Wyelands Bank
Wyelands Bank was a UK-regulated deposit-taking bank that served 15,000+ retail savers and GFG Alliance companies, holding £727 million in deposits before ceasing operations in March 2021. The bank is now defunct with residual claims handled by Zedra Trust Company UK Limited.
- Company typePrivate
- Founded2016
- HeadquartersWallsend, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Wyelands Bank does
Wyelands Bank (Wyelands Bank Plc) was a UK-incorporated deposit-taking bank authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority. Founded in 2016 and headquartered in Wallsend, the bank operated as a traditional, single-product banking institution offering retail deposit and savings accounts. Its deposit book grew to £727 million across more than 15,000 retail savers, alongside corporate deposit services. The bank was not a technology-led platform; its core product was vanilla deposit-taking with no proprietary technology stack or digital innovation disclosed in source material.
The bank's business was structurally concentrated, with 84% of activity introduced by companies within the GFG Alliance — a relationship that later attracted regulatory scrutiny. The Financial Reporting Council identified audit failures in Wyelands Bank's 2019 financial statements, fining PwC £4.5 million (reduced to approximately £2.9 million after cooperation credit) for breaches across risk assessment, related party transactions, and expected credit loss provisioning.
Wyelands Bank ceased all operations on 17 March 2021, closing its deposit accounts and repaying most depositors. The entity is now defunct with no active marketing, no product distribution, and no new customer acquisition. Zedra Trust Company (UK) Limited was appointed to process residual claims from depositors who did not obtain repayment prior to closure. The bank's sole remaining function is estate administration; there is no operating revenue, no headcount expansion, and no product pipeline.
Wyelands Bank firmographics
Firmographics- Name
- Wyelands Bank
- Legal name
- Wyelands Bank Plc
- Website
- https://wyelandsbank.co.uk
- Company type
- Private
- Founded year
- 2016
- Operating status
- Closed
- Headcount range
- 11–50 employees
- Short description
- Wyelands Bank was a UK-regulated deposit-taking bank that served 15,000+ retail savers and GFG Alliance companies, holding £727 million in deposits before ceasing operations in March 2021. The bank is now defunct with residual claims handled by Zedra Trust Company UK Limited.
- Ownership category
- akta.pro rank
Wyelands Bank industry classification
Industry- Product category
- Commercial Banking
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- Savings Institution, Federally Chartered (6035)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industry
- SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
Keywords
Where Wyelands Bank is headquartered
LocationHeadquarters
- HQ city
- Wallsend
- HQ country
- United Kingdom
- HQ region
- Europe
Markets served
Wyelands Bank business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others
Wyelands Bank product offering
Product offeringCore offering
Wyelands Bank was a UK-regulated deposit-taking bank that offered retail savings and deposit accounts to individuals, while partnering with industrial businesses (primarily within the GFG Alliance) to support trade, industrial growth, and job creation. The bank accepted £727 million in deposits from over 15,000 savers before ceasing operations in March 2021.
Product overview
Wyelands Bank operated as a single-product banking institution offering retail deposit accounts. The bank has since ceased operations and closed its deposit accounts, with most depositors repaid on 17 March 2021. Remaining claims are now handled by Zedra Trust Company (UK) Limited.
Differentiator
Problem solved
Functional benefit
Products and services
- Deposit Accounts UK-regulated retail savings and deposit accounts held by over 15,000 savers, holding £727 million in customer deposits before the bank closed its deposit accounts on 17 March 2021.
Companies that use Wyelands Bank
Customer profileSegments2 records
Ideal customer profiles2 records
Wyelands Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Wyelands Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Zedra Trust Company (UK) LimitedcoreZedra Trust Company UK Limited was appointed to handle claims from former Wyelands Bank depositors who did not obtain repayment before account closure on 17 March 2021. Depositors must contact Zedra to make claims for their deposits and are required to provide identity evidence and information relating to their historic account.
Scale indicators4 records
Recent moves4 records
Wyelands Bank competitors and assessment
Company assessmentDirect peers
- Metro Bank: UK challenger bank offering retail deposits and SME/business banking — comparable as a UK-headquartered, FCA/PRA-regulated depository institution serving retail savers and SMEs, similar in scale ambitions and product mix to Wyelands' deposit-led model.
- Aldermore Bank: UK challenger bank focused on SME deposits, business lending and savings products — directly comparable as a UK depository institution combining retail saver funding with business-banking distribution, mirroring Wyelands' deposit-to-business-funding model.
- Shawbrook Bank: UK challenger bank serving SMEs with deposit-taking and specialist lending — comparable as a UK PRA-regulated depository institution using retail/saver deposits to fund business lending, the same core intermediation model Wyelands attempted.
- OakNorth Bank: UK challenger bank specialising in SME and commercial lending funded partly by deposits — comparable as a UK-regulated bank serving business introducers and SME depositors, a similar niche to Wyelands' GFG Alliance-driven origination channel.
- Atom Bank: UK digital challenger bank offering retail savings products to UK consumers — comparable as a UK FCA/PRA-regulated deposit-taker targeting mass-market retail savers, overlapping with Wyelands' primary retail deposit segment.
- Cynergy Bank: UK challenger bank focused on SME owners and high-net-worth savers — directly comparable as a UK-regulated depository institution combining SME business banking with retail saver deposits, similar niche positioning to Wyelands.
Broad incumbents
- Starling Bank: Major UK digital challenger bank with retail and business deposit accounts — comparable as a scaled UK challenger bank offering retail savings and business banking, serving the same segments Wyelands targeted but at materially greater scale.
- Paragon Bank: UK specialist challenger bank with retail savings and commercial lending — comparable as an established UK challenger operating deposit-funded lending, similar in regulatory classification and product mix to Wyelands' model.
Others
- Zedra Trust Company: Corporate trustee appointed to handle Wyelands Bank depositor claims post-closure — comparable as the active counterparty handling the wind-down estate, an adjacent service provider rather than a competing bank.
Market position
Strengths2 records
Weaknesses5 records
Competitive moat1 record
Key risks5 records
Key highlights4 records
Customer concentration
Wyelands Bank social profiles
Digital presenceWyelands Bank compliance and trust
Trust signalCompliance2 records
Wyelands Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wyelands Bank leadership team
Management profileNumber of profiles
Profiles4 records
Wyelands Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wyelands Bank M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wyelands Bank
What does Wyelands Bank do?
Wyelands Bank was a UK-regulated deposit-taking bank that offered retail savings and deposit accounts to individuals, while partnering with industrial businesses (primarily within the GFG Alliance) to support trade, industrial growth, and job creation. The bank accepted £727 million in deposits from over 15,000 savers before ceasing operations in March 2021.
Is Wyelands Bank a public or private company?
Wyelands Bank is a private company. It is classified as unknown and is currently closed.
When was Wyelands Bank founded?
Wyelands Bank was founded in 2016. It employs 11 to 50 people.
Where is Wyelands Bank based?
Wyelands Bank is headquartered in Wallsend, United Kingdom, in the Europe region.
Who are Wyelands Bank's main competitors?
Direct peers on record are Metro Bank, Aldermore Bank, Shawbrook Bank, OakNorth Bank, Atom Bank and Cynergy Bank. Broad incumbents are Starling Bank and Paragon Bank. Zedra Trust Company is listed as an others.
Does Wyelands Bank have an API?
No public API is recorded for Wyelands Bank.
What industry is Wyelands Bank in?
Wyelands Bank's product category is Commercial Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs). Its NAICS code is 5221 and its SIC code is 6035.