Monument savings review

London-based digital bank Monument received its full banking licence in November 2021. It specialises in savings accounts and loans, and it aims to meet the needs of the mass affluent market.

Monument Bank's top savings rate of 4.76% is available on one of its easy access accounts.

Easy access savings accounts

Monument Bank's best easy access rate of 4.76% is significantly lower than today's market-best rate of 6.89%. Compare more instant and easy access accounts up to 6.89%

Cash ISAs

Monument Bank's best cash ISA rate of 4.76% is slightly lower than today's market-best rate of 5.71%. Compare more ISAs up to 5.71%

Fixed-rate bonds

Monument Bank's best fixed-rate bond rate of 4.3% is very slightly lower than today's market-best rate of 4.65%. Compare more fixed-rate bonds up to 4.65%

Notice savings accounts

Monument Bank's best notice savings account rate of 4.65% is very slightly lower than today's market-best rate of 4.85%. Compare more notice savings accounts up to 4.85%

What is Monument Bank's best savings account with the highest interest rate?

The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.

Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Monument Bank offers, plus the highest interest rate currently available.

Savings account types include	Easy access, cash ISAs, fixed-rate bonds, notice accounts
Best easy access rate	4.76%
Best cash ISA rate	4.76%
Best fixed-rate bond rate	4.3%
Best notice account rate	4.65%
Fixed bond terms	3 months - 1 year
Notice account periods available	7 days - 60 days
Opening options	Website, mobile app
FSCS protection

How do the accounts work?

To open a Fixed Term Deposit account with Monument, you will need a minimum deposit of £25,000, which must be paid into your new account within 14 days. The exception is if you already have a Monument savings account – you must hold at least £25,000 across all of your Monument accounts.

You can choose a 6-month term, or a 1-year term or a 5-year term, but you won’t be able to access your funds during this time. However, you can change your mind and cancel the account within the 14-day funding period.

Interest rates are fixed, so they cannot change during the term. At the end of the term, if you decide to renew your fixed rate account, you’ll be offered a better rate than the bank is offering new clients at the time.

Who is it for?

The Monument savings accounts are designed for those with at least £25,000 to invest and who are happy to keep their funds locked up for 6 months, 1 year, or 5 years.

To open an account, you must be a UK resident and at least 18 years old. You will also need to have a personal UK current account in your name to use as your Linked Account – all deposits must be paid from this account.

How to apply

To apply for a Monument savings account, you will need to first download the app and then register and apply. You’ll need to provide some personal details to verify your identity.

Is it safe?

Yes, Monument Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA. All eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS).

Pros and cons

Customer service information for Monument

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Our verdict: Is this savings account from Monument worth it?

If you have at least £25,000 ready to put into a savings account and you’re happy to lock your money away for at least a 6 months, Monument’s fixed rate accounts are pretty competitive. However, keep in mind that interest rates are currently rising, so if you choose to lock in for as long as 5 years, you might find that the rate on offer now is no longer competitive in a year or 2.

Also remember that you’ll need to be happy managing your account via an app. If you’re not, you’ll need to look elsewhere.

Frequently asked questions

• What is the maximum account balance?

  You can have a maximum total savings balance of £400,000. If you exceed this, Monument will contact you and may return some of your funds to your linked account.

• How can I contact Monument?

  You can contact Monument via the app or by email or phone.

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.