the UK manufacturing.

    Wyelands Bank will also have a new core banking system to replace its legacy Misysí Equation core. This is understood to be ERIís Olympic.
Page 1
    • eskbanker
    • By eskbanker 3rd Sep 17, 7:43 PM
    • 7,823 Posts
    • 8,640 Thanks
    eskbanker
    • #2
    • 3rd Sep 17, 7:43 PM
    • #2
    • 3rd Sep 17, 7:43 PM
    Usually the sites have an 'About us" page info but nothing came up about this
    Originally posted by SallySunshine
    https://www.wyelandsbank.co.uk/about-us/ is linked from the top left corner of their home page....
    • SallySunshine
    • By SallySunshine 3rd Sep 17, 7:52 PM
    • 673 Posts
    • 236 Thanks
    SallySunshine
    • #3
    • 3rd Sep 17, 7:52 PM
    • #3
    • 3rd Sep 17, 7:52 PM
    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!
    • Hattie625
    • By Hattie625 3rd Sep 17, 9:31 PM
    • 763 Posts
    • 638 Thanks
    Hattie625
    • #4
    • 3rd Sep 17, 9:31 PM
    • #4
    • 3rd Sep 17, 9:31 PM
    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
    • By escapee 13th Apr 18, 9:40 PM
    • 304 Posts
    • 121 Thanks
    escapee
    • #5
    • 13th Apr 18, 9:40 PM
    • #5
    • 13th Apr 18, 9:40 PM
    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.
    Originally posted by Hattie625
    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
    • By Ifts 14th Apr 18, 2:55 AM
    • 1,796 Posts
    • 1,133 Thanks
    Ifts
    • #6
    • 14th Apr 18, 2:55 AM
    Wyelands Bank - All savings are covered by the Financial Services Compensation Scheme up to £85K...
    • #6
    • 14th Apr 18, 2:55 AM
    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.
    Originally posted by escapee
    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 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.
    Last edited by Ifts; 25-04-2018 at 9:54 PM.
    Never let the perfume of the premium overpower the odour of the risk
    • MarkFromCornwall
    • By MarkFromCornwall 14th Apr 18, 11:25 AM
    • 763 Posts
    • 490 Thanks
    MarkFromCornwall
    • #7
    • 14th Apr 18, 11:25 AM
    • #7
    • 14th Apr 18, 11:25 AM
    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
    • By escapee 15th Apr 18, 7:58 PM
    • 304 Posts
    • 121 Thanks
    escapee
    • #8
    • 15th Apr 18, 7:58 PM
    • #8
    • 15th Apr 18, 7:58 PM
    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
    • By greenglide 15th Apr 18, 8:46 PM
    • 3,140 Posts
    • 2,047 Thanks
    greenglide
    • #9
    • 15th Apr 18, 8:46 PM
    • #9
    • 15th Apr 18, 8:46 PM
    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
    • By Ifts 16th Apr 18, 2:25 AM
    • 1,796 Posts
    • 1,133 Thanks
    Ifts
    I think for peace of mind, I will do a little more research before committing.
    Originally posted by escapee
    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.
    Never let the perfume of the premium overpower the odour of the risk
    • jayship
    • By jayship 24th Apr 18, 3:09 PM
    • 346 Posts
    • 102 Thanks
    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.
    Last edited by jayship; 24-04-2018 at 3:10 PM. Reason: correction
    • k12479
    • By k12479 24th Apr 18, 4:49 PM
    • 400 Posts
    • 661 Thanks
    k12479
    I've had a couple of accounts with them for about 6 or 7 months. Not had any problems and happy with them so far, but then the only dealings I've had is depositing money initially and checking interest every month.
    • planteria
    • By planteria 25th Apr 18, 10:08 AM
    • 5,007 Posts
    • 1,112 Thanks
    planteria
    i'd not heard of them before..
    the 95day at 1.4% has an appeal for me as I often have some cash which i want to be safe from dips which i can use for less than a year. i wouldn't tie up money for 2yrs at their rate though, i'd be investing rather than saving.. at their rates savers are still losing money in real terms.
    • SeeMe
    • By SeeMe 25th Apr 18, 5:30 PM
    • 92 Posts
    • 16 Thanks
    SeeMe

    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.
    Originally posted by Ifts
    It does say when making a faster payment deposit to use your name and account number as the reference?
    Last edited by SeeMe; 25-04-2018 at 5:33 PM.
    • Ifts
    • By Ifts 25th Apr 18, 8:57 PM
    • 1,796 Posts
    • 1,133 Thanks
    Ifts
    It does say when making a faster payment deposit to use your name and account number as the reference?
    Originally posted by SeeMe
    Yes that is correct once they have issued you your account number and you have received the welcome pack in the post with it.

    But if you were wanting to make a faster payment in to your new account before being issued your account number, then you would have to state the account opening reference number as the Payee reference.
    Never let the perfume of the premium overpower the odour of the risk
    • SeeMe
    • By SeeMe 25th Apr 18, 9:25 PM
    • 92 Posts
    • 16 Thanks
    SeeMe
    Yes that is correct once they have issued you your account number and you have received the welcome pack in the post with it.

    But if you were wanting to make a faster payment in to your new account before being issued your account number, then you would have to state the account opening reference number as the Payee reference.
    Originally posted by Ifts
    Ok i see, i just thought you would need your account number before being allowed to make a deposit. So a deposit can be made within minutes of receiving the ref number then.
    Thanks.
    • greenglide
    • By greenglide 25th Apr 18, 10:48 PM
    • 3,140 Posts
    • 2,047 Thanks
    greenglide
    The same as Ford Money do (and I assume Newcastle Building society whose platform they use).

    Maybe Wyelands Bank use the same platform?
    • jimjames
    • By jimjames 25th Apr 18, 11:11 PM
    • 12,704 Posts
    • 11,395 Thanks
    jimjames
    Maybe I'm missing something but can someone explain the attraction of 1.4% with 95 days notice when you can get a similar rate with instant access or higher rate with multiple accounts?
    Remember the saying: if it looks too good to be true it almost certainly is.
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