Masthaven Bank has announced it has reached over 10,000 customers in its savings division, just over 18 months after launching its first savings product.

The specialist lender gained its retail banking license in 2016. It offers a flexible term saver account which allows customers to determine precisely the day when their account will mature, with options ranging between six months and five years, as well as how and when the interest will be paid.

Simon Furnell, chief operating officer of savings at Masthaven, said: “Reaching this milestone is testament to our commitment to providing our customers with flexible products and personal service to meet their savings needs. We understand every customer has a unique set of circumstances, requirements and savings goals and are determined to respond innovatively with convenient solutions like our online maturity manager.

“We look forward to seeing our customer base increase further as we continually work to provide our customers with products and services that all help to improve the unique saving and banking experience with Masthaven.”