Masthaven is broadening its savings product range to offer business savings accounts as the bank expands its presence as a specialist lender.

From 12 September 2018, business customers can save between £5,000 and £500,000 from 6 months to 5 years, choosing exactly when their account matures through Masthaven’s option to ‘set your own term’. Rates are highly competitive with the 1 year account offering 1.65%.

Designed to help small and medium-sized firms put money away for tax bills, new equipment or a rainy day, the new product suite strengthens Masthaven’s position as an expansive specialist Bank, according to the bank’s Chief Operating Officer, Simon Furnell.

“The launch of business savings sees us move toward becoming an SME bank as well as a retail bank,” he said.

“Since we launched in 2016, we’ve welcomed over 13,000 new savings customers to the bank, and now we are extending our savings range to welcome businesses who prefer to bank differently.”

“Just like our savings accounts, our business savings proposition is competitive, innovative, easy to use, online and backed by our experienced savings specialists.  Our SME customers will be able to personalise their fixed term and manage their maturity options on-line, meaning the customer is able to choose and manage a product to fit around their needs quickly and efficiently.”

“Our business customers won’t all be the same – they’ll be living, breathing organisations, which is why our product blends technology and human experience to deliver a nuanced product that meets their needs.”