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