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NEWS Masthaven Bank set for summer launch
Scott Thompson Senior Editor
The UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have awarded their first retail banking licence of the year.
loans and short-term financing, is rebranding as Masthaven Bank. The digital-only challenger is set to launch in the summer, backed by the billionaire Pears family. It will offer a range of fixed-interest savings products and will also provide specialist mortgages for UK borrowers, “who don’t necessarily fit neatly into the rigid and uncompromising rules of the big, established lenders.”
M
Jon Hall, Masthaven Bank’s Managing Director, says: “This is a hugely exciting time to launch a new retail bank in the UK. For too long, savers and borrowers have had to dance to the tune of the big banks. The Masthaven approach will be different, recognising that ‘no one size fits all’ and that everyone’s individual financial backgrounds and requirements vary.”
He claims that, by being flexible in technology and product design, the venture will enable savers to make financial choices which better suit their goals. “Most financial institutions offer savings products over a fixed period, whereas we will offer savings which allow customers to select maturity dates and interest rates that suit them. So, if someone is getting married in 19 months’ time, they can have a savings product that matures in 19 months’ time and earn a fixed rate of interest that reflects locking their money away for that length of time.”
asthaven Finance, which offers bridging
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