Bank details confirmation

Effective since 2018, open banking rules make it possible for you to give permission to the UK's largest banks to share your financial data with authorised open banking providers. This includes read-only access to things like your account number and sort code.

You don’t need to fill out lengthy forms as the authorised provider can access the information it needs directly – provided you've given your permission via your bank's mobile app or online banking.

Banks share your information securely via technology called application programming interfaces (APIs). APIs simply allow two providers to 'talk' to each other and pass the information you've given permission to share.

Open banking is one of the safest ways to share your financial data.

You control what information is shared (only sort code and account number in this case) and which organisations can access that information (Wealth Club in this case).

You never have to give your password or login details to any organisation.

• can only access your account if you have given it your explicit consent
• must only access the data that you have specifically consented to
• must use Strong Customer Authentication (SCA) on all payments to protect against fraud. This makes open banking payments very secure.
• do not store your banking credentials, making open banking inherently more secure than credit or debit card payments.

Most of the UK main banks should be supported (see a list).

If your bank doesn’t appear on the list, please contact us on 0117 929 0511 or email [email protected].

You won’t be able to use open banking as it relies on you having online banking with your bank or using your bank’s smartphone app.

If you don’t have either, please contact us on 0117 929 0511 or email [email protected].

Wealth Club has partnered with TrueLayer, a global open banking platform. More than half of open banking traffic in the UK, Ireland and Spain goes through TrueLayer.

TrueLayer was one of the first to be regulated in the UK to provide account information services (AIS) and payment initiation services (PIS).

TrueLayer's APIs comply with UK and European Open Banking standards. 

TrueLayer is authorised and regulated by the UK Financial Conduct Authority under the Payment Services Regulations 2017 and Electronic Money Regulations 2011 (Firm Reference Number: 901096).

If you change your mind after you’ve confirmed to us the bank details, please contact us on 0117 929 0511 or email [email protected].

Yes, you do. You may have previously provided bank details as part of an application form, to set up a direct debit, or to set up as a verified bank account with us, but this is for a different purpose than for paying rebates. You can choose a bank account you have used previously or a different one. If you choose a different bank account for rebates, this will not replace any bank details previously provided for other services.

With your authorisation, Wealth Club will only have access to:

• Full account name
• Sort code
• Account number

Wealth Club will not be able to access any other information about your bank account without your explicit authorisation.