Press release
Thursday 31 August 2017
Wyelands Bank launches market-leading savings account to support trade, industrial growth and job creation
A new bank, set up to help small and medium businesses, has launched a market-leading savings account. It is available fromwww.wyelandsbank.co.uk/savingsfrom Thursday 31August, and from leading comparison sites.
Wyelands Bank is offering five savings accounts at launch, each with leading rates. The 12-month and 24-month fixed rate accounts go straight into the best buy tables compiled by SavingsChampion.co.uk. The others are extremely competitive in their categories.
Term | Gross annual interest | Gross monthly interest | AER[i] | Minimum amount |
6 months fixed rate | 0.75% | 0.75% | 0.75% | £5,000 |
12 months fixed rate | 1.83% | 1.81% | 1.83% | £5,000 |
24 months fixed rate | 2.00% | 1.98% | 2.00% | £5,000 |
35 day notice | 0.80% | 0.80% | 0.80% | £5,000 |
95 day notice | 1.40% | 1.39% | 1.40% | £5,000 |
Saving with Wyelands Bank will give UK retail customers competitive and easy-to-understand products for their savings to grow safely. They are all protected by the Financial Services Compensation Scheme up to £85,000.
Deposits will help the bank provide industrial, trading and manufacturing businesses with greater access to working capital, to help them trade, grow and create jobs.
Iain Hunter, CEO, said: "We are providing clear and straightforward savings products so retail customers can watch their money grow safely.
"As a new bank, we aim to do things differently, to provide retail customers and healthy businesses with services they have not had access to for some time. By offering retail customers strong rates of return, we will be able to support growing businesses, job creation and the wider UK economy."
Charlotte Nelson, Finance Expert atmoneyfacts.co.uk, said: "It is great news to see another provider launch into the savings market with not only great rates but also a wide range of options. Savers have for a long time had to put up with low rates and little choice, but with many Best Buy-worthy rates in this launch from Wyelands Bank, savers can rest assured that whatever deal they choose, they will receive a decent return."
Iain Hunter continued, "We will fill a vital gap to meet demand from businesses to fund expansion. We will help them. We will get to know the businesses we support in person, give them direct access to decision makers and help them plan for growth.
"We will do business with a human face, using our deep expertise in business finance, not just algorithms and computer code."
Wyelands Bank was established by British and international industrialist Sanjeev Gupta, and is part of his wider vision to promote the revival and growth of industrial businesses in the UK. The bank, as an entity regulated by the FCA and PRA, is owned, governed and operated independently of Mr Gupta's industrial businesses. These comprise the GFG Alliance which consists of the Liberty House Group, and the Gupta family's energy-related operations in the SIMEC Group.
Sanjeev Gupta said: "I believe strongly in the revival of British industry, and Wyelands Bank will be a champion of those businesses which have vision and ambition. In my view, Britain needs a bank specialising in the industrial SME sector that will be a friendly source of finance to oil the wheels of industry, stimulate growth and create jobs."
The financial services, which Wyelands Bank is initially offering growing businesses are: receivable, inventory, supply-chain and trade finance[ii]. These will be expanded in line with customer demand to support their growth and develop trading opportunities in the UK and global markets.
Ends
For more information,please contact: Guy Corbet or James Boyd-Wallis on 0203 889 0287 orguy@tippingpointmarketing.co.ukorpress.office@wyelandsbank.co.uk
Notes
[i] AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year. This assumes that the investment is made on the first day of the offer period and funds will be received in line with the terms and conditions. For investments made after the first day of the offer period, the AER will be higher than the advertised rate. All rates are correct at the time of publication and may change in the future.
[ii] Initial business-to-business services include:
Receivables finance: the bank will buy receivables, including invoices from customers, enabling them to free up cash otherwise tied up.
Inventory or stock finance:providing short-term loans using existing inventory, such as materials stored in warehouses, as collateral. This will provide customers with more working capital which would otherwise be tied up in those assets.
Supply chain finance:providing customers, and particularly their sellers, access to a credit facility to release working capital for their whole supply chain.
Trade financing:providing customers with risk mitigation and financing solutions for their cross-border trade activity.
About Wyelands Bank
Wyelands Bank is a British bank which has been set up to help industry focus on global trade and job creation. It provides savers with competitive and attractive products and working capital to businesses.
The bank is owned by SKG Financial Holdings PTE Limited which has been set up and funded by the Gupta family. SKG Financial Holdings PTE Limited is ring-fenced and run with an independent structure and governance.
Wyelands Bank Plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wyelands Bank Plc is registered on the Financial Services Register and is a company registered in England and Wales.