Wyelands Bank

Wyelands Bank in-depth review, useful information and user opinions

Wyelands Bank
Reader Rating54 Votes

About Wyelands Bank

Wyelands bank is a bank for small and medium-sized businesses in the UK. It began life in 2016 when it was acquired by entrepreneur Sanjeev Gupta through a family trust. Before this, it was known as Tungsten Bank, which was founded in London in 1981. Gupta’s aim is to support businesses in the UK and worldwide.

Wyelands is independently owned and operated but is part of the GFG Alliance, an international group founded by the Gupta family. The alliance has a large property portfolio as well as Wyelands and incorporates businesses in mining, metals, engineering and energy generation.

Iain Hunter is the Chief Executive Officer (CEO) and John Howland Jackson is the bank’s chairman.

Wyelands Products and Services

Wyelands is focused on providing business-to-business financial services to small and medium enterprises. Available products include supply chain financing, treasury services, trade, receivables, deposits and savings products. Savings accounts were added in August 2018.

Receivables finance products convert invoices into cash. Wyelands can help customers free up entire books of invoices by buying them at a discounted rate, freeing cash previously tied up in unpaid debts. Businesses can then use this to grow or invest in their future. Wyelands buy invoices in exchange for ‘idle inventory’ which the customer commits to buying back at an agreed later date.

Supply chain services are best used when cash is needed to make payments but there is a gap in income; this improves cash flow and again makes it easier for businesses to grow. This is the primary focus of Wyelands’ business.

Asset finance unlocks cash from capital; it is most useful for companies with money tied up in assets such as machinery or equipment and want to use that money to grow. Wyelands lends against the value of the assets.

Wyelands also has two personal savings accounts; a fixed-rate account and a notice account. The notice account offers a typical rate of 1.62% AER, and the fixed-rate account 2.15%.

Savings and Working Capital

Wyelands Bank includes both savings and working capital solutions as part of their offering. The two main types of savings accounts available to small and medium-sized businesses in the UK:

Fixed-Rate Savings Accounts: these accounts have a fixed rate of interest, which allow you to know exactly what you will earn over a specific period of time. You can open a fixed rate account from as little as £5,000 and all savings are covered by the FSCS’s £85,000 limit per saver.

Notice Savings Accounts: Wyelands flexible account that allows their customers to enjoy the ability to withdraw within certain notice periods. For example, 35 days and 95 days, with the annual interest rate varying depending on the notice you give the bank. As with the fixed saver, you can open the Notice account with anything from £5,000 and you can add more whenever you like.

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    For both of the above savings accounts, you’ll need a UK bank or building society in your business’s name in order to link to your Wyelands savings account.

    Working Capital

    As well as business savings accounts, Wyelands bank also offers a working capital solution that allows you to improve business cashflow. They divide their working capital offering into three main products:

    Trade Finance: solutions for risk and financing to larger firms within the UK, that can be tailored to a specific business requirement.

    Receivables Finance: Wyelands offer the ability to finance business invoices and receivables to allow customers to improve working capital in their business, that may be locked in debts.

    Supply Chain Finance: a solution to release working capital for a business’s entire supply chain, in a useful credit facility.

    Wyelands Bank Security

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

    Extensive security and confidentiality information is available via the Wyelands website.

    Wyelands Bank Contact Details

    No 7 Hertford Street
    W1J 7RH

    Telephone: 0345 600 0011

    Email: [email protected]

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    1. Terrible customer service. Kept waiting twenty minutes but no one answered. Had to chase for a response to my application and then received a very vague email with no confirmation of terms and conditions before sending off my money. Needless to say I am not bothering.

    2. Terrible customer service. Kept waiting twenty minutes but no one answered. Had to chase for a response to my application and then received a very vague email with no confirmation of terms and conditions before sending off my money. Needless to say I am not bothering.

    3. Dreadful service. Long long wait times. No welcome pack after 7 days. Go elsewhere is my recommendation. This “bank” is just not worth the hassle and stress no matter how attractive their interest rates are…….or were.
      They should be closed down and forced to return all funds.

    4. I would not trust this bank with one penny of my hard earned money. Have been trying to contact them for over a week. On hold for 40 minutes on several occasions and then cut off. Better to get a slightly lower rate with bank that you can ACTUALLY MANAGE TO SPEAK TO.

    5. Disgraceful customer service. Left hanging on the call without any idea of where I am in the queue. After hanging on for an absolute age they promptly disconnect you when it gets to 5 o’clock. They need to open longer hours and get more operators to answer the calls. I won’t be placing any more funds with them and will withdraw existing as soon as I am able.

    6. I opened a 1 year bond from their web site at 2.15% but at the end of the application saw a figure of 2.05%.

      My wife called to question this (I had waited so long that I had to hand the phone over to her ) and was assured that the rate was 2.15%. She also queried the information on the website that said money could be sent from any bank, so at least we did not get caught out by that.

      I sent some of my deposit but the confirmation letter came back showing the account had been opened and the interest was only 2.05%.

      Having read all these reviews I am now not surprised that I have not had any response to my email request for clarification of the interest-rate, and shall not be investing further.

    7. I don’t really like the way that they dropped their rate from the initial 2.15% to 2.05% for a one year fixed rate bond without any notification on the website. It was a bit confusing because some websites such as Savings Champion still has the first rate advertised and then it dropped.

    8. My experience with Wyelands was poor.They did not answer the phone (27 mins on hold before I gave up).
      They didn’t reply to e mails nor did they respond to on line messages.They seem to have a problem with the ” nominated bank account “.Needless to say I went elsewhere.

    9. My experience with Wyelands was very poor.They didn’t answer the phone (gave up after 27 mins on hold).They didn’t reply to emails neither did they respond to online messages.They also seem to have a problem re the ” nominated bank account “.Needless to say I went elsewhere.

    10. Saw their 1 yr bond rate and thought I would give it a go. However, I had a question about account funding that wasn’t answered on their site so decided to ring them up. (MISTAKE!) Tried twice and was left on hold for a total of nearly half an hour. Checked their address on Google maps. The place does not have a number on it and has no name above the door. It looks like somebody”s house. I’m glad I found this site with similar reviews about customer service. I will not be using this bank as I don’t think they can be trusted with my money. Steer well clear.

    11. Absolute shambolic bank with no customer service, opened an account to fund a one year bond. The reference i received to use for the xfr of funds was different to the one given online so to avoid any errors have been trying to call for a week now. Am constantly on hold at all times of day with recoded message playing. Have e-mailed twice- no response, even from the complaints department. Called another general number i found for them and was hung up on! Have now found another bank with similar interest rate and have opened an account, what a pleasure you can speak to them and the customer service is excellent. Do not risk using Wyelands bank, i don’t actually think there is anyone there !

    12. Same as Jessie above. Opened acc online, one week later received “welcome pack” (consisting of poorly written instructions letter and booklet of T&Cs). Now wanting to fund with 85k but I notice my account number given when I applied is completely different to the one on the letter, and again different from my account number showing on the online banking! This important number has to go in the reference area of the bank transfer, so it needs to be correct. Waited on the phone 20 mins to try and find out which is correct, can’t wait any longer. I’m taking my money elsewhere, really can’t trust this shambles with my hard earned money.

    13. Shocking customer service…have been trying, at various times over the past few days to get through to Wyelands Bank. I have been held in a queue each time for upwards of ten minutes (over twenty minutes yesterday) and still have not spoken to anyone. There is no way they are constantly receiving high call volumes, all day, every day. Will not be reinvesting once my bond matures.

    14. I have bank accounts in a few banks (both challenger banks and traditional banks), Wyelands Bank is absolutely the worst of all. When I opened a savings account, their payment instructions on the Reference are different on their web confirmation page (also downloadable PDF) and the welcome email & post. This only caused panic for me as a customer. Secondly, their confirmation page said clearly that “You can pay us from any Bank, Building Society or Online account in your name”. But then my fund was returned because I didn’t pay it from my “nominated” account. Unfortunately, you won’t find this information from their confirmation page nor the welcome letter, you will have to read their long T&Cs to figure it out. Really? This is how you treat your customers when all other banks old and new are improving their customer experience? If that is the case, I don’t think a slightly higher interest rate will help you beat your competitors. I will put my money in Atom Bank with just a slightly lower interest rate but a way better customer experience!

    15. Very poor service from Wyelands Bank. I called to query funding instructions for a bond and was left waiting for over 10 minutes in a queue before I hung up in disgust. No indication of where you are in the queue, approx call wait times and no offer for them to ring you back to save wasting your time.
      Instead I emailed them only to get an automatic reply saying that they will respond within 2 working days.
      Needless to say, I’ll be looking elsewhere.

    16. They have recently introduced a good savings account which I would like to try out but the amount has to be £5000 and I think that’s a bit much when you compare it to Atoms £50 requirement.

    17. All looks good to me. Welcome letter received. Transferred funds and can add when I want. 35 days helps me save the money. I am protected up to £85000 so I can’t see any problems with this account. It’s simple and it’s exactly what it claims to be.

    18. Very poor. 14 day window to fund your account but no welcome letter issued despite repeated chasing. I, for one, will not transfer significant sums of money to a start-up bank when I cannot log-in to the account. Account now closed and I shall look elsewhere.

    19. Wyelands bank is so disappointing! I wanted a monthly income from my £85k that I was going to let them borrow, but it appears, that the monthly interest payment would only be added to the sum, and not paid to a nominated account elsewhere. I find this unethical and I am so mad !

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