From today (12th September), business customers can save between £5,000 and £500,000 from six months to five years, while choosing exactly when their account matures through Masthaven’s option to ‘set your own term’, with rates for the one-year account offering 1.65%.

Simon Furnell, chief operating officer at Masthaven (pictured above), said that the launch of the business savings account would see it move towards becoming an SME bank, as well as a retail bank.

“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.”  

Simon highlighted that its SME customers would be able to personalise their fixed term and manage their maturity options online, meaning the customer would be 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,” Simon concluded.