Monmouthshire Building Society

Who they are

Monmouthshire Building Society is based in Newport, Wales, and was founded back in 1869 - making it one of the older mutuals still operating in the UK. Unlike a bank, it is owned by its members rather than shareholders, which means profits are reinvested back into the society rather than paid out to outside investors.

The society operates as a mutual organisation through a network of branch and agency offices, covering the M4 corridor from Chepstow in the east to Swansea in the west. That makes it genuinely regional in character - this is not a provider trying to be all things to all people across the country. It ranks as the 14th largest building society in the UK, with around 42,781 members as of 2024.

The society is regulated by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). It participates in the Financial Services Compensation Scheme (FSCS). Note that their Regular Saver Account carries enhanced FSCS protection of up to £120,000 - higher than the standard £85,000 limit - so it is worth checking the specific terms for the account you open.

Savings accounts

Monmouthshire Building Society's headline product on DepositScout right now is their Regular Saver Account, paying 6.00% variable with instant access. You can start from £0, and there is no bonus rate to worry about - what you see is the actual rate, not a teaser that drops after 12 months.

A word of context on regular savers in general: you feed money in monthly rather than depositing a lump sum, so your average balance across the year is roughly half what you end up with. That means the real-world interest earned is lower than the headline rate suggests. Still, at 6.00% with a £500 monthly cap, the return is genuinely competitive. As our monthly roundups have noted, this is one of the best regular saver rates available to people who do not already hold a linked current account with a specific provider - no strings attached.

The society also offers easy-access accounts and fixed-rate savings, as well as ISAs which allow members to save tax-free , though rates on those products are not shown in our current data. Always check the live figures on this page for what is available today.

Access and app experience

Monmouthshire Building Society has a MonBS app which allows customers to open accounts, check savings, and move money , and accounts can also be managed online or in branch. The society shines with friendly, knowledgeable branch staff and the option of face-to-face service, though some customers have found the app clunky and slow. Reviews on Trustpilot and Smart Money People reflect a mixed picture: branch visits and phone support tend to get warm write-ups, while some users have reported the app not working reliably, requiring repeated reinstalls. The society has acknowledged teething troubles and says improvements are ongoing, but it is fair to flag that if a smooth digital experience is essential to you, it is worth weighing that up.

Is it right for you?

Monmouthshire Building Society suits savers who want a strong regular saver rate without needing to open a new current account first. The 6.00% variable rate on the Regular Saver is one of the more competitive open-to-all options in the market. The enhanced FSCS protection of up to £120,000 on that account is also a genuine differentiator for those putting aside larger sums.

It is less suited to people who need a fully polished app experience or who are primarily after easy access or fixed-rate products - the data we hold for them right now is limited to the Regular Saver.

There are no current account switch offers associated with Monmouthshire Building Society, so if a cash switching bonus is part of your plan, you would need to look elsewhere for that.

As always, the rates shown on this page are updated regularly and are the most accurate picture of what Monmouthshire Building Society is offering right now - worth a check before you apply.