New savings deposits will enable the bank to provide businesses with greater access to working capital and allow them to trade, grow and create jobs.

Wyelands launched at the start of the year and has already provided almost £200m in business finance.

Its initial services include receivable, inventory, supply-chain and trade finance.

“By offering savings customers strong rates of return, we will be able to support more growing businesses,” said Iain Hunter, CEO of Wyelands Bank (pictured above).

“We will get to know the businesses we support in person, give them direct access to decision makers and help them plan for growth.

“We will do business with a human face, using our deep expertise in business finance, not just algorithms and computer code.”

The bank was established by British and international industrialist Sanjeev Gupta and is part of his wider vision to promote the revival and growth of industrial businesses in the UK.

“I believe strongly in the revival of British industry, and Wyelands Bank will be a champion of those businesses which have vision and ambition,” said Sanjeev.

“In my view, Britain needs a bank specialising in the industrial SME sector that will be a friendly source of finance to oil the wheels of industry, stimulate growth and create jobs.”