Monument is a digital bank in the UK, targeting what it claims are the \u201cneglected mass affluent\u201d customers by offering them client services, savings accounts, wealth-tracking tools and lifestyle experiences.<\/p>
Monument is a UK challenger bank that received its UK banking licence in November 2021 and launched its first suite of savings products in 2022.<\/p>
However, Monument is a bit different to the likes of Monzo<\/a>, Starling<\/a> and Revolut<\/a>. That\u2019s because Monument is the first UK digital-only bank to target the \u201cmass affluent\u201d, which the bank defines as individuals with a net worth of between \u00a3250,000 and \u00a35 million.<\/p> The company argues that despite the digital banking boom in the UK, this customer demographic is currently \u201cunderserved\u201d and says it\u2019s designed to help professionals, entrepreneurs and ambitious savers grow their wealth. Media coverage has seen the bank dubbed \u201cMonzo for millionaires<\/a>\u201c.<\/p> If you are an existing Monument client, you can pay \u00a316.95 a month to become a Monument member \u2013 there\u2019s also a 1 month free trial.<\/p> Having membership means you can:<\/p> Monument is a fully regulated bank in the UK. That means your savings are protected \u2013 up to \u00a3120,000 \u2013 by the Financial Services Compensation Scheme<\/a>, just as they would be at a traditional bank. It also means that you have access to the Financial Ombudsman Service.<\/p> You can apply for the available Monument savings accounts via its app.<\/p>Monument membership<\/h3>
Is Monument safe?<\/h3>
How can I apply?<\/h3>
Customer service information for Monument<\/h3>
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