Savings Interest Rates, Switch Offers and Guides for Monmouthshire Building Society

Who they are

Monmouthshire Building Society was established in Newport in 1869 to help local people build homes, and now helps people across Wales and England buy properties and save for the future. Unlike banks, it is owned by its members and has no shareholders to satisfy, so profits are reinvested back into the Society. It operates through a network of branch and agency offices covering the M4 corridor from Chepstow in the east to Swansea in the west. It is a smaller, regional institution - and that is not a criticism. For savers, it means straightforward products without the noise that often comes with bigger providers.

Savings accounts

The standout product is the Regular Saver Account, currently paying 6.00% variable with instant access and no minimum balance. What makes it genuinely interesting is the monthly deposit cap - at £500 per month, it is one of the most generous limits among regular savers anywhere on the market. Because of that higher cap, the actual interest you earn over a year compares well against accounts with flashier headline rates but lower caps. Crucially, no existing current account is required to open it - unlike most regular savers from high-street banks.

On the ISA side, there is an Instant Access Tracker Cash ISA at 3.25% variable (minimum £1), a 1 Year Fixed Rate Cash ISA at 4.00%, and a 2 Year Fixed Rate Cash ISA at 3.95% - both fixed options also starting from £1 with no access until maturity. For easy access savers who can live with limited withdrawals, the Access Bonus Account pays 3.50% variable, built from a 3.00% base rate plus a 0.50% bonus, with one withdrawal per year allowed before the bonus is affected.

All accounts listed here carry FSCS protection up to £120,000 per depositor - notably higher than the standard £85,000 limit that applies at most banks, as building societies with their own licence can qualify for the higher threshold.

Is it right for you?

Monmouthshire Building Society will not suit everyone. Its branch network is concentrated in South Wales and the South West of England, and it does not have the app-driven experience of a digital challenger. But if you are a disciplined monthly saver who wants a competitive regular saver rate without the obligation of switching your current account, it is one of the more practical options available.

The fixed Cash ISAs are worth a look too, particularly if you want a low entry point - a £1 minimum is as accessible as it gets.

As always, the rates above are correct at the time of writing but will change. Check the live figures on this page before you apply.