Wyelands Bank Plc

Wyelands Bank Plc: 5 years Fixed Term Deposit

Up to £100 Bonus
2.20
%
AER
  5 years | GBP
  • FSCS protects deposits up to £85,000 per person

About Wyelands Bank Plc

Wyelands Bank Plc is an independently managed British bank established in 2016. They offer competitive savings products while also helping industrial businesses trade and grow with business finance solutions.

Wyelands Bank’s diverse expertise puts them in good stead to help UK savers make the most of their savings.

Deposits made into savings accounts offered by Wyelands Bank through our marketplace are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, per banking group.

Product details

Savings product name
5 years Fixed Term Deposit
What is the interest rate?
2.20 % AER

AER is the Annual Equivalent Rate and represents what the interest rate would be if interest was realised and paid once each year.

Interest is calculated daily, compounded annually and is payable on maturity. Interest will be paid gross without prior deduction of tax.

Can Wyelands Bank Plc change the interest rate?

The interest rate applicable to your savings account is fixed once the bank approves your application and you fund your account. The rate will stay the same throughout the duration of the fixed term at this time.

If the full amount you wish to deposit fully clears into your Raisin UK Account before a rate change occurs, you will open your savings account at that original rate.

Should the bank amend the rate advertised before you have fully funded your Raisin UK account, and the rate is higher than your original order, you will receive the new higher rate.

Should the bank amend the rate advertised before you have fully funded your Raisin UK account and the rate is lower than the rate you originally ordered, you will have 5 business days from that date to fund your Raisin UK account to receive the original rate, after which time we will cancel your order. You will be contacted if this occurs.

Please ensure you log in and check your Raisin UK Account during the funding process.

How much interest might a £10,000 deposit have earned by the date of maturity?

The estimated gross interest earned upon the date of maturity on a deposit of £10,000 is £1,149.48. This projection is for illustrative purposes only and does not take into account individual circumstances.

How do I purchase and manage a savings product?

To open this savings account, you must apply online through Raisin UK. Savings accounts at Raisin UK are only available through this online application process, and to be eligible to apply, you must be a UK resident who is aged 18 or over and hold a UK bank or building society account. Your application acceptance will be subject to the successful completion of an Anti-Money Laundering/Know Your Customer (AML/KYC) check conducted by Meteor Asset Management (MAM), who administers the deposit on your behalf.

The minimum amount you can deposit is £1,000, and the maximum amount you can deposit is £85,000.

You can manage your savings account through Raisin UK by logging into your Raisin UK Account, where you can contact us by using the secure messaging feature. Alternatively, you can contact us by telephone, by email or in writing by using the contact details provided in the Terms & Conditions. Raisin UK will only provide instructions relating to your savings account through email and the Raisin UK Account secure messaging feature.

Can I withdraw money?

Because this savings account is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by Wyelands Bank in its absolute discretion. This savings account does NOT operate on the basis that you can end the fixed term of your savings account prematurely and pay a fee to withdraw your funds sooner.

Raisin UK will contact you approximately one month before the maturity date of your savings account to advise you of your options. If Raisin UK does not receive a response from you, your deposit will be held in your Raisin UK Account at the end of the fixed term until you decide what you would like to do with the proceeds.

Your savings account will not automatically renew at the end of the fixed term for a further fixed term.

Additional information

Transfers of funds must be received within 60 days (the funding window) of your savings account application date. Any funds received after this period will be held in your Raisin UK Account, awaiting your instruction.

Funds must be transferred to your Raisin UK Account from a UK bank or building society account in your name by electronic bank transfer only, and to the exact amount pledged when you applied for the savings account.

Should you not transfer the amount you pledged before the funding window closes, your application will be cancelled. Should you transfer more than you pledged, the amount that exceeds your original pledge will be held in your Raisin UK Account pending your instruction.

Typically, your funds will be remitted to Wyelands Bank by MIM so that the deposit will be in place on the second business day after the full amount of the application is received by MIM.  Depending on how your funds are transferred it can take up to 2 business days for them to appear in MIM’s account. Depending on the bank’s processes it can typically take around 4 business days for an ordered account to be set up and start earning interest.

Information required

To purchase a savings account from Wyelands Bank, you need to provide the following information:

  • A valid email address which Raisin UK can use to send you confirmation of your application;
  • Your personal details including your name, date of birth and National Insurance number;
  • Your address and postcode;
  • A UK mobile telephone number; and
  • The details of a UK bank or building society account from which you will fund your application.
Deposit guarantee

Your deposits with Wyelands Bank are eligible for protection by the Financial Services Compensation Scheme (FSCS). The FSCS is the United Kingdom’s statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit.

Your deposit will be administered by MAM and MIM who will process your application and cash respectively. Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.

In the event that MIM or MAM cannot meet their obligations you will remain the beneficial owner of any deposits purchased for you, and also cash held on your behalf in MIM’s client account. In both cases these will remain covered under the FSCS protection for the deposit taker or the banks holding client money to £85,000. For more details please see our MAM Terms and Conditions.

Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

Security and deposit guarantee

The United Kingdom of Great Britain and Northern Ireland is the largest island state in Europe and is one of the most populous nations in the European Union with around 64 million people. The national currency is the British Pound (GBP). The United Kingdom has one of the strongest privatized economies in the world, evidenced by the fact that it has the third largest Gross Domestic Product in Europe – and the sixth largest globally. The UK is one of the few states with the highest rating (AAA), as assessed by the credit rating agency Standard & Poor’s, amongst others. London, Britain’s capital city and metropolitan area, has been the world’s top financial center for decades.

Deposits are eligible for protection by the Financial Services Compensation Scheme (FSCS) http://www.fscs.org.uk/. The FSCS is the United Kingdom’s statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit.