Monument Reaches New Growth Milestone: £2bn in Customer Deposits, Raising £1bn Within Four Months

Monument (or the “Bank”) proudly announces a significant milestone in its journey: it has reached £2 billion in customer deposits and interest-bearing assets, with £1 billion raised in just four months, from January to April 2024.

Monument is the only bank focused on serving the mass affluent in the UK and beyond. It is well-positioned with its ground-breaking technology, exceptional team, and well-capitalised backers. By employing modern technology and innovative service models, Monument achieves high customer satisfaction and cost-efficiency simultaneously. The bank has experienced significant growth, with deposits soaring by an impressive 993% in the last 12 months.

Monument’s dedication to the mass-affluent segment is exemplified through exceptional client service and products that help individuals grow and enjoy their wealth. To date, the Bank has grown its client base to over 30,000 clients, adding 200-300 new clients every day, with an average balance per client of over £60,000.

“Our ability to attract and retain clients with an average balance of over £60,000 each speaks volumes about the trust placed in Monument,” said Ian Rand, Chief Executive Officer of Monument Bank. “We are proud to cater to the needs of the mass-affluent segment while continuously evolving our offerings to meet their expanding financial requirements.”

Savers can open a savings account in under five minutes via the Monument app. As a UK first, the app offers in-app live chat, audio, and video calls with 90% of calls answered in less than 20 seconds. The app is also the first in the UK market to offer ‘co-browsing,’ allowing clients to share their screen with the UK-based client servicing team.

Monument is rapidly evolving its suite of financial products. Alongside its Easy Access Savings and Fixed Term Deposits with loyalty rates, last year Monument swiftly developed and launched a suite of Notice Accounts in just 12 weeks, following feedback from clients who wanted a comprehensive range of options to manage their savings in a way that works for them. Earlier this week, Monument raised its maximum deposit limit to £2m in response to client demand.

Ian Rand, Monument’s Chief Executive Officer, said: “Having hit our £1bn milestone in January, I’m thrilled to be able to announce our £2bn milestone just four months later. At Monument we’ve focussed on provided our mass affluent clients with exceptional service that they deserve. Our savings rates are some of the most competitive on the market, and while our clients may join us for our rates, they stay for the service. Looking ahead, we are focussed on continuing to lead and solidify our position as the pre-eminent leader in the mass affluent banking sector.”

The Monument app also provides clients access to Monument Lifestyle, a financial experience that goes beyond banking. Launched in 2023, it offers more than 35 services, serving as a life companion, catering to everything from life’s crucial matters to its most enjoyable moments.