As of April 2025, Masthaven Bank has ceased its banking operations and no longer offers business or personal accounts. The bank announced its decision to withdraw from the UK banking market in February 2022, citing insufficient investment as the primary reason. Subsequently, it surrendered its regulatory licenses, sold its loan book and intellectual property rights, and entered Members Voluntary Liquidation on 15 November 2024.
Masthaven sold the company’s assets to to Andrew Bloom, changed its name to Genclose Limited www.genclose.com.
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FAQ
Yes, Masthaven is a proper bank. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority in the UK. The bank provides services such as savings accounts, digital banking, business banking and mortgage lending.
Opening a business account with Masthaven is easy and straightforward. All you need to do is visit the Masthaven website, fill out an application form, and provide evidence of your identity. Once all the documents have been submitted, your application will be reviewed and approved in no time. You can then start using the services provided by Masthaven.
Masthaven charges a range of fees, depending on the services you opt for. These include an account opening fee and transaction fees. Some accounts may also have a monthly maintenance fee or overdraft facility fee, so it is important to check the terms and conditions before signing up with Masthaven.
Masthaven offers a range of services designed to help businesses manage their finances. These include tailored loan solutions, merchant banking services, international payments and foreign exchange services. It also provides specialist corporate treasury advice and products such as savings accounts, current accounts and business mortgages.
Masthaven offers a range of payment methods for businesses to use. These include Direct Debit, BACS, Faster Payments and CHAPS. The bank also accepts credit cards, debit cards and PayPal payments for customers to make deposits and withdrawals. This ensures that businesses have the most convenient way of managing their finances with Masthaven.