Masthaven Bank launched towards the end of 2016 and has featured regularly in our best buy tables over that time.
The provider has been actively competing in the fixed rate bond market during 2018 and so this is an ideal time to give you more information and a good opportunity to get your feedback.
Remember to submit your review to rate Masthaven Bank and your other providers to help us provide insight for your fellow savers.
Masthaven Bank has been active in the UK savings market since November 2016, but has actually been in existence since 2004, providing bridging loans and secured lending since that time.
The bank’s headquarters are in London, with a UK-based contact centre, located in the same offices. Masthaven Bank is predominantly an online bank, but you are able to contact them by telephone with any queries or questions.
Masthaven Bank Limited is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Masthaven Bank is a member of the Financial Services Compensation Scheme (FSCS), so funds placed with the provider would be covered up to £85,000 per person, should the provider go out of business.
Today’s savings market
Masthaven Bank regularly features in our fixed rate bond tables.
The provider is online focused, but states that it offers savings products that are tailored to customer needs, as opposed to a one-size-fits-all approach, so gives you the option to choose your own term, which is a nice feature that is unusual to see in the savings market.
This means that you can choose the exact term, up to five years, with the interest rate adjusted accordingly. For more information and to look at the rates on offer, please see Masthaven Bank's website*.
Alternatively, you can just choose from a range of standard terms. There is also the option for monthly interest if you prefer.
For alternatives and to compare the accounts to the rest of the market, please take a look at our fixed rate bond best buy tables.
Application process and customer service
You can only apply for the accounts online and there is a relatively low minimum opening balance requirement of £500, which is lower than a number of alternatives on the market.
Whilst online-only applications are common amongst many of the top savings rates at the moment, this may not suit everyone, so those who do not have access to the internet or prefer to not use it for financial transactions, will have to look elsewhere.
That said, the application process is straightforward and easy to understand. Our interactions with the provider have been positive and we have found them to be friendly and helpful.
We have certainly not been made aware of any negative experiences so far from any savers that have used the provider. Of course, as mentioned earlier, your thoughts and experiences about providers’ customer service are invaluable for us, particularly for providers that are new to us or to the savings market, so please get in touch to share any feedback you have.
A final word…
It is tempting to stick to the well-known brands when it comes to savings accounts, but in doing so, you may be missing out on some of the best rates on the market. Whilst there are some exceptions, for example High Interest Current Accounts, you can no longer rely on the larger brands and high street names to offer the best interest rates.
Providers like Masthaven are aiming to drive competition in the savings market and offer some of the best rates available at the moment. The best strategy is to look at all options and take each provider on its own merits, considering alternative providers to get the best returns for your money. As long as you do your research (or ask us for more information!) and are comfortable with the provider, there is no reason not to consider them.
If there is a provider that you would like to see featured in a future article, please let us know. We are also keen to hear from you if you have any feedback about any provider’s customer service, good or bad!
Submit your review here and help us provide insight for your fellow savers.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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