An eight element, compact Ultra Wideband– Multiple Input Multiple Output (UWB-MIMO) antenna capable of providing high data rates for future Fifth Generation (5G) terminal equipments along with the provision of necessary bandwidth for Third Generation (3G) and Fourth Generation (4G) communications that accomplishes band rejection from 4.85 to 6.35 GHz by deploying a Inductor Capacitor (LC) stub on the ground plane is presented. The incorporated stub also provides flexibility to reject any selected band as well as bandwidth control. The orthogonal placement of the printed monopoles permits polarization diversity and provides high isolation. In the proposed eight element UWB-MIMO/diversity antenna, monopole pair 3–4 are 180° mirrored transform of monopole pair 1–2 which lie on the opposite corners of a planar 50×50 mm 2 substrate. Four additional monopoles are then placed perpendicularly to the same board leading to a total size of 50×50×25 mm 3 only. The simulated results are validated by comparing the measurements of a fabricated prototype. It was concluded that the design meets the target specifications over the entire bandwidth of 2 to 12 GHz with a reflection coefficient better than −10 dB (except the rejected band), isolation more than 17 dB, low envelope correlation, low gain variation, stable radiation pattern, and strong rejection of the signals in the Wireless Local Area Network (WLAN) band. Overall, compact and reduced complexity of the proposed eight element architecture, strengthens its practical viability for the diversity applications in future 5G terminal equipments amongst other MIMO antennas designs present in the literature.