FAQs
On 28 February 2022, Wesleyan Bank Limited was acquired by Hampshire Trust Bank Plc. and is no longer part of Wesleyan Assurance Society. Please find below answers to some key questions relating to the sale.
General Questions
Why has HTB bought Wesleyan Bank?
The acquisition of Wesleyan Bank by HTB brings additional scale to the combined group, creating a bigger, better organisation with better outcomes for our customers.
Why has Wesleyan Group sold Wesleyan Bank?
Following an in-depth review Wesleyan found that the opportunities that lie ahead for Wesleyan Bank sit predominantly outside of their specialist customer groups which is why they agreed the sale to the HTB Group, enabling both businesses to grow as part of a larger banking entity.
For Wesleyan, the sale will help to further enhance the products and services they offer to doctors, dentists and teachers, while delivering long-term value for their members.
Who is Hampshire Trust Bank?
HTB is a leading UK specialist bank based in the City of London, which helps small and medium sized enterprises realise their ambitions through a range of property and business funding solutions. We also provide award-winning savings accounts to both individuals and businesses.
Does this impact the other products I have with Wesleyan Group?
Customers of Wesleyan Assurance Society, Wesleyan Financial Services, Wesleyan Unit Trust Managers and Practice Plan / DPAS are unaffected by this change. You can continue to liaise with your Specialist Financial Adviser or Relationship Manager as you do today.
Who should I contact if I have any further questions?
Our contact details have not changed and can be found here. If you have an online savings account you can continue to manage it in the usual way by logging on here.
SAVINGS CUSTOMERS
Will I continue to receive the same FSCS protection under Wesleyan Bank or will my cover be affected?
The Financial Services Compensation Scheme will continue to provide protection to the depositors of both Wesleyan Bank and Hampshire Trust Bank. There is a separate limit for each bank, so deposits with Wesleyan Bank remain protected up to £85,000 per eligible depositor and deposits with Hampshire Trust Bank are separately protected, also up to £85,000 per eligible depositor.
Has the way I manage my account changed?
No. You can continue to manage your account using internet banking here in the usual way and you can call us on 0800 358 1122.
Can I close my savings account with Wesleyan Bank and will I be charged to do so?
You may close your account and withdraw your money at any time, without any penalty or charges.
Can I open a new savings account?
We will not be offering new accounts to customers. As we are now part of the Hampshire Trust Bank (HTB) Group, you may find an alternative savings account that suits your requirements by visiting htb.co.uk.
Savings rates have generally increased and we would encourage you to search the market for the best rate.
Can I transfer my ISA to another provider?
Yes, open an ISA with your chosen provider and ask them to transfer your Wesleyan Bank ISA to them.
Savings rates have generally increased and we would encourage you to search the market for the best rate.
BORROWING CUSTOMERS
Do I need to re-sign my agreement documentation?
You do not need to sign new documentation.
Who do I contact if I have a query on my live agreement and how?
Please get in touch with us through your Account Manager in the usual way.
Do I continue to make payments to Wesleyan Bank?
Please continue to make payments as you do today.
What is the status of my application for credit?
For all questions about ongoing applications for credit, please contact your relationship manager in the usual way.
CLASSIC ACCOUNTS
Why are Wesleyan Bank closing my account?
Following a review of the products and services we offer, we decided to withdraw from the savings market. We previously stopped offering new accounts to customers and we are now in the process of letting our existing savings account customers know we are closing their account(s).
When will my account be closed?
We will provide you with three months’ notice in writing confirming when your account will be closed. The date your account will be closed will be confirmed within your letter.
I’ve received a letter advising my account will be closed, can I request to close my account early?
Yes! You can contact us Monday to Friday, 9am to 5pm on 0800 358 1122 or via email [email protected] and ask us to close your account and we will arrange to pay the closing balance plus accrued interest to your nominated bank account.
What if I do nothing?
We will continue to write to you to remind you that your account is being closed.
Your closing balance, including all accrued interest, will be paid to your nominated bank account.
If we don’t hold a nominated bank account, you’ll be asked to provide evidence of a current account held in your name(s) with a UK registered bank. For security reasons we need to verify that this is your account, so we require a bank account statement from within the last three months for this account. You can send us a scanned copy, or a clear photo taken with your smartphone by email to [email protected]
How do I change my nominated bank account?
A new nominated bank account needs to be held in your name(s). The easiest way to change your nominated account is by providing us with a bank account statement from within the last three months so we can validate these account details. You can send us a scanned copy, or a clear photo taken with your smartphone by email to [email protected]
What happens if I don’t provide a nominated bank account?
If we don’t hold a nominated bank account, we will not be able to return your money to you until you have provided this information.
If we don’t receive this information by the account closure date, we will close your account on the account closure date and your money will be transferred to a trust.
A trust is a legal arrangement where we give your money to someone else, in this case Hampshire Trust Bank, so they can look after the money for your benefit.
Hampshire Trust Bank plc as trustee of the trust will hold your money for your benefit until such time as you provide the information required to repay your money to you.
Hampshire Trust Bank is the parent company of Wesleyan Bank and is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
CASH ISA ACCOUNTS
Why are Wesleyan Bank no longer offering ISA accounts?
Following a review of the products and services we offer, we decided to withdraw from the savings market. We previously stopped offering new accounts to customers and we are now in the process of moving existing customers ISAs to Hampshire Trust Bank
When will my account be closed?
We will provide you with six months’ notice in writing confirming when your account will be closed. The date your account will be closed will be confirmed within your letter.
I’ve received a letter advising my account will be closed, can I request to close my ISA early?
Yes! You can contact us Monday to Friday, 9am to 5pm on 0800 358 1122 or via email [email protected] and ask us to close your account and we will arrange to pay the closing balance plus accrued interest without penalty to your nominated bank account.
I’ve received a letter advising my account will be closed, can I request to transfer my ISA early?
Yes! You will need to contact a new ISA provider and ask them to transfer your Wesleyan Bank Cash ISA to them. We will not charge a penalty for this. Your new ISA provider will require you to complete a paper-based ISA Transfer form which they will need to send to Wesleyan Bank. Your new ISA provider will manage this process for you. You should contact them initially with any queries you may have.
A Cash ISA transfer can take 15 working days, so you’ll need to leave plenty of time before your ISA closure date. This process will commence when your new provider has received your ISA Transfer form. We will write to you to let you know when your ISA has been transferred to your new provider.
Why should I transfer my ISA?
Wesleyan Bank will cease to be your ISA manager. By transferring your ISA to a new provider, you will keep your ISA tax benefits on your ISA savings.
If you do not transfer your ISA to a new provider, we will close your account and you will lose the ISA tax benefits on your savings.
What if I do nothing?
We will continue to write to you to remind you that your account is being closed.
Your closing balance, including all accrued interest, will be paid to your nominated bank account and you will lose the ISA tax benefits.
If we don’t hold a nominated bank account, you’ll be asked to provide evidence of a current account held in your name(s) with a UK registered bank. For security reasons we need to verify that this is your account, so we require a bank account statement from within the last three months for this account. You can send us a scanned copy, or a clear photo taken with your smartphone by email to [email protected]
How do I change my nominated bank account?
A new nominated bank account needs to be held in your name(s). The easiest way to change your nominated account is by providing us with a bank account statement from within the last three months so we can validate these account details. You can send us a scanned copy, or a clear photo taken with your smartphone by email to [email protected]
What happens to my Cash ISA if I don’t provide a nominated bank account?
If we don’t hold a nominated bank account, we will not be able to return your money to you until you have provided this information.
If we don’t receive this information by the account closure date, we will close your account on the account closure date and your money will be transferred to a trust.
A trust is a legal arrangement where we give your money to someone else, in this case Hampshire Trust Bank, so they can look after the money for your benefit.
Hampshire Trust Bank plc as trustee of the trust will hold your money for your benefit until such time as you provide the information required to repay your money to you.
Hampshire Trust Bank is the parent company of Wesleyan Bank and is authorised by the Prudential Regulation Authority and authorised and regulated by the Financial Conduct Authority.
Whilst you will earn interest up to the point that your account is closed, your money will not accrue any interest once it is in the trust.
You will no longer be able to transfer your ISA and you’ll lose the ISA tax benefits on your savings.
At that point, you will be provided with contact details for Hampshire Trust Bank to access your funds.
What if I require any additional support?
If you require any additional support, you can contact us Monday to Friday, 9am to 5pm on 0800 358 1122 or via email [email protected]
FIXED TERM DEPOSIT ACCOUNTS
Why are Wesleyan Bank closing my account?
Following a review of the products and services we offer, we decided to withdraw from the savings market. We previously stopped offering new accounts to customers and we are now in the process of letting our existing savings account customers know we are closing their account(s).
When will my account be closed?
We will provide you with three months’ notice in writing confirming when your account will be closed. The date your account will be closed will be confirmed within your letter.
I’ve received a letter advising my account will be closed, can I request to close my account early?
Yes! You can contact us Monday to Friday, 9am to 5pm on 0800 358 1122 or via email [email protected] and ask us to close your account and we will arrange to pay the closing balance plus accrued interest to your nominated bank account.
What if I do nothing?
We will continue to write to you to remind you that your account is being closed.
Your closing balance, including all accrued interest, will be paid to your nominated bank account.
If we don’t hold a nominated bank account, you’ll be asked to provide evidence of a current account held in your name(s) with a UK registered bank. For security reasons we need to verify that this is your account, so we require a bank account statement from within the last three months for this account. You can send us a scanned copy, or a clear photo taken with your smartphone by email to [email protected]
How do I change my nominated bank account?
A new nominated bank account needs to be held in your name(s). The easiest way to change your nominated account is by providing us with a bank account statement from within the last three months so we can validate these account details. You can send us a scanned copy, or a clear photo taken with your smartphone by email to [email protected]
What happens if I don’t provide a nominated bank account?
If we don’t hold a nominated bank account, we will not be able to return your money to you until you have provided this information.
If we don’t receive this information by the account closure date, we will close your account on the account closure date and your money will be transferred to a trust.
A trust is a legal arrangement where we give your money to someone else, in this case Hampshire Trust Bank, so they can look after the money for your benefit.
Hampshire Trust Bank plc as trustee of the trust will hold your money for your benefit until such time as you provide the information required to repay your money to you.
Hampshire Trust Bank is the parent company of Wesleyan Bank and is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
Whilst you will earn interest up to the point that your account is closed, your money will not accrue any interest once it is in the trust.
At that point, you will be provided with contact details for Hampshire Trust Bank to access your funds.
What if I require any additional support?
If you require any additional support, you can contact us Monday to Friday, 9am to 5pm on 0800 358 1122 or via email [email protected]