Monument Bank Savings Accounts & Cash ISAs

When was Monument Bank established?

Monument Bank was established as a UK challenger bank with a focus on serving professionals, entrepreneurs and customers with more substantial savings. It received its full UK banking licence in November 2021 and launched its first savings products in early 2022.

Unlike traditional high-street banks, Monument was developed around digital account management and a specialist approach to savings, rather than providing a broad range of everyday banking services.

Who owns Monument Bank?

Monument operates through Monument Bank Limited, an independent UK banking company rather than a subsidiary of one of the major high-street banking groups. The bank was developed with backing from private investors and is overseen by its own leadership and governance structure.

What does Monument Bank specialise in?

Monument focuses on savings customers who typically hold larger balances and value a combination of digital convenience and personal service. Its approach is designed to occupy a position between conventional retail banking and traditional private banking.

Alongside its savings services, Monument provides features intended to support customers in managing their wider financial lives, including wealth-related tools and lifestyle services.

What savings products does Monument offer?

Monument offers a range of personal savings accounts, including easy access savings, notice accounts and fixed term deposits. It also provides Cash ISA savings for eligible customers.

These accounts are intended to accommodate different savings preferences, from maintaining access to money through to setting funds aside for an agreed period. Monument’s product range and individual account conditions may change over time.

Where can I learn more about Monument?

Information about the bank’s background, services and approach to banking is available through Monument Bank’s official About page. Its current savings range can be explored on the Monument savings page.

How do you open a Monument savings account?

Customers can apply for eligible Monument savings accounts by downloading the bank’s mobile app. The application process involves providing personal information and completing identity and eligibility checks.

Monument generally requires customers to have a UK bank account in their own name that can be linked to their savings account. The bank’s savings products are designed for customers with larger balances, so applicants should check the current eligibility and deposit requirements before applying.

How are Monument savings accounts managed?

Monument operates an app-only banking service for its savings customers. Accounts can be viewed and managed through its mobile app rather than through a desktop banking platform or traditional branch network.

The app allows customers to monitor their savings, view account information and manage transactions permitted under their account terms. The available functions depend on the savings product held.

How do deposits and withdrawals work?

Monument uses a linked bank account arrangement for moving money into and out of its savings products. Customers generally transfer funds electronically between their nominated UK bank account and their Monument account.

Withdrawal arrangements vary according to the type of savings account. Some products provide access to money when needed, while others require advance notice or involve an agreed savings term. Customers should check the conditions of their selected account before depositing money.

How does Monument provide customer support?

Although Monument operates digitally, it places considerable emphasis on personal customer service. Customers can contact its UK-based support team through the app or by telephone for assistance with their savings and account enquiries.

This combination of digital account management and direct access to staff is a distinguishing feature of Monument’s approach to banking.

Where can customers find assistance?

Further information about applications, account management and customer support is available through Monument’s savings account FAQs and its official website.

Is Monument Bank regulated in the UK?

Yes. Monument Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Its Financial Services Register number is 849724.

Customers can verify the bank’s regulatory status through the Financial Services Register.

Are Monument savings protected by the FSCS?

Eligible deposits held with Monument Bank Limited are covered by the Financial Services Compensation Scheme. The standard deposit protection limit is £120,000 per eligible person, per authorised firm.

This protection applies to qualifying deposits across Monument’s savings range, including eligible cash held within ISAs. The amount protected depends on the customer’s combined eligible deposits rather than the number of accounts held.

How is protection calculated across different accounts?

The FSCS generally combines an eligible customer’s savings held under the same banking authorisation when calculating compensation. Holding several Monument savings products therefore does not create separate protection limits for each account.

Customers with larger balances should be particularly aware of the difference between a bank’s maximum permitted deposit and the amount covered by the FSCS. Certain qualifying temporary high balances may receive additional protection under the scheme’s rules.

Where can customers check their protection?

Further information about deposit protection limits, eligibility and compensation arrangements is available from the Financial Services Compensation Scheme. Customers can also consult Monument Bank’s official website for information about its banking authorisation and savings services.