
Monmouthshire Building Society is a member-owned mutual based in Newport, South Wales. They’ve been helping people save and buy homes since 1869, making them one of the longest-standing building societies in Wales. As a mutual, they’re owned by their members rather than shareholders, and your deposits are FSCS protected up to £120,000.
They offer savings accounts, ISAs, fixed-term bonds, and mortgages. Their branch and agency network covers South Wales, and they also have a mobile app for managing your accounts on the go.
You don’t need an existing account with Monmouthshire to open the Regular Saver. It’s available to new and existing customers, with just £1 needed to get started. You can open it via the MonBS app or by visiting a local branch.
The Monmouthshire Regular Saver pays 6% on up to £500 a month for 12 months. That’s around £65 more than you’d earn in a standard easy-access account on the same deposits.
You can withdraw or close your account at any time without notice. Just bear in mind that withdrawn money can’t be re-deposited if you’ve already hit the £500 monthly cap. The 6% rate is variable, so Monmouthshire can change it with 14 days notice. Interest is calculated daily and paid at the end of the 12-month term.
No existing account needed. Download the Monmouthshire Building Society app to apply, or visit a local branch. Make your deposits before the 25th of each calendar month to ensure they count.
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Completed the offer? Awesome! Here's our full review on why Monmouthshire Building Society could work well for you going forward.
Monmouthshire Building Society is a member-owned mutual that’s been quietly looking after savers in South Wales for over 155 years. Based in Newport, they’re one of the few remaining independent building societies in Wales. Unlike shareholder-owned banks, every customer is a member with a say in how the society is run. That structure means decisions are made for savers, not for shareholders chasing quarterly profits.
Yes. Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by both the FCA and PRA (Financial Services Register Number: 206052). Your deposits are protected by the FSCS up to £120,000 per person, or £240,000 for joint accounts.
They’ve been operating continuously since 1869, making them one of the longest-standing financial institutions in Wales.
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.
6.00% AER (variable) on monthly deposits up to £500, paid at the end of the 12-month term.
Save up to £500 per month (£6,000 total), which is higher than many other regular savers on the market.
Your savings are protected up to £120,000 per person under the Financial Services Compensation Scheme.
Open with just £1 and no existing account required. Available to new and existing customers.
Withdraw your money or close your account at any time without notice or penalty.
Monmouthshire Building Society’s Regular Saver is a solid option if you want above-average interest on your monthly savings. The 6.00% rate and £500 monthly cap mean you can save up to £6,000 over the year and earn noticeably more than a standard easy-access account.
The main trade-off is the variable rate, which means the 6.00% isn’t guaranteed for the full 12 months. But the flexible withdrawal terms and low £1 minimum make it a low-commitment way to earn more on money you’re setting aside regularly.