Blower will join Masthaven from Harrods Bank where he was responsible for setting up the savings business. He also worked as the first savings director for Shawbrook Bank where customer deposits grew from £900m to over £2.1bn in 17 months under his leadership.

Further to this, Blower set up Clydesdale Bank International which operated as a specialist offshore savings business for National Australia Bank.

Last month, Masthaven announced that it had applied for a banking licence and revealed plans to offer specialist mortgages and savings products by the summer of 2016.

The lender which currently specialises in bridging and secured loans will have an online-only remit.

Blower said he looked forward to working on a proposition that provided an alternative to the ‘one size fits all’ approach of high street lenders.

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Jon Hall, managing director of Masthaven Bank, said: “We are delighted to welcome James, whose record in providing attractive and valued savings products and services speaks for itself. As head of savings James will be key to delivering Masthaven Bank’s flexible approach which will enable savers to make financial choices which better suit their goals and easily access a range of competitive online fixed-interest savings products.”