New challenger bank Masthaven has launched today with savings and lending products.
The new player says it is the UK’s only owner-managed challenger bank with a partnership model, which at launch sees 80% of employees already shareholders in the business. It will be majority-owned by founder and majority shareholder Andrew Bloom.
Its Flexible Term Saver savings account allows savers to determine when their savings account matures to the day – anytime between six months and five years. Designed for customers who may be saving for key events – such as the holiday of a lifetime, a wedding, or university fees – it offers rates based on Masthaven’s fixed-rate products but savers will have access to their money when they need it.
Masthaven, which has been a specialist lender since 2004, will launch into the mortgage market in early 2017.
At outset the bank is offering bridging lending and development finance to help SME housebuilders and self-builders.
Jon Hall, managing director of Masthaven, said: “Today marks the beginning of an exciting new chapter in our journey, and I am delighted to open the digital doors of this fantastic new challenger bank. We know everyone has different financial needs and that’s why we are providing products that our customers want, not just products that banks have always had available.
“Our unique blend of human digital banking combines intelligent people who really care, with technology to ensure both customers and brokers can interact with us in the way that suits them. We are proud to be part of the banking revolution – looking beyond convention to give individuals what they want from their bank.”
Simon Kirby, economic secretary to the Treasury, said: “We want our financial services industry to be the most competitive and innovative in the world, delivering greater choice and value for customers. New digital banks entering the market are a key part of this vision and help to cement the UK’s leading position as a global FinTech hub. I am delighted that Masthaven is now open for business and look forward to seeing it flourish as a new player in retail banking.”
Bloom added: “We are determined to help more people access financial products that will truly meet their needs. We have established a fantastic and dedicated team of experts to get the bank to launch and we are now very much looking forward to working with customers and brokers to show them what we have created.
“As we look forward, there are many new opportunities for businesses like ours to evolve and grow and support more people in the future.”
