Masthaven accounts reviews
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Masthaven Current Account Reviews
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Is Masthaven considered a reputable bank?
Being one of the newer digital banks, in 2020, Masthaven was named the Most Innovative Digital Retail Bank, the Best Customer-Centric Use of Financial Technology, and was awarded Feefo’s Platinum Trusted Service Bank.
Is Masthaven Bank covered by FSCS?
Yes, meaning up to £85,000 of the money you deposit in one of their accounts will be protected by FSCS (the Financial Services Compensation Scheme).
Does Masthaven have branches?
No, Masthaven bank is a digital bank with all banking activities taking place online.
If you prefer to do your banking in person, this may not be the bank for you, though you can always speak to a Masthaven Bank advisor by phone.
How long does it take to set up a bank account with Masthaven?
Given that Masthaven is a digital bank, the process is carried out via online forms. Once you’ve completed the form, you can be approved for the likes of a savings account within just a matter of minutes.
Does Masthaven offer a current account?
No, Masthaven offers savings accounts only. Therefore, if you’re looking for a day to day account for your salary and bills, this may not be the right bank choice for you.
What type of savings accounts do Masthaven offer?
Masthaven provides both personal and business savings accounts.
When setting up a savings account Masthaven asks you for your saving goal figure and the time frame you’d like to achieve it in, in order to suggest the best account for you.
What do I need to open up a Masthaven bank account?
This process can be done online. It requires:
- Your address and postcode
- Your email address and mobile number
- Your bank or building society account details (must be UK based)
How many business savings accounts am I allowed to open with Masthaven?
Each business is allowed to open up to four business savings accounts. The combined value of these accounts cannot exceed £1,000,000.
The director or shareholders of the business must be permanent residents of the UK to open a business savings account.
What savings interest rates are offered by Masthaven bank?
The current interest rate (1 year fixed term) for personal savings is 1.39% AER.
Over the past five years, the 1 year fixed term interest rate has sat between 0.05 and 2.05% AER.