What you need to know: Masthaven bank, an online-only bank started operating as an alternative to the conventional banks in the United Kingdom. The PRA and FCA granted the challenger bank’s license in April 2016. Masthaven Finance, a loan specialist, spawned the Masthaven Bank to offer customers the ability to choose interest rates and maturity dates, depending on their needs.
Why it is important: 2017 is a year for the UK to try out new banks. UK residents now have more options for their banking needs. Unbanked and under-banked consumers also have access to banks through Masthaven.
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