Below you can find answers to some frequently asked questions
When opening a Monument savings account, we’ll ask you for details of a personal UK* bank account in your name. In certain circumstances, we may be able to accept an account held with a UK* electronic money institution (known as an e-money account) as a Linked Account.
This account is your Linked Account. We will only accept funds from your Linked Account, and we will only pay funds back to your Linked Account.
*UK means England, Wales, Scotland and Northern Ireland and does not include the Channel Islands and Isle of Man.
Unfortunately we do not offer joint savings accounts.
Monument is a bank that appreciates there’s always more to come. Where others value only what you have, we see you for what you’re truly worth. Visit our About us page to learn more.
By definition, we are a bank. But we aspire to be much more. And we truly care about our service, which is built on one belief: as a Monument member, your time is worth more than ours. Our technology also helps. It makes the complex effortless, but never replaces the value of our relationship with you.
Your loyalty will never be taken for granted, and we’d love the opportunity to earn it.
If you have a Fixed Term Deposit and decide to reinvest with us at the end of your term, we’ll give you a higher rate than what we are offering new clients at that time. That's our way of saying thank you.
Monument Bank is growing. And new opportunities are opening up all the time. Get in touch with our Head of People or see our careers page if you would like to join.
Monument Bank is committed to building a sustainable business and operating with environmental awareness.
Monument Bank commits to:
We will do this by:
You must be UK resident and at least 18 years old to open an account with us.
You must also have a personal account with another UK bank, in your name, that you can use to move funds to and from your Monument account.
We do not offer joint accounts.
Our savings accounts are all offered and managed online. You’ll need to download and use the Monument app to register, apply for and then use your Monument account.
We will ask you for some personal information which we use to verify your identity, to prevent fraud and money laundering, and to meet regulatory requirements. We do this by sharing your information with fraud prevention and other agencies – more detail can be found in our privacy notice.
We provide a range of accounts including Easy Access Savings account and various Fixed Term Deposits and Notice Accounts. The core differences between our two types of savings account are:
No – we do not charge you anything for opening and using our savings accounts day to day.
If you want to make a guaranteed same day payment from your Monument Account, or to withdraw more than £250,000 in one transaction, you can ask us to use the CHAPS system and a charge will apply for each transaction you make.
Please search for Monument in the App Store or in Google Play Store. Please do not use any other source, as these are likely to be an attempt to obtain your personal information, defraud you, or to damage or infect your device with a virus or other malware.
When you apply for an account, you’ll be asked to “link” it to another UK bank account in your name. We call this your “Linked Account”.
You will be given a sort code and an account number for your Monument account which you can use to make electronic payments into your Monument account from your Linked Account.
When you want to withdraw money from us, you can do that through the app and we will send it to your Linked Account.
We will only accept money from your Linked Account, and we will only pay your money to your Linked Account.
You can only pay in or withdraw money electronically via your Linked Account – we don’t accept (or provide) cash, card or cheque transactions.
If you are having trouble using the app due to visual impairments or other reasons, please contact us and we’ll be happy to help.
Your account statements will be available for you to view and download from the ‘My Documents’ section of the app. If you have any problems in finding or downloading them, or you need them in a different format, please contact us and we’ll be pleased to help.
If you change any of your personal details, including your contact details, if you move away from the UK, or become responsible to pay taxes in a different country, you must inform us at the earliest opportunity.
You can contact us via the app (live chat, in-app voice or video call) or call us on 020 4524 8080.
When opening a Monument savings account, we’ll ask you for details of a personal UK* bank account in your name. In certain circumstances, we may be able to accept an account held with a UK* electronic money institution (known as an e-money account) as a Linked Account.
This account is your Linked Account. We will only accept funds from your Linked Account, and we will only pay funds back to your Linked Account.
*UK means England, Wales, Scotland and Northern Ireland and does not include the Channel Islands and Isle of Man.
You can change your Linked Account at any time in your Monument App following these steps:
If you are having any issues updating your Linked Account, please contact us.
We will usually use the Faster Payments Service (FPS) to move funds into and from your Monument account via your Linked Account.
This service operates 24/7 and money sent by FPS should usually be received by your Linked Account provider immediately, but dependant on your provider, could take up to 2 hours and potentially up until the close of the next working day. FPS transactions are not guaranteed to reach your account the same working day and has a limit of £250,000.
If you want to move larger sums, or require the funds to be guaranteed to reach your account the same working day, you can ask us to send your funds by CHAPS. A fee applies to CHAPS payments which we will inform you of in advance and will be deducted from the funds being transferred.
No – our accounts are for your personal savings and are not business or current accounts. We will only send money to your Linked Account, or to other Monument savings accounts you may have.
Yes - we ask our clients to hold at least £25,000 in savings with us.
We offer a range of different savings accounts, so if you have over £25,000 in total with us you will meet the minimum balance requirement. If you are applying for your first Monument savings account, then you will need to deposit at least £25,000 when opening that account.
We appreciate this may be built up over a short period (although for our Fixed Term Deposits there is a 14 day funding period – please refer to the detailed Fixed Term Deposit Terms).
If your total savings balances are or fall beneath £25,000 we will ask you to “top up”, and if you don’t, we reserve the right to close your account(s) and return any balances to your Linked Account(s).
Yes – we have a maximum total savings balance of £2,000,000 per client. If your total savings exceed the maximum we will contact you, and we may decide to return some of your funds to your Linked Account(s).
No – our accounts are designed for your personal savings, so we do not offer overdrafts. You will not be able to withdraw more than your account balance.
We will do what we can to ensure that, in difficult times, managing your finances with us does not add to any stress or challenges you may be facing.
In some exceptional circumstances we may allow you to withdraw from or close your Fixed Term Deposit before the end of the fixed term.
If you have or are thinking about appointing a Power of Attorney over your financial affairs, we can explain how to make that process as easy as possible for you.
If you would like to discuss any of the above or if there is anything else you’d like to let us know, you can give us a call on 020 4524 8080 to discuss this right away. Alternatively you can contact us via live chat or email in the Monument app and we will arrange an appropriate time to call you back.
We will be happy to listen and suggest how we may be able to help.
Our app operates on most iOS and Android smart phones. We recommend that you always keep your smart phone’s operating system up to date by allowing or downloading the updates that your operating system or network provider release from time to time. Failure to keep your smart phone up to date may compromise your use of the Monument app, or prevent our notifications from reaching you.
For iOS (Apple), our minimum supported iOS version is 15.0 and any smart phone that can run this version.
For Android, we support smart phones running Nougat 8.0 and later that have access to Google Play.
Our app can only be installed on one smart phone at a time. Information on how to install the app on a new device can be found below.
We do not recommend using the app on a tablet device.
We strongly recommend that you allow push notifications when the Monument app prompts you to do so. We use push notifications, alongside SMS and email, to keep you informed about your account activity. Push notifications hold important information personal to you and your account, so consider whether this type of notification is suitable for you. We won’t send marketing information to you unless you have given permission to do so, which you can withdraw at any time.
For security reasons, we strongly recommend you do. It is also important that you only have your own biometric details registered on your device. Please read our General Savings Terms which contains some specific requirements to ensure that your use of the app remains and secure. Please contact us if you have any questions.
We strongly recommend that you use biometrics to authenticate when entering the Monument app. However, if you prefer to use your pin and you have forgotten it, click ‘forgotten your pin’ on the login screen and follow the instructions on the screen.
Please follow these steps to install your app on your new device:
Please note, our app can only be installed on one device at a time.
Your Monument Bank app might not be working for several reasons including an old device that we cannot support, scheduled maintenance time or that you have not updated your app in a long time.
Please make sure you have downloaded the latest app update and contact us so we can resolve your problem as soon as possible.
We’re available 9am-6pm Monday to Friday, closed Saturday, Sunday and bank holidays. If you need to get in touch when we’re offline, send us an email and we’ll get back to you as soon as we can.
You can contact us in whichever way is most convenient for you including the Monument app, by email on service@monument.co or by telephone. For more information, please refer to our contact us page.
We’re sorry to hear that things aren’t right. If you have a complaint, please contact us via:
Please visit our how to complain page to learn more.
We would be sorry to see you go, but you can close your Easy Access Savings account at any time by contacting us through the Monument app or by email on service@monument.co.
Where you have opened a Fixed Term Deposit, you have agreed to keep your funds with us for the duration of the term, so you cannot close your account before the end of the term.
If you’ve lost someone, it may be a struggle to know what steps you need to take next. The steps below are provided to assist you through this difficult time but if you would like to discuss this in more detail, please call us on 020 4524 8080 or alternatively send an email to service@monument.co and we will arrange an appropriate time to call you back.
It’s important to get support during this difficult time. There are various organisations available to support you and your family following a bereavement. Here are some organisations to provide additional support:
Cruse Bereavement Care - https://www.cruse.org.uk/
Help with understanding and coping with grief following the death of someone close.
Citizens Advice - https://www.citizensadvice.org.uk/
Free legal advice and support.
Gov.uk - https://www.gov.uk/when-someone-dies
What to do when someone dies: Step by step
Yes – in fact, that’s the area we’ll specialise in and we’ll be happy to provide buy to let and bridging loans (subject to status and meeting our criteria) to UK property investment vehicles (SPVs) and UK incorporated partnerships who solely invest in property.
We don't have a ceiling on the number of properties – try us!
Yes, and we will allow equity release to help you build your portfolio further, or to assist you with a number of financial needs, as well as providing term loans to purchase additional buy to let property.
We provide buy to let loans on initial fixed rate terms of 2 and 5 year terms with an arrangement fee (which can be added to the loan in most cases). The first repayment may be slightly higher or lower, followed by equal instalments every month within the fixed rate period.
Yes. there are Valuation and Legal Costs. Where possible we will provide multiple quotes for you to choose from, and we will not ask for any money to cover these fees until we have provided you with an offer letter and you confirm you want to go ahead.
On occasion, the valuation report or the solicitor might recommend additional reports (for example an environmental report) or indemnity insurance, but we will always tell you as soon as we are made aware and always provide a choice of provider where possible.
And that’s it: provided you are within your loan terms, we do not charge any other fees – including for loan related Chaps payments, drawdown, or any other administration fee.
In some cases we can use your solicitor to act on our behalf and we’ll consider this as part of our underwriting process. Where we can, we will also provide the option of using our panel solicitor to act both for you and for us. This can assist with a swifter transaction but is not appropriate in every case and we always provide you with the option of separate representation.
At this time, we only plan to lend to UK residents and UK entities.
Usually yes – to make our lending decision we’ll look at the property condition, readiness for occupation and the rental market in the area. If the property is not yet ready you can talk to us about a bridging loan which can subsequently convert to a buy to let loan.
Generally, we require standard Assured Shorthold Tenancies on single let. However if you have a different type of tenancy agreement in place, do contact us and we will let you know as soon as possible if that might be acceptable.
All lending is based on status and subject to credit approval but typically we can provide up to £3m per client as a single loan, with a maximum level of 75% LTV, which can include multiple properties. We will review the maximum level in the future, so we can grow with you.
Yes, and this is a key focus for us. But we will also deal with smaller landlords, and even first-time buy to let investors.
Monument Lifestyle offers access to 35+ handpicked services delivered by Monument’s trusted partners. Monument’s role is to identify these partners and negotiate preferential deals intended to help you make the most of your time and money.
Yes - to use Monument Lifestyle and to qualify for any benefits associated with the services, you simply need to be a UK resident, be at least 18 years old, and satisfy our due diligence checks.
Monument Lifestyle includes a growing selection of services demonstrating the breadth of what we hope to offer over time.
The current collection includes services to help you address your day-to-day, health, family, lifestyle, property, and career needs. We are always looking to expand the collection, and intend to do so during the trial period.
We welcome your suggestions of new services that you believe would be useful to you and those like you. Please send your suggestions via email to membership@monument.co. One of the team will be in touch.
You’ll need to download and use the Monument Bank app to join. Membership applications take just a few minutes, and no credit card details are required at the moment.
Once you’ve found Monument Lifestyle in the app, tap “Apply for Membership”. We’ll ask you for some personal information to verify your identity and to help us introduce you to our trusted partners. More detail can be found in our privacy notice.
If your application is successful, you’ll find Monument Lifestyle on the app homepage. Search “Monument Bank” in the App Store or Play Store to get started.
You can access Monument Lifestyle through the Monument app. To browse the collection tap “View Services” if you have already registered or “Explore Monument Lifestyle” if you haven’t.
To view the details of each service, click on the image or service name. You can switch between partners by swiping right on the partner logos. Each screen has instructions explaining how to redeem your Member offer.
Whilst your membership is currently free, we may charge a membership fee in the future. If this happens, we will give you at least 30 days prior notice in accordance with our terms and conditions. In addition, you will of course have to pay our partners for any of their services you use.
There is no obligation for you to continue your membership if we introduce a membership fee and you may cancel your membership at any time in accordance with our terms and conditions by contacting us.
Wonderful to hear that you would like to explore the opportunity to offer your services on Monument Lifestyle. Please send your contact information and details about your services via email to membership@monument.co. One of the team will be in touch.
We look for partners who demonstrate expertise, and offer something interesting and relevant to our community. We also make sure they align to our brand and values. We’re as interested in working with growing companies as we are established brands, so we can offer diversity and choice to as many of our Members as possible.
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