Monument is a digital bank in the UK, targeting what it claims are the “neglected mass affluent” customers by offering them client services, savings accounts, wealth-tracking tools and lifestyle experiences.
What is Monument?
Monument is a UK challenger bank that received its UK banking licence in November 2021 and launched its first suite of savings products in 2022.
However, Monument is a bit different to the likes of Monzo, Starling and Revolut. That’s because Monument is the first UK digital-only bank to target the “mass affluent”, which the bank defines as individuals with a net worth of between £250,000 and £5 million.
The company argues that despite the digital banking boom in the UK, this customer demographic is currently “underserved” and says it’s designed to help professionals, entrepreneurs and ambitious savers grow their wealth. Media coverage has seen the bank dubbed “Monzo for millionaires“.
What savings accounts are on offer?
Monument offers fixed-term, notice and easy access savings accounts, as well as a cash ISA. Any potential customer needs to be able to deposit at least £25,000 to open an account. These accounts are:
6-month Fixed Term Deposit account (4.30% AER)
12-month Fixed Term Deposit account (4.15% AER)
7-day notice account (4.34% AER)
35-day notice account (4.36% AER)
45-day notice account (4.42% AER)
60-day notice account (4.49% AER)
Limited Access Saver account (4.75% AER)
Easy access savings account (4.29% AER)
Easy access cash ISA account (4.76% AER)
Monument membership
If you are an existing Monument client, you can pay £16.95 a month to become a Monument member – there’s also a 1 month free trial.
Having membership means you can:
Use the app to see your financial accounts in one place, including everyday banking, savings, investments, pensions, mortgages and more – it links with more than 130 providers
Get access to exclusive savings rates
Enjoy a free standard digital subscription to the Financial Times
Gain access to sold out sporting, music and cultural events, including exclusive hospitality packages, and enjoy unlimited use of the Monument restaurant concierge service
Get exclusive savings on services like inheritance tax planning, premium healthcare and will writing
Is Monument safe?
Monument is a fully regulated bank in the UK. That means your savings are protected – up to £85,000 – by the Financial Services Compensation Scheme, just as they would be at a traditional bank. It also means that you have access to the Financial Ombudsman Service.
How can I apply?
You can apply for the available Monument savings accounts via its app.
Customer service information for Monument
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
Given that it’s targeting “mass affluent” customers, or those with between £250,000 and £5 million in cash to hand, Monument could be out of reach for many UK banking customers.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Michelle Stevens is a deputy editor at Finder, specialising in banking, credit, loans and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio
Michelle's expertise
Michelle has written 108 Finder guides across topics including:
Just got a job in the UK and need a bank account to have your salary paid into, but have no proof of address? Here’s what you can do.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
