Savings Interest Rates, Switch Offers and Guides for Monument Bank

Who they are

Monument Bank is a UK-based neobank aimed at professionals, property investors, and entrepreneurs. It describes itself as the first UK challenger bank designed specifically to help this "mass affluent" group grow and enjoy their wealth - a segment that has long been caught between everyday high-street banks and full private banking services.

Monument received its full banking licence in November 2021 and launched its first suite of savings products in early 2022. The bank is headquartered near Oxford Street in London and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority. Everything is managed through its app, and unlike many digital banks, Monument says it never uses chatbots - you can speak to its UK-based team instantly in the app or by phone.

Savings accounts

Monument's range is built around savers with larger balances. Most accounts carry a £25,000 minimum deposit, so this is not a bank for those just starting out. The ISA accounts open from £10,000.

On the easy access side, the Easy Access Savings account pays 3.52% AER (variable), while the Easy Access Cash ISA pays 3.74% AER (variable). New clients can also access an Easy Access Cash ISA Boosted Rate of 4.34% AER - that headline figure includes a fixed 0.60% AER bonus for the first 12 months, after which the rate reverts to the standard variable level, so it is worth diarising that date.

For those happy to give a little notice, Monument runs a full ladder of notice accounts from 7 days (3.54% AER) up to 95 days (4.09% AER), with a Limited Access Saver at 3.74% AER that allows up to three withdrawals per year before a 0.50% rate reduction kicks in for the rest of that year. Fixed term deposits are available over 6 months (3.75% AER fixed) and 12 months (4.00% AER fixed), with no access until maturity.

All accounts carry FSCS protection up to £120,000 - notably higher than the standard £85,000 limit that applies to most banks, which reflects Monument's own standalone banking licence.

Is it right for you?

Monument suits savers who have a meaningful lump sum to put to work and want a clean, app-based experience with genuine human support behind it. The high minimums mean it will not work for everyone, and the boosted ISA rate deserves a careful read before you commit - it is a good deal for 12 months, but the variable rate underneath is what you will live with afterwards.

There are no switch offers or current accounts here; this is a pure savings proposition. As with any variable rate product, the figures shown today can change, so check the live rates on this page before you make a decision.