The move follows concerns over the bank’s business model. Wyelands continues to be regulated by both the PRA and the Financial Conduct Authority (FCA).

A statement on Wyelands Bank’s website said: “Wyelands Bank will close its deposit accounts by 24th March and will be returning funds to its depositors. This is a result of regulatory requirements applied by the PRA to Wyelands Bank and includes our full range of fixed term, notice and easy access accounts.

“Savers with notice accounts will receive interest to cover their notice period and savers with term accounts will receive interest for the remainder of their term. The bank will send a communication to depositors on 8th March giving further details and next steps.

“Depositors do not need to take any action at this stage. The bank has been working closely with its regulators regarding this repayment to depositors. The bank is solvent and has sufficient financial resources to meet all of its obligations and repay all depositors.”

Wyelands began notifying customers of the account closures in the past week.

When will you get your money back?

If you have money with Wyelands, when you will get it back depends on what type of account you have.

Easy-access customers can withdraw their cash now. If you don’t take any action, any cash in your account will be returned to you by 24 March.

Notice account holders need to give the required notice before they can withdraw cash. However, all cash will be returned by 24 March.

If you have a fixed-term account, you’ll get your money back by 24 March. You’ll be able to get your cash back before this date if your account matures before then.

Interest will be paid based on holding the account for the full term. Savers with notice accounts will receive interest to cover their notice period, while savers with fixed term accounts will receive interest for the remainder of their term based on the account balance when the account is closed.

In most cases money will be returned to the nominated account set-up when you opened your account with Wyelands.

If you opened your Wyelands account via either the Flagstone or Raisin platform, the money will be sent back to your depositor’s account with the relevant platform.

If you’re looking for a new home for your money, check out the best paying savings accounts.