The specialist bank plans to expand its savings solutions to help business customers as well as broaden its offering for retail customers to continue to meet their needs.

The announcements come as Masthaven celebrates its first anniversary since becoming a bank.

Over the past year the bank has opened 6,162 new savings accounts with £252.5m worth of savings, and an average account balance of £41,000.

Jon Hall, managing director of Masthaven (pictured above), said: “We've had a fantastic first year, with many notable successes to celebrate.

“As 2017 comes towards a close, we're delighted that our award-winning flexible term savings product has helped to deliver much-needed freshness to a savings market which is lacking in innovation.

“This has contributed strongly to over £250m successfully raised in retail deposits.”

During the past 12 months, Masthaven also received £425m of mortgage decision in principles and 1,239 applications with a value of £148.3m with 509 completions.

The specialist bank also completed 377 bridging loans amounting to £122.4m and provided a further £22.5m to 70 SME housebuilders over the past year.

Jon concluded: “I'd like to thank all our customers for choosing to bank with Masthaven, and our intermediary partners for supporting us during the past 12 months.

“A strong team culture sits at the heart of the bank and we're proud of the role everyone plays at Masthaven, all of which contributes towards our continued growth and everyday success.”