Cheque Account

The Wesleyan Bank Cheque Account is a postal savings account that’s designed to supplement your current account.

Key benefits of this account:

• No bank charges to pay
• No need to keep a minimum amount in your account
• Simply write a cheque whenever you want
• Competitive, tiered rates of interest
• Open with just £1
  

To apply for a Cheque Account call us on 0800 358 1122

How it works 

It keeps your savings separate from everyday expenses but you can still write a cheque if you need to. If you have a Wesleyan policy or any other investment that’s about to mature, the Cheque Account makes an ideal haven - you can earn interest while you decide what to do.

However, the Wesleyan Bank Cheque Account does not come with a cheque guarantee card as the account is not designed to be used in the same way as a current account.

You can use your cheques for major purchases, such as a car, for postal payment or for paying money into other bank or building society accounts.

You can open your Wesleyan Bank Cheque Account with just £1, by post or through your Wesleyan financial consultant.

The more you save, the more you earn. You’ll see the interest on your regular statement added at the end of each quarter. You can view our current interest rates here or on the left hand menu options.

You pay money into your Cheque Account whenever you want, by direct transfer from another bank account or we’ll provide pre-paid envelopes so you can send us your deposit by cheque.

You can check the details of your account and balance by phone on weekdays from 8am to 6pm. Simply call us free on 0800 358 1122. Telephone calls may be recorded for security or training purposes.

Access

You can take money out whenever you want without the need to give notice. However, to make sure that we can offer you the best possible rate of interest, there are some restrictions on the number of withdrawals you can make.

During the first three months of your account, you can make as many withdrawals as you want to without any loss of interest. After three months you can withdraw money once a month without losing interest.

You can also transfer money to any other Wesleyan product without loss of interest. Additional withdrawals will lose one month’s interest, but only on the amount that you take out.

There is no limit to the amount you can take out, as long as you have enough money in your account. You can make withdrawals by cheque, standing order or Direct Debit.

Taxation

Your interest will be paid net of tax at the statutory rate, stipulated by the Inland Revenue. If you are a non-taxpayer we may be able to arrange for your interest to be paid gross.

Please ask us for the appropriate form. If you are a higher rate tax payer, you will have to pay any additional tax due on your interest.