UK neobank Monument raises fixed-term savings rates up to 3.05%

As both inflation and interest rates rise, digital bank Monument has increased the headline rates it pays on its 2-year and 5-year fixed savings accounts.

Launched in December the accounts originally launched at 1.5 per cent and 2.05 per cent respectively, today those rates sit at 2.95 and 3.05 per cent, which Monument says place them second in the best buy tables.

Unfortunately, the rates are only for Monument customers, who must have a balance of at least £25,000 in order to open an account, part of the bank’s aim to capture the mass affluent customers.

“We’re pleased to be introducing our new fixed-term deposit accounts to the market, offering competitive rates for savers who wish to make their money work harder for them,” said Monument’s chief commercial officer John Saunders.

“Fixed-term deposit accounts are ideal to complement longer-term savings goals – such as saving for a wedding or a new home – and allows savers to benefit from higher interest rates than those typically offered by easy access accounts, and make their money go further.”

In January 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.