Existing savings customers

Cash ISA

 

Account balance	Interest rate (AER*/Gross**) From 23 September 2022	Interest rate (AER*/Gross**) From 4 November 2022	Interest rate (AER*/Gross**) From 16 December 2022	Interest rate (AER*/Gross**) From 3 February 2023	Interest rate (AER*/Gross**) From 23 March 2023	Interest rate (AER*/Gross**) From 11 May 2023	Interest rate (AER*/Gross**) From 22 June 2023	Interest rate (AER*/Gross**) From 3 August 2023
£9,000+	0.75%	1.50%	2.00%	2.50%	2.75%	3.00%	3.50%	3.75%
£3,000 - £8,999	0.75%	1.50%	2.00%	2.50%	2.75%	3.00%	3.50%	3.75%
£100 - £2,999	0.75%	1.50%	2.00%	2.50%	2.75%	3.00%	3.50%	3.75%
Under £100	0.75%	1.50%	2.00%	2.50%	2.75%	3.00%	3.50%	3.75%

 

Interest on the Wesleyan Bank Cash ISA is exempt from income tax. The interest on the Cash ISA is at a rate of no lower than 1.5% below the Bank of England Base Rate and may vary in line with changes to the base rate. Interest is calculated on the daily cleared balance of the account and added to the account annually on 5th April.

This information is based on our understanding of current taxation which may change in the future. You may have tax to pay if the interest you receive exceeds any personal tax allowances to which you may be entitled.

Classic Account

Latest interest rates (from 17th July 2020)

Account balance	AER*	Gross**
£5,000+	0.10%	0.10%
£1,000 - £4,999	0.05%	0.05%
£100 - £999	0.05%	0.05%
Under £100	0.05%	0.05%

Historic interest rates (24th March 2009 to 16th July 2020)

Account balance	AER*	Gross**
£5,000+	0.50%	0.50%
£1,000 - £4,999	0.10%	0.10%
£100 - £999	0.10%	0.10%
Under £100	0.10%	0.10%

Interest is calculated on the daily cleared balance of the account and is added to the account twice a year on 30th June and 31st December.

Privilege Account

Latest interest rates (from 17th July 2020)

Account balance	AER*	Gross**
£10,000+	0.10%	0.10%
£5,000 - £9,999	0.10%	0.10%
£1,000 - £4,999	0.05%	0.05%
Under £1,000	0.05%	0.05%

Historic interest rates (15th December 2017 to 16th July 2020)

Account balance	AER*	Gross**
£10,000+	0.50%	0.50%
£5,000 - £9,999	0.50%	0.50%
£1,000 - £4,999	0.10%	0.10%
Under £1,000	0.10%	0.10%

Interest is calculated on the daily cleared balance of the account and is added to the account twice a year on 30th June and 31st December.

Please note this product is no longer available.

Important information

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. Every advert for a savings product that quotes an interest rate will contain an AER. This helps you to compare what return you can expect from your savings over time.

** Since 6th April 2016, all interest is paid gross and with no tax deducted.

FAQs

Below are answers to some of our frequently asked questions.

On 28 February 2022, Wesleyan Bank Limited was acquired by Hampshire Trust Bank Plc. Please click here to view answers to some key questions relating to the sale.

Can I pay into my account via cheque?

We are currently unable to receive or send cheques. If you have sent us a cheque and we have not processed it, please call us on 0808 163 8436.

You can continue to transfer funds electronically into your savings account. If you need any help, please call us.

Why am I having issues transferring money to my account?

We are aware that some customers have reported an issue when transferring money to their Wesleyan Bank account. This is where their bank has not been able to confirm their Wesleyan Bank account details, and the payment is flagged as 'Payee Not Recognised' or similar.

This is because we have not yet implemented ‘Confirmation of Payee’ (COP) for our accounts.

Confirmation of Payee is a service that warns bank customers when a payee's name doesn't match the account number they have entered. Participating banks include Barclays, HSBC, Lloyds, RBS, Santander and Nationwide.

We wish to reassure you that continuing to transfer your money, despite this 'Payee Not Recognised' alert is still safe, and your money will still reach your Wesleyan Bank account as long as you have entered your details correctly.

We can also assure you that your security - and minimising any fraudulent activity - is the highest priority for Wesleyan Bank.

If you would like any more information, please contact us.

Why haven't I received my annual account statement?

We apologise for the delay in sending out annual bank account statements this year. This is due to logistical obstacles created by the pandemic.

We will still provide statements, and plan to send them when the current 'stay at home' restrictions are relaxed. We appreciate your patience at this time.

Can I send post to Wesleyan Bank?

We can accept incoming post, but due to our staff working from home, this is taking longer than normal to be processed. If you need to send us post, please call us first to discuss possible alternative options.

If you have sent us a letter and we have not yet responded, please let us know.

At the moment, we aren’t sending letters by post. We’re sending them via email. Wherever possible, we will password-protect the letter attached to the email for security.

Having your mobile phone number allows us to improve the password-protection, so please make sure your contact details are up to date.