Masthaven Bank made a £5.4m loss in 2020

Mikki707

I followed the link regarding Fixed rate savings for 2yrs on the 5 Oct 21 MSE's Money Tips, and Masthaven Bank have a very good rate of 1.65% for 2 years. I have never heard of this bank so tried to find out a bit more about them.
So, on Masthaven Bank's website I read their financial reports stating a loss of £5.4m in 2020 and a loss of £4.6m in 2019. So, my initial thought is, yikes, perhaps I should not invest my lump sum of savings with them. I really don't think that it's normal for a bank to make a loss. 
Can anyone offer any insite regarding this bank? Or wisdom regarding my investment?

cattie

I've had an account with Masthaven for a couple of years now. As long as banks are covered by FSCS protection scheme for savings up to £85k, I see no reason to worry.

Banks can & do lose money from time to time, they are not immune to losses.

melbury

I have had fixed rate savings accounts with Masthaven for a few years now and no problems at all.  My current one matures next April and the only reason why I might leave them is if there are any banks offering a better rate.