At the moment, you can only close an Easy Access Savings account in the app.
To close your Easy Access Savings in the app, you can:
To close any other accounts, please contact us.
No, unfortunately we do not offer joint savings accounts.
No, we don’t charge fees for opening or managing your savings with us.
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.
No, you can only have one Linked Account at any one time for security reasons.
No, our accounts are for your personal savings and are not business or current accounts.
To find your statements:
Statements are in PDF format and are produced on the 15th of every month (excluding Fixed Term Deposit accounts which are generated annually or at the end of maturity). If you need these in a different format, please contact us.
No, we don't offer access to Monument from your desktop or computer.
We are an app-only bank, meaning you can only access your account through the Monument mobile app.
No, our accounts are designed for your personal savings, so we do not offer overdrafts. You cannot withdraw more than your account balance.
The interest rate is variable and may change on the following accounts:
If they change, we'll let you know by email at least two weeks before.
The interest rate on Fixed Term Deposit accounts are fixed and will not change once you've opened it.
If you are already a Monument client, you can see the interest rates in the app by tapping 'More' then 'Open a savings account'.
If you are not a client, please visit our savings accounts pages.
No, unfortunately you cannot pay a cheque into your Monument account.
You can only pay in money from your Linked Account.
Yes, 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.
You need to make the request before 3pm for a same day payment.
Interest is paid on the 1st day of every month.
For Fixed Term Deposit accounts which are 12 months or less, interest is paid at maturity.
For Fixed Term Deposits account which are more than 12 months, interest is paid every 12 months.
For Easy Access Savings, Notice Accounts, Limited Access Saver and Fixed Term Deposits, you can do this in the app:
For Easy Access Cash ISAs and Membership Saver Accounts, your interest can only be paid into that account and not your Linked Account.
To deposit money into your Monument savings account, you'll need to make a payment from your Linked Account.
To find your Monument savings account details:
When you make a payment from your Linked Account to your Monument account, you need to set it up to pay a personal account (not a business account) and then enter your full name as the payee. This is because you are sending money to your own personal account with Monument.
When opening a savings account with us, we’ll ask you to provide your sort code and account number of your personal UK* bank account. This is known as your Linked Account.
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.
We will only accept funds from your Linked Account, and we will only pay funds back to your Linked Account.
Please note you can only have one Linked Account at any one time.
*UK excludes Channel Islands and Isle of Man.
You can withdraw money to your Linked Account using the Monument app.
Withdrawals are typically instant, however sometimes they can take up to 2 hours depending on your provider. In some cases, it may take up until the end of the next working day.
To find your Linked Account details:
You can also change your Linked Account here.
When you set up a payment from your Linked Account to your Monument account, you need to set it up to pay a personal account (not a business account) and then enter your full name as the payee.
This is because you are sending money to your own personal account with Monument.
Most of the time immediately, however sometimes it can take up to two hours depending on your provider. In some cases, it may take up until the end of the next working day.
We will usually process your withdrawal using the Faster Payments Service (FPS).
If you want a guaranteed, same working day withdrawal, you can contact us to do a CHAPS payment. A fee applies to CHAPS payments, which we will let you know of in advance and this will usually be deducted from the funds being transferred.
If you send from a UK bank account that is not your linked account, we'll send the funds back to you. This usually happens within 30 minutes but may take longer to process.
To find your Monument sort code and account number:
Your sort code and account number is unique for each savings account you have with us.
£10,000 for our Easy Access Cash ISA, if this is the only account you hold with us.
£25,000 for all other savings accounts, you can spread this across multiple accounts.
If your balance falls beneath minimum balance requirement, we will ask you to “top up” your account. If you don’t, we may close your account and return any money to your Linked Account.
If your total savings balance falls beneath minimum balance requirement, we may ask you to add money to your account. If you don’t, we may close your account and return any money to your Linked Account.
The maximum you can hold with us is £2,000,000. This can be spread across multiple savings accounts.
If your total savings exceed this, we will contact you and we may decide to return some of your money to your Linked Account.
Yes, you can transfer in your existing cash ISA to Monument if your existing provider is on our accepted providers list.
You can see a full list of who we accept transfers in from here.
We don't accept transfers in from Stocks & Shares ISAs, Junior ISAs, Innovative Finance ISAs or Lifetime ISAs.
Cash ISA transfers in can take up to 15 business days, however we aim to complete it sooner than that. If it takes longer than 15 business days, we will contact you.
The minimum you can transfer in is £1,000.
The maximum you can transfer in will depend on how much is already held in your Cash ISA. The maximum you can hold across all of our accounts is £2,000,000. You can transfer in as much as you want into your Cash ISA, as long as you don't go over the £2,000,000 limit across all the accounts you hold with us.
Yes, our Easy Access Cash ISA is flexible which means you can withdraw and replace any amount in the same tax year without affecting your annual ISA allowance.
You'll start earning interest as soon as we receive your money from your existing cash ISA provider.
To transfer in your cash ISA to Monument:
You will then see the option to 'Transfer in from an existing cash ISA'. Tap on this and enter in the details of the Cash ISA you want to transfer in.
You can see a full list of who we accept transfers in from here.
We don't accept transfers in from Stocks & Shares ISAs, Junior ISAs, Innovative Finance ISAs or Lifetime ISAs.
Yes, but we can only process one transfer in request at a time.
If you'd like to transfer in money from more than one existing cash ISA, please wait for one request to be completed (we'll send you an email to confirm this) before starting a new transfer request.
No, we don’t charge fees for opening or managing your savings with us.
Yes, you can open a Cash ISA with Monument if you have one with another provider.
Please note that each tax year you can only save up to the annual ISA allowance (£20,000) in total across all your ISAs. It's your responsibility to ensure you don't exceed this allowance.
For example, you could deposit £2,000 into an ISA with another provider and deposit up to £18,000 in the same tax year into a Monument Easy Access Cash ISA.
You'll need to contact your new ISA provider to start this process. They forward the request to us on your behalf. Once we've received the transfer request from your new ISA provider, we'll send your money and the supporting information to them.
We'll restrict your account while we're processing your transfer, which means you won't be able to pay money in or out during this time.
The money in your account will continue to accrue interest up to the day we transfer it to your new ISA provider. If you transfer the full balance of your Easy Access Cash ISA, we'll close your account.
The transfer process should take no longer than 15 business days.
If you pay in more than your annual ISA allowance into your Monument Easy Access Cash ISA we will return the full payment to the account this came from.
The allowance used and allowance remaining displayed in your Monument Cash ISA only reflects the money held in an ISA with us. It doesn't take into account any other ISA accounts you may have with different providers.
£20,000 each tax year.
This is the maximum you can deposit into ISAs between 6th April and 5th April. This amount, set by HMRC, allows you to save tax-free within the set limit.
At the start of a new tax year (6th April), your allowance resets. Any unused allowance from the previous tax year cannot be carried over, meaning if you don’t use it, you lose it.
Your ISA annual allowance applies to all the ISAs you hold, including any you may have with other providers.
You can track your ISA allowance used in the Monument app. Please note this only tracks money you've deposited with Monument, it does not include any money you've paid into other ISAs.
A Cash ISA is a savings account where you can earn tax-free interest.
If you are 18 years old or over and a UK resident, you can apply and start to save up to the £20,000 ISA allowance (set by HMRC) each tax year without paying tax on the interest earned.
Your annual ISA allowance is the total you can pay each tax year into any ISAs you hold, including those with other ISA providers.
No, we only accept full balance cash ISA transfers in.
Both transfers in and out can take up to 15 business days.
Yes, the interest rate on your Easy Access Cash ISA is variable and may change. If we change the rate, we'll let you know by emailing you.
You may be able to cancel your request depending on how much progress has been made on your transfer. Please contact us as soon as possible if you wish to do this.
No, any interest payments paid to your Linked Account do not count towards your withdrawals made on Limited Access Saver accounts.
Your rate will drop by 0.5%. You can see the exact rate it will drop to in the Monument app by tapping on the Limited Access Saver.
If you make more than 3 withdrawals from your Limited Access Saver, the lower interest rate will apply for the remainder of the year.
The higher interest rate and lower interest rate on your Limited Access Saver are both variable and may change. If we change the rate, we'll let you know by emailing you.
When you make a withdrawal from your Notice Account, the app will calculate the required notice period. When you confirm the withdrawal the app will let you know the date the payment will be made.
The withdrawal will be processed once this notice period has been served. You can cancel the withdrawal at any time up to 11:59pm on the day before it is due to be processed.
To cancel a withdrawal request:
You can cancel your withdrawal request right up until 11:59pm on the evening before the withdrawal is due to be made.
You can choose your maturity option in the app 30 days before your Fixed Term Deposit is due to mature.
To choose your maturity option:
No, you can't withdraw your money for the duration of the fixed term period.
However, you can change your mind and cancel the account within the 14-day funding period, and we will return your money to your Linked Account.
At the end of the fixed term, you can choose to reinvest your money into a Monument savings product or withdraw it to your Linked Account. We will email you 30 days prior to the end of your fixed term for you to make a selection.
If you choose to reinvest, we offer a range of exclusive Loyalty products which have higher rates than those available for new clients.
Please contact us to reset your maturity option on your Fixed Term Deposit.
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