Monument launches market-leading 5-year 2.2% savings rate (if you’re wealthy enough)

After launching its first savings accounts in December, digital bank Monument is today increasing its headline rate to a huge 2.2 per cent.

That’s on its 5 year Fixed Term account, up from the 2.05 per cent it previously offered, with no changes to its other accounts.

The catch is that Monument only accepts new customers with a balance of at least £25,000, part of its aim to capture the mass affluent market.

“With inflation very much in the news, people will be looking to mitigate its impact on their savings in ways that best suit their situation,” said Monument’s chief commercial officer John Saunders.

“Our new five year Fixed-Term Deposit simply locks in the 2.20% rate for the full term, and so provides an option for people to consider.”

Last month Monument co-founder Mintoo Bhandari handed over his CEO role to ex-Barclays boss Ian Rand who is coming to scale-up the business.

Monument was granted its unrestricted banking licence in November, launching into the market shortly afterwards.