+£65
Regular Saver (6.0%)17 mins
Monmouthshire Building SocietyRegular Saver (6.0%)
£65 Free Cash•17 mins
£65 Free Cash
+£65What is Monmouthshire Building Society?
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.
Launched
1869
Customers
70k+
Key Terms
Profit
+£65
Interest rate
6% AER
(variable)
Monthly depositUp to £500
Term12 months
Total max deposit
£6,000
(12 × £500)
Eligibility: UK residents (excludes Northern Ireland)
Withdrawal terms: Withdraw your money or close your account at any time without notice. Any money withdrawn can’t be re-deposited that month due to the monthly deposit limit.
Step by Step Guide
Chris's overview
Optional·2 min read
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 Just bear in mind that withdrawn money can’t be re-deposited if you’ve already hit the £500 monthly cap.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.
1
Open a Monmouthshire Regular Saver
10 mins
- Download the Monmouthshire Building Society app from the App Store or Google Play
- Open a Regular Saver account — you’ll need a minimum of £1 to get started
- The account must be funded within 30 days of opening or it will be closed
- Your 12-month term starts from the date Monmouthshire receives your first deposit
2
Make your first transfer
5 mins
- Transfer your chosen amount (up to £500) into your new Regular Saver
- You can transfer via electronic payment from any UK bank account, post a cheque, or pay in at a branch
- Your deposit starts earning interest immediately at 6% AER
Transfer up to £500 each calendar month
2 min
- Deposits are per calendar month, so transfer early (ideally the 1st) and ensure it arrives before the 25th to earn interest for the full month.
- Automate it: set up a standing order to your Regular Saver. Schedule it for the 1st of the month to maximise your interest.
- Prefer doing it manually? Set a monthly reminder instead.
- You can deposit any amount from £1 to £500 per calendar month.
3
Withdraw your balance365d
2 mins
Your 12-month term ends
- After 12 months, your account automatically switches to Monmouthshire’s Easy Saver at a lower rate
- Move your money to the best available savings account to keep earning a competitive rate
- Monmouthshire will contact you before your term ends with your options
Offer Complete
Done? Tick off each step above to see your total.
Monmouthshire Building Society Full Review
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.
Is Monmouthshire Building Society safe?
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.
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.
Top Features
1
Competitive regular saver rate
6.00% AER (variable) on monthly deposits up to £500, paid at the end of the 12-month term.
2
Generous deposit cap
Save up to £500 per month (£6,000 total), which is higher than many other regular savers on the market.
3
FSCS protected
Your savings are protected up to £120,000 per person under the Financial Services Compensation Scheme.
4
Low barrier to entry
Open with just £1 and no existing account required. Available to new and existing customers.
5
Flexible withdrawals
Withdraw your money or close your account at any time without notice or penalty.
Pros and Cons
Pros
- ✓6.00% AER with a generous £500 monthly deposit cap
- ✓Open to new customers with just £1 to start
- ✓Withdraw or close at any time without penalty
- ✓FSCS protected up to £120,000
- ✓Member-owned mutual with over 155 years of history
Cons
- ✗Variable rate can change with 14 days notice
- ✗Not available to Northern Ireland residents
- ✗Branch network limited to South Wales
- ✗Can only open via the MonBS app or in branch (no desktop web application)
- ✗Withdrawn money can’t be re-deposited if you’ve hit the monthly cap
Our Verdict
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.
