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28 November 2016

New Savings Account From Masthaven Lets Customers Decide Their Own Savings Term

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Today, Masthaven – the new challenger bank – launches a suite of competitive savings products, including a savings account that allows UK savers to set their own fixed term end date, to meet their savings goal.

The Flexible Term Saver account challenges banking convention by allowing people to decide the date when their savings account matures. The combination of competitive rates and ease of use means savers can take advantage of a fixed term rate over a timeframe that suits their lifestyle.

Designed to help savers meet their short or long-term goals - whether that’s a holiday or wedding anniversary or a future event such as university fees or house deposit - customers can use a sliding scale to pick any date between six months and five years to create their personalised fixed term end date. They can also decide whether they prefer to receive interest annually or monthly.

Savers who prefer traditional terms can opt for one of Masthaven’s four fixed term products (1, 2, 3 or 5 years) with annual or monthly interest options:

Product terms

Launch rates

1 Year

1.35%

2 Year

1.53%

3 Year

1.61%

5 Year

2.01%

Interest can be paid annually or monthly


Jon Hall, Managing Director, Masthaven, said: “We’ve been providing a flexible and personalised approach to lending since 2004, and we’re now bringing that expertise to retail banking. Using smart technology, our digital platform takes savers from opening an account to earning interest in just minutes. Our Flexible Term Saver account challenges traditional savings product conventions by allowing customers to decide their own term. We hope it marks the start of a savings revolution that sees other providers think ‘customer’ rather than ‘product’ first.”

Masthaven launched a suite of competitive savings products including a new savings account as it launched as a new retail challenger bank in November 2016 and generated multiple news stories including Daily MailDaily ExpressYour Money and Aol.