At Monument, we recognise that tireless work is a given, having it appreciated isn’t. That's why we often talk about client loyalty and why it should be rewarded rather than taken for granted.
When we launched Monument we made a commitment to reward our clients for their loyalty. Earlier this year we delivered on this with the launch of the Monument Loyalty Rate. In this short interview, we chat with Samantha Hopkins, our Head of Savings about the initiative. Here’s what she had to say:
“When we launched our range of savings products with competitive interest rates in 2021, we knew at the time that inflation was a real and growing feature of personal finance. For our valued clients, leaving savings in low (or no) interest bearing accounts made less sense than ever. At the same time, we started talking more about our promise to reward clients for their loyalty.”
“We built Monument to meet the needs of a community that deserved attention and recognition. Our purpose is to help them make the most of their time and their money; to help them appreciate their worth, and to build a worthy legacy. So, it’s important that we recognise the value of the time they’ve chosen to be with us.”
How does the Monument Loyalty Rate work?
"Our clients time is valuable, so we’ve stuck with a straightforward and uncomplicated way of rewarding them if they stay with us. It’s as simple as this: when a client rolls off their fixed rate, we’ll reward them with a rate that is higher than our current published rate,” explained Samantha.
Here’s an example that relates to a real interest rate published on 10 March 2023:
If a client rolled off their fixed rate on this date, we rewarded them with a rate of 3.95% if they reinvested in our 6 Month Fixed Term Deposit account. This compared to 3.85% offered to new clients on the same 6 Month Fixed Term Deposit account on this date.
How does a client secure their Loyalty Rate?
“It’s really simple, we give clients plenty of notice about their upcoming maturity and the options available."
If they would like to re-invest their savings with us and take up their Loyalty Rate, everything can be done via the app in a few simple steps,” explains Samantha.
Here’s how simple it is:
- We share with the client the Loyalty Rate options they can select from.
- They log into the Monument app.
- Select the maturing Fixed Term Deposit.
- Click on ‘Choose maturity options’. The client will see their Loyalty Rates here.
- Select ‘Place the balance in a new Fixed Term Deposit’.
“That’s it! There’s a few instructions the client will need to follow next to open their new account. After that, we take care of the rest.”