I have received your communication; do I need to do anything?

Not if all your account details including your telephone number and nominated account are up to date. If you do need to make any amendments please login to your account to review and update your details as soon as possible. Late changes could impact the day on which you receive your money.

Why have I received this notice?

Wyelands Bank is now closing all of its deposit accounts and will be returning funds to its depositors. This is as a result of regulatory requirements applied to Wyelands Bank and includes our full range of Fixed Term, Notice and Easy Access accounts.

The bank will not be able to not have any deposit accounts after the 24th March 2021.

Is the Bank in trouble?

The bank is solvent and trading and expects to remain solvent throughout the process of closing accounts and paying out depositors.

Is my money safe?

Savings are covered by the Financial Services Compensation Scheme up to £85,000 per saver. Please visit https://www.fscs.org.uk for more information.

I have personal circumstances which mean I do not want the money at this time

We regret that this money must be paid out on the dates as you have been advised of in our communication and this cannot be amended.

The account holder is ill or unable to respond to this notice

We are very sorry to hear this and will do all we can to help. However please be assured that if the nominated account is set up and activated the funds will be automatically sent to that account.

The account holder has passed away

Our deepest condolences on your loss. We have tried to identify all deceased accounts prior to sending out these communications and are very sorry for any distress involved. Please contact customer services if you have any queries.

What is a secure message?

A secure message is an email system that only works with your secure Wyelands Savings Service. This means messages sent by you to us, and messages that we send back to you are only viewable within your Wyelands online account. Information about accounts is therefore sent and received securely as it can only be viewed once you have logged into your online account.

What do I do if I haven’t received my money?

In accordance with the notice communication sent on the 8th March 2021, and where the bank holds up to date contact and nominated account details, you will receive payment by the 24th March 2021.

If you have not received payment on the 24th March 2021 and all your account details were correct and had been activated by the 23rd March 2021, please contact us to discuss, using email enquiries@savings.wyelandsbank.co.uk or telephone or by using the secure messaging facility within the online portal.

Can you do this under the terms and conditions?

The bank has worked closely with its regulators to confirm the accounts can be closed and is doing this in a way which treats customers fairly.

Which accounts are affected?

All Wyelands Bank deposit accounts are being closed from the 24th March. This includes Fixed Rate, Notice and Easy Access accounts.

I have forgotten my log in details, what should I do?

Please use the password reset option on our website and provide your Username and Email address and a new password will be emailed to you.

What about Tax?

The early repayment of the funds in your account and the interest payable may affect your annual tax planning. Unfortunately, we are unable to provide advice on this matter and recommend that you speak to your financial advisor, accountant or tax specialist if you have any concerns.

What are the regulatory requirements being imposed on the Bank?

The Banks interaction with its regulators are confidential on all sides. The Bank is solvent and has sufficient financial resources to meet all of its obligations.

When will I receive my funds?

Our initial communication on 8th March was to advise that accounts will be closing by 24th March. We have now communicated that most accounts are ready to be paid out on 17th March. Our previous communication outlined to you how we would calculate interest and that has not changed and therefore the amount that we will repay you has not changed.

If you have recently made a change to your nominated account details and have not logged in to enter your authentication code, or have not received your authentication code, by midday on 16th March it may take a little longer for your funds to arrive. However as per our previous communication your deposit should still be repaid by 24th March 2021. .

Will I receive interest?

The interest rate for these accounts is currently 0%, any previous interest due to you will be paid.

Can I close my account before the closure date?

Yes, Easy access accounts allow closure with next day payment into your nominated account via the online portal. You can access your account in the normal way and close them up to the 23rd March 2021 as normal.

Can I close my account early?

If you have not already provided notice you cannot close your account before the 24th March 2021. It will automatically be closed by this date.

What interest payment will I receive?

You will receive a payment that includes all interest due on your account up to and including the 24th March, taking into account any scheduled rate changes. As previously advised, the interest rate on this notice account will reduce to 0% effective 19th March 2021.

I have already provided notice for my account will it still pay on the day I expected?

If your account is due to pay out on or before the 23rd March 2021 you will receive your payment into your nominated account as expected. If you provided notice and the payment was due on or after the 24th March 2021 you will be paid as part of the bulk payment by 24th March 2021.

Can I close my account early?

If you have not already provided notice you can’t close your account before the 24th March 2021. It will automatically be closed by this date.

What interest payment will I receive?

You will receive a payment that includes all interest due on your account up to and including up to the 24th March, PLUS an additional amount equal to 95 days interest period, taking into account any scheduled rate changes. As previously advised, the interest rate on this notice account will reduce to 0% effective 18th May 2021.

I have already provided notice for my account will it still pay on the day I expected?

If your account is due to pay out on or before the 23rd March 2021 you will receive your payment into your nominated account as expected. If you provided notice and the payment was due on after the 24th March you will be paid as part of the bulk payment by the 24th March 2021.

Will I receive the money I was expecting?

Whilst the account will close early the full interest that you would have accrued to the maturity date will be paid to you. The only difference is that you will be receiving it early.

Can I terminate my account early?

Unfortunately not. Accounts that are due to mature on or before the 23rd March 2021 will mature as normal, all others will mature by the 24th March 2021 with interest paid to the end of term.

What if I have already selected my maturity options?

If your account is due to mature on or before 16rd March and you have selected your maturity instructions, your account will mature in line with your instruction. If your account is due to mature on or after 17th March and you have already selected your instructions, your account will close by 24th March with interest paid to term and funds paid to your nominated account.

What is a nominated account – and why do I need one?

A nominated account is a UK bank or building society account in your name that is linked to your Wyelands Bank deposit account. It is a requirement of our terms and conditions to maintain a nominated account. You would have set one up when opening your deposit account with us, but it is important to check that we hold the correct details as the funds from your deposit account, along with any interest payments due will be returned to the nominated account that we have on file for you. You can check this information by logging in to your online account. Please ensure you make any required changes BEFORE 16th March 2021 to avoid any delay in payment.

If I have more than one account can I set up multiple nominated accounts?

No, you can only set up one nominated account to be used for all accounts held with us. It is up to you which account you nominate but it must be a UK bank or building society account in your name that is able to accept deposits.

I have a joint account with you, does the nominated account have to be in joint names?

The nominated account must be held either in the same (joint) names as the deposit account with Wyelands, or in the sole name of either one of the account holders.

Can I have my funds paid to a 3rd Party?

No. The nominated account must be in the same name as the deposit account holder. Where the Wyelands account is held in joint names, the nominated account must be held either in the same (joint) names as the deposit account with Wyelands, or in the sole name of either one of the account holders.

Can I change my nominated account?

You can change your nominated account details by logging into your online Wyelands account. Once you have updated your details online an activation code will be posted out to you. Please ensure that you have activated your nominated account BEFORE the 16th March 2021, or your payment may be delayed up to the 2nd April 2021.

What if I want to make a complaint?

If you wish to complain, please contact us via email enquiries@savings.wyelandsbank.co.uk or telephone or by using the secure messaging facility within the online portal. You can also write to us at the following address:

Wyelands Bank Plc. FREEPOST PO Box 883, Wallsend, NE28 5BX

Complaints will be investigated on a case by case basis.

I have tried calling customer services but can’t get through – is there another way I can contact you?

Call volumes may be higher than usual and we are doing everything we can to answer your calls, you can also contact us by email us at enquiries@savings.wyelandsbank.co.uk or by using the secure messaging service within the online portal.