Wyelands Bank has become the latest provider to join the savings market, paying up to 2% to savers willing to stash their cash for up to two years.
The new provider’s new products include a one-year fixed rate bond paying 1.83%, a two-year saver which offers 2% interest, and a 95 Day Notice Account paying savers 1.4%.
However, these accounts are targeted at those with a large savings pot. Customers must have at least £5,000 to open an account, up to a limit of £1 million.
All accounts must also be opened and managed online.
Wyelands is registered in the UK and fully covered by the Financial Services Compensation Scheme (FSCS), meaning your savings are protected up to £85,000 in the event of a bank failure.
While Wyelands Bank is offering competitive rates, they are not market leading. Many savers are also likely to find the bank’s £5,000 minimum deposit restrictive.
Elsewhere in the market, Atom Bank’s One Year Fixed Saver pays 1.95%, a better return than the 1.83% offered by Wyelands. It must be opened via Atom Bank’s app but savers can earn that interest rate with balances of £50 or more.
Atom Bank also beats Wyelands in the two-year market. The app-only bank pays 2.1% if you’re willing to lock away your cash until 2019, versus 2% at Wyelands.
In the notice account market, fellow new entrant PCF Bank pays savers 1.45% on its 100 Day Notice Deposit (Issue 4). This puts it slightly ahead of the Wyelands 95 Day Notice Account at 1.4%. PCF Bank’s account also has a lower £1,000 minimum balance.
Savings with both Atom Bank and PCF Bank are also protected up to £85,000 by the FSCS.