New startup Monument is preparing to launch a digital bank in the UK, targeting what it claims are the “neglected mass affluent” customers whose needs range across savings, investments, insurance and various categories of lending.
What is Monument?
Monument is a new brand that received its UK banking licence in November 2021, making it another digital challenger bank on the block.
However, this is a bit different to the likes of Monzo, Starling and Revolut. Monument is aiming to be the first digital-only bank to target the “mass affluent” in the UK, which the would-be 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 that it intends to provide a personalised service to all of its clients. Media coverage has seen the bank dubbed “Monzo for millionaires“.
As well as offering savings products, Monument wants to be the only bank to provide its clients with an entirely digital journey for buy-to-let and property investment lending.
What features are on offer?
Savings products
Monument offers both fixed-term and easy access savings accounts. 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 (5.15% AER)
2-Year Fixed Term Deposit account (5.55% AER)
5-Year Fixed Term Deposit account (5.30% AER)
Easy access savings account (4.00% AER)
Property investment loans
The bank also offers the following lending products for property investors:
Buy-to-let loans (up to a maximum of £3 million)
Short term real estate finance (bridging loans)
The bank also offers the following products and features to its customers:
In-app support
Membership with “lifestyle” partners, which provide a range of services
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.
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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
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