Wyelands Bank to close all savings accounts and return cash to 4,000 savers

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Easy access customers can now withdraw cash, but limited term customers will have to wait

When you get your savings back depends on the type of account you have:

  • Easy Access Account Holders: You can withdraw with impunity at any time. However, the remaining money will be automatically refunded to you by March 24th.
  • Note the account holder: You must provide the required notification before you can withdraw cash. If your account end date (the point at which the account reaches its contractual term) is before March 24th, you will have instant access to your cash from that date – but not sooner. If your account matures on or after March 24th, all your money will be refunded by March 24th.
  • Temporary account holders: Savings cannot be made ahead of schedule due to the terms on which they signed up. If your account end date (the point at which the account reaches its contractual term) is before March 24th, you will have access to your cash from that date – but not sooner. If your account matures on or after March 24th, your money will be refunded by March 24th.

In general, any savings will be returned to the specified account facility when you open your account with Wyelands. If your nominated account has since changed, you can update it by logging into your account online, or you can call a hotline number listed in the letter you received.

Some customers came to Wyelands via the Flagstone and Raisin platforms. For them, money is deposited into the depositor’s account with the provider.

None of the Wyelands accounts are ISA, so you don’t have to worry about cash losing its tax-exempt status once withdrawn.

Interest is paid based on the full life of the account

Savers with termination accounts receive interest to cover their notice period, which is typically 35 or 95 days, while savers with term accounts receive interest for the remainder of their term based on the account balance at the time of closure.

This interest is automatically paid into your designated account, along with your savings, when the account is closed.

Deposits up to £ 85,000 are protected until accounts are closed

Wyelands Bank has sufficient funds to repay savers’ money in full, plus any interest.

Worst-case, cash saved with Wyelands is protected up to £ 85,000 per person by the Independent Financial Services Compensation Scheme (FSCS) and would pay you back if Wyelands couldn’t.



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