Monmouthshire Building SocietyRegular Saver (6.0%)
£65 Free Cash
Value
£65
Monmouthshire Building Society is a member-owned mutual that has been looking after savers in South Wales since 1869. Based in Newport, it's one of the few remaining independent building societies in Wales, with 250 staff and total assets of £1.72 billion as of April 2025.
Founded
1869
157 years old
Live offers
1
Worth £65
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Firm Reference Number 206052). Your deposits are protected by the Financial Services Compensation Scheme up to £120,000 per person, or £240,000 for joint accounts.
Monmouthshire Building Society at a glance
A small Welsh mutual that's been doing the basics well for over 150 years, mostly known these days for a competitive regular saver. Quidsy lists the current Regular Saver as a quick win for anyone who can spare a bit each month. Best for slow-and-steady savers happy banking by app. Heads up: the rate is variable.
Updated:
Current Monmouthshire Building Society offers
Review notes· 5 min read
Monmouthshire Building Society details
Monmouthshire Building Society is a member-owned mutual that has been looking after savers in South Wales since 1869. Based in Newport, it's one of the few remaining independent building societies in Wales, with 250 staff and total assets of £1.72 billion as of April 2025.
Unlike shareholder-owned banks, every customer is a member with a say in how the society is run. That structure means decisions get made for savers, not for shareholders chasing quarterly profits. The society's last set of results showed customer satisfaction running above 95% for most of the year, which is the sort of number you'd expect from a community-focused mutual that knows most of its members by name.
Worth considering if you want a competitive savings rate from a smaller, community-focused lender rather than a large high-street bank. The Regular Saver is open to anyone who can spare £1 to £500 a month, no existing relationship required.
Just bear in mind the branch network is concentrated along the M4 corridor in South Wales plus a branch in Brecon, so you'll handle most things through the MonBS app. Not available if you live in Northern Ireland.
Is Monmouthshire Building Society safe?
Yes. Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by both the FCA and PRA (Firm Reference Number 206052). Your money is protected by the Financial Services Compensation Scheme up to £120,000 per person, or £240,000 for joint accounts, in the unlikely event the society fails.
It's one of the longest-standing financial institutions in Wales, operating continuously since 1869. The most recent results (year ending April 2025) showed a 61% jump in post-tax profit to £3.7 million and total assets of £1.72 billion, which suggests the business is in good health.
As of May 2026, there's no record of any FCA fine or enforcement action against Monmouthshire on the public register.
The one public remediation episode was a 2018 mortgage arrears review. The Society had been calculating mortgage monthly payments on balances that included arrears, where FCA guidance from 2010 said arrears should be tracked separately. They corrected this in January 2018 and refunded affected customers in line with the FCA guidance. No fine attached, no formal enforcement, and the Society publishes the details on its remediation page.
As with any UK savings account, the FSCS limit applies per person per banking group, so if you already hold more than £120,000 with Monmouthshire across other products, the excess wouldn't be covered.
Who is Monmouthshire Building Society for?
Savers who want a competitive regular saver rate from a building society that puts members first. The £500 monthly deposit cap is generous compared to many competitors, and the £1 minimum makes it accessible to anyone.
If you prefer dealing with a smaller, community-focused institution rather than a large high-street bank, Monmouthshire is worth considering. Just note that their branch network is concentrated in South Wales, so you’ll mostly manage your account via their app.
What does Monmouthshire Building Society do?
Regular Saver at 6.00% AER
Their headline savings product. Save up to £500 a month for 12 months, variable rate, interest paid at the end of the term.
Mortgages along the M4 corridor
Residential, buy-to-let and intermediary-channel mortgages, with a focus on Wales and the West of England.
Member-owned mutual since 1869
Customers are members, not shareholders. Profits get reinvested into rates and services rather than paid out as dividends.
Branch network across South Wales
Branches and agencies from Chepstow to Swansea plus Brecon, useful if you like talking to a person about your money.
MonBS app for everyday banking
Open accounts, view balances and manage payments on mobile. Desktop web banking isn't available for new account opening.
Pros and cons
What stands out
4 pros- 6.00% AER on the Regular Saver with a generous £500 monthly cap (most regular savers limit you to £200 to £300).
- FSCS protection up to £120,000 per person, the same protection you'd get at any high-street bank.
- Open with just £1, no existing account or relationship needed.
- Withdraw or close at any time without notice or penalty.
Worth knowing
5 cons- The Regular Saver rate is variable, so it can change with 14 days' notice during the 12-month term.
- Branch network is concentrated in South Wales, so face-to-face support is limited if you're elsewhere in the UK.
- Not available to residents of Northern Ireland.
- You can only open the account via the MonBS app or in branch, no desktop web application.
- If you withdraw money mid-term and you've already paid in £500 that month, you can't re-deposit it until the following month, in line with the monthly cap.
For the Regular Saver, yes, if you've got money you can drip-feed in each month. The 6.00% rate paired with the £500 monthly cap means you can put away the full £6,000 over the year and end up with about £6,194, which is a tidy bit more than you'd earn in most easy-access accounts at the same time. The £1 minimum and flexible withdrawals make it pretty low-commitment, so there's not much downside to giving it a go.
The main thing to keep in mind is the variable rate. 6.00% isn't locked in for the full 12 months and the society can drop it with 14 days' notice if the market shifts. Worth checking your account every couple of months to see whether the rate still beats what's available elsewhere.
Beyond that, it's a small Welsh mutual doing what mutuals are supposed to do: pay a competitive rate, treat members like members, and stay out of the FCA's bad books. If you like the idea of supporting a community-focused lender that's been around since the year Tolstoy finished War and Peace, it's an easy yes.
Monmouthshire Building Society FAQs
Monmouthshire makes its money the traditional building society way: it lends to homebuyers and businesses at one rate, pays savers a lower rate, and keeps the margin in between. Their 2024-25 results reported £3.7 million in profit on £1.72 billion of assets. As a mutual, profits get reinvested into rates, services and the branch network rather than paid out as dividends to shareholders.
If you pay in the maximum £500 each month from the day you open the account, you'll end the 12-month term with a closing balance of around £6,194.55, so about £194.55 in interest on top of your £6,000 of deposits (as of May 2026, based on the headline 6.00% AER variable rate). Pay in less, or start later in the month, and you'll earn proportionally less.
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