Frequently Asked Questions

Below you can find answers to some frequently asked questions

Top FAQs

Why does my bank not recognise Monument when I tried to send money?

Your bank likely uses the 'Confirmation of Payee' scheme which allows you to verify if the account details you're sending money to match who you are expecting to pay.

We're aiming to be fully registered with the scheme in early 2024. Once we do, your bank will recognise Monument when you send money to your savings account.

You can start by sending a small amount first (e.g., £1) and wait for it to be deposited into your Monument savings account before sending any further money. Please ensure the account details you enter match those we provided in our welcome email. Your account details can also be found in your Monument app.

If you still have questions on this, please contact us securely using your Monument app or call us on 020 4524 8080.

What is a Linked Account?

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.

Do you offer joint savings accounts?

Unfortunately we do not offer joint savings accounts.

About Monument

Who is Monument?

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.

What's different about Monument?

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.

How do you reward loyalty?

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.

What career opportunities do you have?

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.

What is Monument's sustainability policy?

Monument Bank is committed to building a sustainable business and operating with environmental awareness.

Monument Bank commits to:

  • Minimise our impact on the environment
  • Constantly review and enhance our environmental and social performance
  • Regularly report on our environmental and social performance
  • Consult with our stakeholders on environmental and social issues.

We will do this by:

  • Ensuring we are compliant with all UK legal regulations and obligations
  • Striving to be efficient and effective in our use of natural resources, and wherever possible mitigate any environmental impact caused by our operations
  • Focusing on reducing energy, water, and resource consumption
  • Prioritising the prevention of waste generation by recycling and reusing wherever possible
  • Embedding an environmental awareness culture amongst our colleagues
  • Establishing environmental objectives and targets, and reporting on the progress on an annual basis
  • Establishing a sustainable procurement and vendor management policy which considers the social, economic, and environmental impacts of the goods and services we purchase.

Opening a savings account

Do I qualify for an account?

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.

How do I apply?

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.

What kinds of accounts do you offer?

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:

Easy Access Fixed Term Deposits Notice Accounts
Can Monument change the interest rate? Yes - the interest rate is variable and we can increase or decrease it. We will always give you at least 14 days' advance notice of any decrease. No - the interest rate is fixed for the term of the deposit. We cannot change the rate once you have opened your Fixed Term Deposit account. Yes, the interest rate is variable and we may increase or decrease it. We will always give you advance notice of any rate decrease.
Can I access my money? Yes - you have complete access to your balance. No - you cannot access your funds until the end of the fixed term. Yes – but only after you have given us notice to withdraw it.
How long is my money tied up for? It is not tied up – you have 24/7 access through the Monument app to withdraw funds. We have a range of fixed term deposits, from 6 months to 9 months. You need to be sure that you will not need access to your money before you open or reinvest in a fixed term deposit account. You may withdraw money from your account via the Monument app subject to the relevant notice period on your account.
How do I receive the interest I earn on my money? Your interest is calculated on a daily basis and paid monthly into your account. Your interest is calculated on a daily basis. Where the fixed term is 12 months or less, interest is paid on maturity. Where the fixed term is more than 12 months, interest will be paid annually. This will be specified in the summary box for the relevant Fixed Term Deposit. Interest can be paid to your Linked Account or added to your Fixed Term Deposit account. Yes, interest is calculated on a daily basis and paid monthly. The interest can be paid to your Linked Account or added to the same Notice Account.
Are there any charges for opening or keeping a savings account with you?

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.

Where do I find the Monument app?

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.

Using a savings account

How do I pay money into and withdraw it from my Monument Account?

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.

My circumstances have changed and I can no longer use the app. What can I do?

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.

Where will I find my statements?

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.

How do I change my personal details?

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.

What is a Linked Account?

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.

How do I change my Linked Account?

You can change your Linked Account at any time, provided we can verify the replacement belongs to you. Changes to your Linked Account may take up to 2 working days to complete and we may require additional evidence from you before making the change.

Please give us a call via the app and we’ll be happy to help.

When will my funds reach my Linked Account?

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.

Can I use my Monument account to send money to other people or pay my bills?

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.

Is there a minimum balance and what happens if I go beneath it?

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).

Is there a maximum account balance, and what happens if I go over it?

Yes – we have a maximum total savings balance of £400,000 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).

Is there an overdraft facility on your accounts?

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.

How can you help me if I am having personal or health issues, or I need help to manage my Monument accounts?

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.

Using the Monument App

Will the app work on my device and do I need to have a particular operating system installed?

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 14.0 and any smart phone that can run this version.

For Android, we support smart phones running Nougat 7.0 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.

Do I need to enable push notifications?

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.

Should I enable Face ID / Fingerprint recognition on my device to use the Monument app?

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.

How do I reset my pin?

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.

How do I install the app on a new device?

Please follow these steps to install your app on your new device:

  1. Download the app on your new device
  2. Select ‘Log in’ on the ‘Welcome Screen’ where we ask you if you already have an account
  3. Enter your e-mail address that you have used with us and follow the instructions on the screen

Please note, our app can only be installed on one device at a time.

Why is my Monument app not working on my device?

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.

How do I log out of the app?

To make our app as secure as possible, whenever the app is closed, goes into the background, or is idle for a short period of time, when you next open the app you'll be asked to sign in with biometrics such as Face ID or fingerprint recognition. If you do not have this enabled, you will be asked for your pin. This means you don't have to remember to log out after using the Monument app.

Help and support

What are Monument's opening hours?

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.

How can I contact Monument if I have any questions?

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.

How can I make a compliant?

We’re sorry to hear that things aren’t right. If you have a complaint, please contact us via:

  • In-app support: the most secure and convenient way to get in touch
  • Call us: 020 4524 8080
  • Email us: Send an email to complaints@monument.co. We’ll aim to respond as soon as possible.

Please visit our how to complain page to learn more.

How do I close my Monument Account?

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.

I need support with a bereavement, how can Monument help me?

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.

  • The first steps you will need to take are to register the death and get a death certificate.
  • If you’re the next of kin, executor, or a representative for the person, you can contact us using the details above.
  • We will ask you for some information about the account, proof of death (original or certified copy of the death certificate) and proof of identification of the person(s) dealing with the estate.
  • Once you have provided us with this information, we will let you know what the next steps are including any additional information or documents we require.

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

Monument Loans

Can I borrow through my Limited Company or Limited Liability Partnership?

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.

How many properties will you consider in a portfolio?

We don't have a ceiling on the number of properties – try us!

Can I refinance my loan?

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.

How much do your loans cost?

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.

Are there any other fees?

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.

Can I use my own solicitor?

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.

Will you lend to me against a UK property if I don't live in the UK?

At this time, we only plan to lend to UK residents and UK entities.

Does the property have to be ready to rent?

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.

What types of tenancy do you accept?

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.

What is the maximum level you will lend?

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.

Monument Lifestyle

What is Monument Lifestyle?

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.

What is Monument Lifestyle available to everyone?

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.

What services are available as part of Monument Lifestyle?

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.

How do I join Monument Lifestyle?

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.

How do I use Monument Lifestyle?

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.

Do I have to pay for Monument Lifestyle?

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.

I'd like my company to offer our services through Monument Lifestyle – how do I do this?

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.

How does Monument select providers to work with?

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.

Do you deal with portfolio landlords?

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.