Masthaven Bank Business Fixed Rate Terms And Conditions

Our Business Savings Accounts Terms And Conditions are below, or alternatively, download them here.

These terms and conditions ("conditions") contain basic information about us, Masthaven Bank Limited, our services, and our agreement with you, the account holder, as well as general terms that apply to each of the fixed rate accounts that you hold with us. It is important that you read these conditions all the way through. These conditions, along with the confirmation that you will receive once we have opened your fixed rate account, the Product Summary sheet (which includes the specific conditions and other terms that apply to your fixed rate account), and our Tariff of Charges - Savings (which describes any fees and charges which apply to your fixed rate account) form our agreement with you. These documents can be viewed on our website at

The conditions set out the features of the Masthaven Business Fixed Rate Account ("account"), the restrictions that apply to you once you have made a deposit into your account, and the responsibilities and obligations that you and we owe to each other.  Please be aware that this is a fixed term account which means that once you have made a deposit into your account, you cannot withdraw your funds until the end of the fixed term.

For the avoidance of doubt, a “flexible term account” is a type of fixed rate account whereby you choose at the outset of the agreement what the duration of the term will be. Once that term has been agreed by us, it cannot be changed.

If you have any questions, please contact us using the details in clause 23 below before opening your account.

Where we refer to a "business day", we mean any day from Monday to Friday but excluding bank holidays in England and Wales. Otherwise, “days” are calendar days.

Our "online account manager" is a secure eBanking service which you will have access to and can log into once you receive confirmation that your account has been successfully opened.


1.1 Terms such as "we", "us", "our" or "Masthaven Bank" relate to Masthaven Bank Limited, which is a company incorporated under the laws of England and Wales with company number 09660012. Masthaven Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (No. 719354).

1.2 Our registered address, which is the formal address of our company, is published on our website:

1.3 "You" and "your" relate to you the account holder (i.e. the business with whom we are contracting).

1.4 In the event of any inconsistency between these conditions and the Product Summary sheet, the Product Summary sheet shall prevail.

1.5 If there is any inconsistency between the confirmation (as defined in clause 2.9) provided on the opening of your Masthaven fixed rate account and either these conditions or the Product Summary sheet, the confirmation shall prevail.


2.1 If any minimum balance requirement applies to your account, we will tell you during the account opening process.  You may only open and maintain an account with us if your business is based in the UK. There may be other eligibility criteria of which you will be informed during the account opening process. In addition, you must inform us at the time of opening the account if your business is organised under the law of the United States of America, one of its constituent states, or the District of Columbia. We do not accept client money or accounts held in trust.

2.2 The Masthaven Business Fixed Rate Account may only be used for your business purposes which excludes use as a client money account. You and your employees and/or agents agree not to use the account for purposes other than your business (e.g. personal savings).

2.3 You may have multiple fixed rate accounts with us at any one time.  However, there may be a maximum number of fixed rate accounts and/or a maximum total balance that you can have deposited across all of your fixed rate accounts with us at any one time. The Product Summary sheet will state the current maximum limits, if there are any. We will inform you if the maximum amount relevant to your fixed rate account(s) changes.  Where there is a reduction in limits, this will not be applied retrospectively to amounts already invested unless there is a legal or regulatory requirement to do so. You are not permitted to open or maintain an account that brings you above the maximum number of accounts and/or maximum total balance limit.

2.4 If you open an account or accounts and, as a result, the maximum permitted number of accounts applicable at that time is exceeded, or you transfer money into your accounts bringing your total balance across all accounts above the maximum permitted amount, we reserve the right to close out any of your accounts (insofar as it is necessary to reduce the aggregate to below the maximum) and return your funds to your nominated account. If you open your account as a sole trader any other accounts held in your own name or jointly with other person(s) will count towards your limit.

2.5 In order to open an account, you will need to complete our online application form which is available on our website:

2.6 The online application form requires all the initial details that we need in order to open your account to be provided.  We may also request further information from you before we can open your account. This may be so that we can carry out anti‑money laundering, fraud or credit checks in relation to you, your employees, or your agents. For example, we may require you to provide information to enable us to verify the identities of your signatories or the shareholders and beneficial owners of your business.

2.7 In order to open your account, you will be required to prove that you are authorised by your business to do so. If you are a company, you may do this by ensuring that one of your directors is a signatory to the account at the time it is opened. If you are a company and none of your signatories is a director at the time the account it opened then we may require you to provide proof of your authorisation for the account to be opened (for example, evidence of a resolution made by your board authorising the account to be opened).

2.8 As part of your application, we will require an email address from you which is personal to the user.  For security reasons, please ensure that this is an email address that only you and the user can access.

2.9 Your account will not be opened until we have accepted your application and sent you a confirmation that we have done so ("confirmation"). Provided your account has been funded within the stipulated timeframe, we will also issue you with a Welcome Pack, usually within 10 business day of your account being successfully opened, which will include:

  1. These terms and conditions;
  2. The Product Summary sheet; and
  3. A confirmation letter.

These three documents – together with our Tariff of Charges – Savings – form our agreement with you. They will set out important information, including the term of the account, the interest rate, and the amount deposited into your account. You must read these documents carefully when you receive them to check that the details are correct.

2.10 All of our fixed rate accounts are subject to availability.  Therefore, once you have submitted your online application, we may not be able to offer you the account that you have applied for and we reserve the right to refuse your application.  Where we cannot offer you an account on the terms that you applied for, we may communicate to you an offer to open an account on different terms.

2.11 Except where clause 2.12 below applies, the terms of the confirmation will be final. Where the terms of the confirmation conflict with

  1. the options selected in your online application form,
  2. the information set out in the Product Summary sheet, or
  3. any other document or correspondence,

it is the confirmation that prevails and forms part of our agreement.  It is important to check the terms offered in the confirmation before depositing funds into your account.

2.12 This clause applies where a term of the confirmation is manifestly erroneous. A term is manifestly erroneous if it is so obviously incorrect that it clearly could not have been intended to form part of this agreement. Where a term of the confirmation is manifestly erroneous and conflicts with another term of our agreement with you, the latter term shall prevail.

2.13 We may refuse to open an account for any reason except for where such refusal would be unlawful under equality legislation or other applicable law. Circumstances in which we may refuse to open an account could include: you are ineligible, we have our own objective commercial reasons (such as limits on the number of accounts we can offer), we suspect fraud, we have been unable to verify your identity or the identity of the beneficial owners of your business, we have been unable to carry out appropriate checks in relation to financial crime, or there is some legal or regulatory reason why we cannot open an account for you.


3.1 Once we have confirmed with you that your account has been opened, you will have the period of time stated in the Product Summary including the day on which we sent our confirmation, to fund your account ("the Funding Period").

3.2 We will only accept funds from the UK bank current account nominated by you in accordance with clause 7 below ("nominated account"). You will need to transfer the funds to us in accordance with the instructions provided during the application process and when we have confirmed your account has successfully been opened. We will credit the deposit to your account on the same day that we receive the funds from you. You can only transfer funds by electronic transfer.

3.3 You may fund your account with multiple deposits from your nominated account throughout the Funding Period as long as the total amount transferred is not above any maximum specified by us during the account opening process.

3.4 Once the Funding Period to fund your account has passed, you will be unable to make further deposits into your account. This will not prevent you from opening additional fixed rate accounts with us.

3.5 If, after the Funding Period, you attempt to make an initial deposit of funds (‘the Late Funds’), we reserve the right to:

  1. transfer the Late Funds to your nominated account, or
  2. accept the Late Funds and offer you the option to open another account using your ebanking facility. If you choose to open another account in this way, the Late Funds will be credited to the new account once opened. The terms applicable to this new account, including the interest rate, may not be the same as those applicable to the previous account. You will be given the opportunity to review the terms applicable to the new account before the new account is opened. If you indicate to us that you do not wish to open another account using the Late Funds, the Late Funds will be transferred to your nominated account. 

3.6 We may refuse to accept a deposit where there is some legal or regulatory reason why we cannot accept your deposit, if we consider that your deposit has been paid in error, or if you have breached the terms of this agreement (including by transferring an amount in excess of the limit set for a particular account, or that would bring the aggregate balance across all of your accounts with us above the applicable permitted maximum). In these circumstances, unless we are prevented from doing so by law or regulation, or unless a relevant legal or regulatory authority requests that we retain your funds, we will transfer the funds back to your nominated account.

3.7 If you or some other person attempt to fund your account from a bank account other than your nominated account in breach of these provisions, we reserve the right to transfer the funds back to the account from which they were transferred.

3.8 Where a third party transfers funds to your account in error, you authorise us to withdraw those funds from your account and transfer them back to the account from which those funds were transferred.


4.1 Your fixed rate account is a fixed term product, which means you cannot withdraw your funds or close your account until the end of the agreed term.  This agreed term will be set out in the confirmation that we provide to you once your account has been opened. The term will commence on the date that the account is opened, which may be different to the day funds are deposited, as set out in the confirmation.

4.2 Your account will mature at the end of the fixed term period. If this date falls on a day that is not a business day, then your account may mature on the following business day.

4.3 Within a reasonable period of time before the maturity date of your account, we will (through the online account manager) provide you with the options available to you for when your account matures.We will also remind you of these options before the account maturity date through one of the following means:

  1. email,
  2. mobile telephone,
  3. post, or
  4. message through the online account manager.

4.4 You may provide us with instructions to transfer or re-invest your matured funds up to 14 days prior to the account maturing.

  1. Transfer – you may instruct us to transfer the full amount or part of your account balance to your nominated account once your account has matured.  If we are unable for any reason to make such a transfer, we will attempt to contact you so that you can instruct us on where to send the funds.
  2. Re-investment – there may also be an option to make an application to re‑invest the full or part of the account balance into another fixed rate account or any other accounts offered by Masthaven Bank at that time.  This new account may be governed by different conditions to these conditions.  If, for whatever reason, we are unable to provide you with access to the online account manager, we will endeavour to contact you using the details that we hold for you within a reasonable period of time before the maturity date of your account, so that you can tell us what you would like us to do with the funds in your account on maturity.

4.5 If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds (for example, because your nominated account has been closed or because your instructions would cause us to contravene any regulatory requirements), your funds will be transferred automatically to a Masthaven Bank e-saver account.

  1. Funds in an e-saver account may only be used in one of two ways: (a) they may be reinvested in a new Masthaven fixed rate account, or (b) they may be transferred to your nominated account. When transferring to your nominated account, all available funds must be transferred. Your funds will be retained in the e-saver account until we receive actionable instructions from you. Once the funds in the e-saver account have been disposed, the e-saver account will be closed automatically.
  2. The rate of interest for a Masthaven e-saver account is variable and may be changed at any time in accordance with its terms. Interest is accrued daily and is credited annually to the account. We will give you at least 14 days notice of a change of interest rate by email or letter, but we may choose to waive this advance notice when interest rates rise. You can check the current rate on your e-saver account by logging in to your online account manager.
  3. An e-saver account has no fixed term and may be left open indefinitely.

4.6 We reserve the right to refuse to carry out transfer instructions if:

  1. We reasonably believe that someone else has rights over the funds in your account;
  2. We reasonably believe that someone has given us the instructions without the right to do so;
  3. We reasonably suspect fraudulent activity;
  4. Your instructions are unclear, incomplete, or the recipient’s details are incorrect; or
  5. It might cause us to act contrary to a legal or regulatory obligation, code of conduct, or any other duty which applies to us.


5.1 Interest will be paid at the fixed rate stated in the confirmation, which we will send to you when we open your account. The payment of interest, as described in the confirmation, will not be varied after the account has been opened.

5.2 Interest is calculated on a daily basis, based on the funds held in your account. Interest will be calculated from the day on which your funds have been credited to your account. For example, for a one‑year account in a non-leap year, if you deposit £500 on the first day and £500 on the second day of the Funding Period, you will obtain 365 days interest for the first £500 but only 364 days interest for the second £500.

5.3 In a leap year, interest is calculated in the same way save that there are 366 days in the year. For example, for a one-year account in a leap year, if you deposit £500 on the first day and £500 on the second day of the Funding Period, you will obtain 366 days interest for the first £500 but only 365 days interest for the second £500.

5.4 When you apply for an account with us, you can select the frequency of your interest payments from the available payment options.  The agreed frequency of interest payments will be stated in your confirmation. 

5.5 Interest will either be paid into your nominated account or added to the balance of your fixed rate account in accordance with the instructions that you give to us when you open your account.

5.6 We will pay interest to you gross without tax deducted. If you are liable to pay tax on your savings interest, it is your responsibility to do so.


6.1 Your account will be open for the fixed term that you select during the account opening process as confirmed by us.  You may not close the account until the account matures.

6.2 We may end this agreement and close your account immediately if we reasonably consider that you have acted fraudulently, funded your account in whole or in part by the proceeds of crime, or have otherwise behaved improperly to a significant extent (such as acting in an abusive or threatening manner to us). In these circumstances, unless we are prevented from doing so by law, regulation or a relevant public authority, we will transfer your account balance to your nominated account.  We will not be obliged to pay any interest at the time we close your account, unless we are required to do so by law.

6.3 We may also end this agreement and close your account immediately if:

  1. you have breached any of the material terms of this agreement;
  2. we erroneously open your account contrary to one of our internal policies (e.g. where, after opening your account, we are subsequently unable to verify your beneficiaries’ identities or complete the appropriate checks in relation to financial crime);
  3. you become subject to insolvency proceedings or no longer meet our eligibility criteria under clause 2.1;
  4. we reasonably consider that by continuing with our agreement we may breach a legal or regulatory requirement, an order to comply with a court order or an instruction of another relevant public authority;
  5. there is a change of ownership of the company which does not meet the account opening requirements: or
  6. if continuing the agreement would expose ourselves or another company in Masthaven Bank's group to action from any government or regulator.

6.4 If we close your account under clause 6.3, unless we are prevented from doing so by law, regulation or a relevant public authority, we will transfer your account balance to your nominated account along with any interest accrued (calculated at a daily rate from the date your account was opened) as at the day on which we close your account that has not already been paid.

6.5 If you are a natural person and, whilst being the sole living account holder, you die, we will transfer your account balance to your nominated account (or any other account nominated by your personal representatives) along with any interest accrued (calculated at a daily rate from the date your account was opened) as at the day on which we close your account that has not already been paid. Alternatively, your personal representatives may instruct us to retain your account balance until the account matures. If you die, we will only be required to transfer your account balance when we receive legal documents (a) evidencing your death, and (b) confirming the authority of your personal representatives.

6.6 If there is a dispute concerning your account, or if we reasonably suspect that the account is being used for illegal purposes, we may freeze your account. While your account is frozen, we will not accept instructions from you concerning the account. The account will remain frozen until either the dispute is resolved or it is established that it is not being used for illegal purposes. We will not be liable for any losses occurring as a result of your account being frozen. We will be entitled to recover from you any and all costs, including (but not limited to) legal costs on the indemnity basis, incurred by us in connection with the freezing of your account.

6.7 Unless we agree otherwise, all transfers to your nominated account will be made via the Faster Payments Service (FPS) or, where the amount to be transferred is above the limit for the FPS, via BACS. Transfers made via BACS may take two business days to reach your account. Transfers may also be made via CHAPS but may be subject to a charge (as set out in the Tariff of Charges - Savings).

7. Your nominated account

7.1 You must at all times have one (and only one) nominated UK bank current account which will apply to all fixed rate accounts you hold with us in your business name, if you are a sole trader the nominated account may be one in your sole name.

7.2 Your nominated account will be used for all deposits into and withdrawals from your fixed rate account with us.  When you open your account with us, you must provide us with the sort code and account number of your nominated account together with the name of the account holder as recorded by your bank.

7.3 This same nominated account will be used to receive interest payments where you have instructed us not to add these interest payments to the balance of your fixed rate account.

7.4 We will send all matured funds and interest payments to your nominated account by electronic transfer.  It is your responsibility to ensure that your nominated account can receive electronic transfers.

7.5 You can change your nominated account by logging into the online account manager at and sending us a secure message, or by calling us. The nominated account must satisfy clause 7.1.

7.6 We may refuse to make any payment to a nominated account where this would breach our legal or regulatory obligations, such as anti-money laundering requirements.


8.1 You can view your account balance at any time through the online account manager.

8.2 We will issue you with a statement through the online account manager on the anniversary of opening your account and on the maturity of your account. At the end of each financial year, we will issue you with a summary of interest credited to your account.

8.3 You must let us know as soon as possible if you notice a mistake or a transaction that you do not recognise so that we can investigate it and take appropriate action.


We may charge you for certain additional activities or services that we may provide to you in relation to your account with us.For more information, please see our Tariff of Charges - Savings which is available online on our website The Tariff of Charges - Savings forms part of the agreement between us, so it is important that you read it.


10.1 You must inform us of any changes to your name, place of business, contact details, or if your business moves overseas, or if you undertake business activities in the United States of America (e.g. by establishing a branch), or otherwise cease to meet our eligibility criteria under clause 2.1.

10.2 You must inform us if more than 25% of the ownership of your business is sold or transferred. You must also inform us if your business is presented with a winding up petition or is subject to any insolvency proceedings (whether in the UK or overseas).

10.3 You must notify us immediately if there is any change (whether by reason of resignation, removal, appointment, or death) of:

  1. Your directors, company secretary, or other officers;
  2. Beneficial owners of your business with more than a 25% shareholding or 25% of the voting rights in it;
  3. Persons exercising significant control over your business; or
  4. Any authorised signatories on your account.

This clause 10.3 should be read in conjunction with clause 17 below.

10.4 You must not attempt to interrupt or interfere with the working of our website or internet service in any way whatsoever.This includes hacking, tampering with security or causing any other disruption.You must also comply with our website privacy policy and cookies policy, which may change from time to time.

10.5 You must pay tax on the interest paid on your account balance if you are liable to do so.

10.6 You agree to indemnify us in respect of any losses or liability suffered by us arising from your failure to take the steps set out in this clause 10.

10.7 You are responsible for taking all reasonable steps to prevent unauthorised access to your accounts in accordance with clause 11 below.


11.1 We must take all reasonable steps to prevent unauthorised access to your accounts and to make sure they are secure.

11.2 When your account is set up you will be asked to log on and set your own unique Customer ID.  We will also ask you to set up some security details such as your password and a memorable question and answer which you will require, together with your Customer ID, to operate your account on the online account manager.  Your Customer ID and these security details form your "security details".

11.3 You must not let any person other than your authorised signatories use your account security details and you must not share any of your security details with any other person. 

11.4 You must take all reasonable steps to keep your security details safe. Such reasonable steps will include the following:

  1. avoiding writing down your security details, but, if they are written down, keeping your security details somewhere where they cannot be accessed by anyone else;
  2. not disclosing your security details to any person other than your authorised signatories, not even a member of Masthaven Bank's staff;
  3. only entering your security details when asked to do so on our website;
  4. creating security details that are difficult to guess;
  5. making sure nobody can see your security details when they are typed;
  6. not allowing any software on any device used to access our website to "save password" in relation to your security details;
  7. not clicking on links in emails in order to access the online account manager as these could be inauthentic emails sent by fraudsters trying to obtain your security details;
  8. ensuring that you log out of the online account manager before leaving devices unattended; and
  9. being wary of calls or emails from senders pretending to be us - if you are in doubt as to the authenticity of a call or  email that appears to originate from us, contact us by telephone or through the online account manager (but do not click on any link contained in a suspicious email).

11.5 You must inform us immediately if you:

  1. know or suspect that someone other than your authorised signatories has access to your security details;
  2. suspect any fraudulent activity has taken place on or in relation to your account;
  3. lose, share or accidently disclose your security details; or
  4. suspect that any email address we hold for you has been compromised.

11.6 It is important to notify us immediately as it will help us to prevent unauthorised transactions being made from your account. Please use the contact details at clause 23 or our website If you do not inform us as soon as possible, you may be liable for the loss caused by any payment/transfer instructions received by us from an unauthorised person.

11.7 You must also ensure that any email address provided by you for use in relation to your account with us is only accessible by you and your employees and/or agents and that you keep your password for that email address secure. You are responsible for ensuring that any email address that we hold for you is protected from unauthorised attempts to gain access to the online account manager.

11.8 We may contact you if we suspect, or if you inform us, that your security details have been compromised, or where there has been any suspicious activity or transaction in relation to your account.

11.9 You must follow all instructions that we give to you which relate to the security of your account.  This includes all instructions in relation to how you access and use our website and the online account manager.

11.10 We may change the means by which you can access your accounts online from time to time and we will notify you by email/message of such changes.  Where possible, we will give you notice of these changes, but in some circumstances we will need to make changes to security arrangements without giving you prior notice. When this is the case, we will notify you afterwards as soon as we can.

11.11 You must access the online account manager using your security details and by no other means.

11.12 You are responsible for ensuring that you use up‑to‑date virus checking and firewall software on any device that you use to access our website or the online account manager.

11.13 You agree to indemnify us in respect of any losses or liability suffered by us arising from your failure to take the steps set out in this clause 11 or from any other failure by you to take reasonable steps to safeguard your account.


12.1 If you lose, disclose, or otherwise compromise your security details and, as a result, an unauthorised person gives us an unauthorised transaction instruction(s) in relation to your account, you will be liable for an amount up to a maximum of £50 for losses caused by the unauthorised transaction(s) subject to 12.2 below.

12.2 However, you will be liable for all of the loss where you and/or your employees and/or agents have acted fraudulently, or if you (including your employees and/or agents) have, intentionally or with gross negligence, either failed to keep your security details safe in accordance with clause 11 above, or otherwise failed to take all reasonable steps to keep your security details safe.  This is why you must inform us as soon as possible if you believe your security details have been compromised.

12.3 If you have notified us of the loss or unauthorised use of your security details, you will not be liable for any unauthorised payment instructions given after you have made this notification, unless you (or your employees and/or agents) have acted fraudulently.

12.4 Please contact us using our contact details set out in clause 23 as soon as you realise that your security details have been compromised.

12.5 In order to dispute or to claim compensation arising from a transaction that you do not recognise or which you believe to be unauthorised, you must notify us of your dispute or claim as soon as possible and, in any event, no later than 13 months after the date of the transaction.

12.6 You must take all reasonable steps to assist us, including by providing all relevant information requested of you, to enable us to pursue any action against third parties arising out of unauthorised transactions on your account.


13.1 You may not change the terms of these conditions without our agreement in writing.

13.2 The interest rate for your account will be fixed until the account matures.

13.3 We may make changes to these conditions for the following reasons:

  1. to comply with industry best practice, including fraud prevention practices;
  2. to respond to changes in law, regulation, guidance or decisions of the court, our regulators or the Financial Ombudsman Service;
  3. to make reasonable changes to respond to changes in the banking system;
  4. to comply with instructions, indications or guidance from our regulators or other relevant authorities;
  5. to make improvements to our services which are of benefit to you;
  6. to improve the security features of our services including the features of our website and the online account manager;
  7. to correct mistakes, ambiguities, inaccuracies or omissions where it is reasonable to do so; or
  8. to make these conditions easier to understand or fairer to you or to update these conditions from time to time so that all of our business fixed rate account customers are subject to the same conditions.

13.4 We may also make changes to our Fees and Charges Schedule in accordance with those terms.

13.5 Where changes we make to our agreement are favourable to you, we will notify you of these changes by email or letter.  Where possible, we will do this before the change takes effect.

13.6 Where changes we make to our agreement are not favourable to you, we will give you reasonable prior notice by email or letter.  What is "reasonable" notice will depend on the circumstances, such as how urgently we feel we need to make the changes and the effect that the changes will have on you.  Unless the circumstances require us to act more urgently, we will give you at least 30 days prior notice.


14.1 We may transfer our rights and responsibilities under this agreement to any person who has the relevant regulatory authorisations to carry out the necessary banking activities and undertakes to carry out all of our responsibilities under this agreement, but only where we reasonably believe that such person is capable of and will perform our responsibilities. The terms governing your account(s) will not be varied as a result of any transfer of our rights and responsibilities, save insofar as such variation is necessary to give sense to the agreement (e.g. variations to the contact details contained in clause 24 below). In these circumstances, you agree that we will be released from all of our duties and agreements under this agreement. We, or somebody on our behalf, will notify you by email or letter of any such transfer.

14.2 You may not transfer your rights or responsibilities under this agreement to any other person, create security over your account or transfer the ownership of your account to any person unless we agree that you can do so in writing.


15.1 This clause is about the information about you that we hold or obtain and how we are permitted to use that information.  This includes information that we receive from you directly, such as the information that you provide to us when you apply for your accounts with us, information that we learn from you through our relationship with you (such as how you operate your accounts), and information that we gather electronically from the technology which is used to access our services (such as your IP address and information on how you use our website including the online account manager). In this section ‘information about you’ and ‘your information’ will also cover information that we hold on persons connected with your business, such as beneficiaries, shareholders and/or signatories.

Providing services to you

15.2 We may use your information to set up your account, provide services to you under this agreement, and to manage your account on an ongoing basis.

Using your information to improve our services

15.3 We may use your information to improve our services to you and develop a better understanding of what our customers need from us. For example, we may use your information to look for trends in our customers' preferences and behaviours, as well as develop, test and review our products and services.

15.4 We may use your information to decide what other products and services that we offer might be suitable for you, if you have consented to marketing.

Communicating with you

15.5 We will use your personal details, such as your mobile telephone number, address and email address, to communicate with you regarding the services that we provide to you under this agreement and other agreements between us. You can change your options at any time by sending us a secure message when you log on and via the online account manager.


15.6 We may also use your information to offer you products or services where you have agreed that we may use your information for this purpose.  However, we will not share your information with third parties for marketing purposes.

15.7 If you have consented to receive marketing, you may opt out at a later date. You have a right at any time to stop us from contacting you for marketing purposes.

Sharing your personal information to other entities providing services

15.8 We may share your personal information with our third party service providers to assist us with providing our services to you.  For example, third party providers may help us to assess and process applications, to conduct background checks required to process your application or to manage our relationship with you.  These third parties process your personal information on our behalf or under our instructions. 

15.9 We may also share your information with our professional advisers who will be bound to keep such information confidential and use your information in accordance with the provisions of this agreement (such as our legal advisers).

15.10 We will take all reasonable steps to require all third parties with whom we share data under this clause 15 to treat your information carefully and not to, process, store or share your information in a manner that would not be permitted by this agreement or under applicable data protection law.

Merger or acquisition of our business

15.11 Where Masthaven Bank or its business is acquired by a third party, the information we hold about you will be transferred to that third party. We may also provide your information to a prospective investor or buyer of all or any part of our business.

Transfer of our rights under this agreement

15.12 If we transfer our rights and/or obligations under this agreement under clause 14 we will also transfer the information that we hold about you.

Group companies

15.13 We may also share your personal information with other companies in the same group as Masthaven Bank.

Recording calls, emails and other messages between us

15.14 We may monitor, record and store calls, emails or other messages (including messages sent between us through the online account manager).  We may use these records for training or quality control purposes.  We may also use these records in order to prevent unauthorised use of our telecommunication systems and website, ensure our systems operate effectively, prevent or detect crime, and protect your personal data.

Sharing your information to the authorities

15.15 We may share your information where required by law or regulations, or where requested by a law enforcement agency or by UK or overseas regulators.  We will also handover records of calls, emails and other messages between us on request to such agencies or regulators.

Fraud prevention

15.16 If we suspect that false or inaccurate information has been provided by you and fraud is identified or suspected, we may pass on details of this to fraud prevention agencies.

15.17 Law enforcement agencies may access and use this information.  Other organisations will also access and use information that has been provided to these agencies.  For example, organisations will access this information when carrying out background checks on job applicants and employees, checking applications, managing credit or other facilities and recovering debts.

Carrying out checks on you

15.18 We may share your personal information with third parties in order to carry out checks against you, such as fraud agencies, credit agencies and other third parties operating external databases to which we have access.  These checks may be carried out to check your identity, in order to prevent money laundering, to identify and prevent fraud, or for credit reasons.

Disclosure of information to tax authorities

15.19 We may disclose information about you to the relevant tax authorities. This may include disclosing information about you to foreign tax authorities (or to HM Revenue & Customs, which may in turn disclose your information to those foreign tax authorities).  In particular, if you are a US person we may have regulatory obligations to provide details about you and your account to UK and US tax authorities.

Where your information is stored and for how long

15.20 All information you provide to us is stored on our secure servers within the European Economic Area ("EEA").  We will only transfer your personal information to a country outside of the EEA where that country ensures an adequate level of protection for you information.

151.21 We will retain your personal information while you remain a customer and for a further period of up to seven years, subject to any relevant legal requirements.

Your right to access and correct information held about you

15.22 You have the right to access personal information that we hold about you. Please contact us using the details stated in clause 24 below if you wish to make such a request.

15.23 We want to make sure that your personal information is accurate and up to date. You may ask us to correct or remove information that is inaccurate.


If any money you owe Masthaven Bank (for example on loan or mortgage) is overdue for payment, we may use any money you have in any of your accounts with us to reduce or repay what you owe, by way of set off. We can use this right of set off against accounts which are in your sole name only but not where money is held by a limited company of which you are a shareholder, director or signatory. We will tell you at least 14 days before we exercise this right to set off. 


17.1 You must nominate one or more natural persons to act as signatories in relation to your account. We will inform you from time to time if there is a maximum number of signatories permitted in relation to a given account.

17.2 By nominating a person to act as a signatory, you warrant that he or she is authorised by you to instruct us in relation to the account.

17.3 We will only accept instructions in respect of your account from your authorised signatories. You must notify us immediately if you wish to change the identity of one or more of your signatories.

17.4 We may refuse to accept a person nominated by you to act as a signatory if we are not satisfied that the identity of that person has been established beyond doubt, if the person has been the subject of criminal or regulatory proceedings or investigation, or if there is any other substantial reason reasonably identified by us that would render the person unsuitable.

17.5 We will not be liable for any losses arising from the execution by us of valid instructions made by a signatory to the account or from your failure to inform us of a change in signatories. You agree to indemnify us against any losses or liability incurred by us in executing valid instructions made by a signatory to the account.

17.6 We may act on the instructions made by any one of your signatories in relation to your account.  For example, this means that if one of your signatories instructs us on what to do with your account balance when your account matures, we do not need to check with your other signatories.  Any one of your signatories will also be able to change the nominated account to which funds will be transferred.

17.7 If we become aware of a relevant dispute or disagreement between you and your signatories, or between your signatories, we may prevent you or the relevant signatories from giving us instructions in relation to your account until the dispute or disagreement has been resolved. For example, we may refuse to transfer your account balance to a nominated account on maturity if there is an ongoing dispute. Alternatively, we may require all of your signatories to jointly provide us with agreed instructions.

17.8 If we give notice or information to any one of your authorised signatories, you will be deemed to have received it at the same time as well.


18.1 We will aim to ensure a continuous service at all times, including the provision of our website and the online account manager.  However, we will not be liable where we fail to provide a service due to abnormal and unforeseeable circumstances beyond our control (or beyond the control of third parties acting on our behalf). These circumstances include (but are not limited to) where electrical hardware or software is subject to malfunction or where our services are disrupted by industrial disputes.

18.2 In addition, we will not be liable for any of the following:

  1. Loss of opportunity, profit, goodwill, or business;
  2. Losses caused by reasonable delays in our performance necessary to fulfil our obligations to you and to our regulators; or
  3. Any other loss (whether direct or indirect) that we could not reasonably have foreseen.

18.3 If we are liable to you for any losses due to an error made by us in carrying out your instructions to make a payment, in respect of an unauthorised payment in accordance with clause 12, or otherwise in respect of any payment made from your account, our liability will be limited to a maximum of:

  1. the amount of such payment;
  2. the amount of any interest and charges you have to pay directly as a result of such error; and
  3. the amount of any interest you would have been expected to receive had the error not occurred, assuming such interest would have been calculated at a reasonable market rate.

If we are liable we will refund the relevant amount without undue delay.

18.4 Nothing in this agreement should be interpreted as limiting or excluding our liability for any losses where such limitation or exclusion is prohibited by law.

18.5 There are also limitations to your liability for unauthorised transactions which are set out in clause 12 above.


19.1 Masthaven Bank Limited is covered by the Financial Services Compensation Scheme ("FSCS"). The FSCS pays compensation to eligible depositors where a bank is unable to meet its financial obligations to those depositors.

19.2 While most small businesses can benefit from cover by the FSCS, there are a number of exclusions.  Details of current exclusions can be found in the Financial Services Compensation Leaflet which can be downloaded from our website at:

19.3 Further information about the FSCS is available at or by telephone on the Freephone number 0800 678 1100 or on the landline number 020 7741 4100.


20.1 Information on our complaints procedure can be found at

20.2 If you feel that we have not met your expectations and would like to make a complaint, please contact us by using the contact details given at clause 23 below, calling our  telephone customer services line 0330 5552020 or by email [email protected]  We will aim to deal with your complaint as quickly as possible.

20.3 If we have been unable to provide you with a final response to your complaint within eight weeks of making your complaint to us, or we have responded to your complaint but you are not satisfied with our response, you may be able to refer your complaint to the Financial Ombudsman Service (“the FOS”).

20.4 The FOS is an independent organisation whose purpose is to resolve complaints where customers and financial businesses have not been able to resolve them between themselves. However, the FOS can only help certain businesses (e.g. ‘micro-enterprises’ and certain charities). The FOS will be able to tell you whether it can consider a complaint made by your business.

20.5 The FOS website is:

20.6 You can contact the Financial Ombudsman Service using the following contact details:


The Financial Ombudsman Service

Exchange Tower

London E14 9SR

Telephone: 0800 02 34 567

Email: [email protected]‑

20.7 If you entered into this agreement online, you can also make a complaint by using th European Union’s online dispute resolution platform accessible at


If any part of these conditions is deemed to be invalid or unenforceable, the other conditions will remain fully effective.


22.1 These conditions and all other aspects of the agreement between you and us are governed by English law. The courts of England and Wales will have exclusive jurisdiction in dealing with any legal disputes arising in connection with this agreement.

22.2 All of our communications with you and all other parts of this agreement will be in English.


If you need to contact us, this can be done in one of the following ways:

Email ‑ business[email protected]

Post – our address details can be found on our website
Telephone ‑ 0330 5552020

You can also contact us through the online account manager.