Monbs

Monbs is a Wales-based building society that offers savings accounts, cash ISAs and mortgages. It is a mutual, so it is owned by its members rather than shareholders, and holding a qualifying savings account or mortgage normally makes you one: members can vote at the society's Annual General Meeting, held in August each year¹. Its business is deliberately narrower than a bank's: there are no current accounts, and its own support pages put the digital offer plainly: "As we are a Building Society not a Bank, we do not offer online 'banking' as such, however the MBS App allows our customers to view information about their mortgage and savings accounts online"¹.

In practice, that means you manage Monbs savings and mortgages through a mobile app, a telephone service, branches and agency offices¹. The app is the main digital channel: it shows your mortgage and savings balances, lets you open savings products, and supports biometric login with face recognition or fingerprint¹. It has limits, though. It is mobile-only, transfers can only be made between Monbs accounts, and recurring payments cannot be set up in it at this stage¹.

This page sets out what Monbs offers across savings, cash ISAs and mortgages, how you manage accounts with it, where to get help if mortgage payments become difficult, how to complain, and how your money is protected.

MonBS savings accounts and cash ISAs

Monbs's savings range sits within the general shape of the UK savings market: a wide range of accounts including ISAs, instant access and fixed term options³. Within the ISA family, there are four types available across the market: cash ISAs, stocks and shares ISAs, innovative finance ISAs and lifetime ISAs⁴, and Monbs's ISA business is on the cash side. It confirms that it accepts transfers of cash ISA funds from other ISA providers¹, so money held elsewhere can be moved across without losing its tax-free status. For younger savers, Monbs offers a Junior Cash ISA; the wider rules are explained in the guide to ISAs, and the general savings landscape in the guide to savings accounts.

Interest is not paid on the same schedule for every account. For most Monbs accounts, interest is paid at the close of business on 31 March each year¹. Some products work differently: Monbs gives its 1-Fixed Rate Range as an example, where interest is paid when the bond matures or on the anniversary of the account opening¹. If the timing of interest matters to you, for example because you are planning around a tax year, check the terms of the specific account before opening it.

Two practical points from Monbs's own guidance are worth knowing. First, cheques: "We aren't able to accept cheques made payable directly to 'Monmouthshire Building Society'"¹, so a cheque must be made out to you, not to the society. Second, dormant accounts: Monbs defines a dormant account as a savings account that has not had any customer-initiated transactions for 15 years¹. The money still belongs to you, and if you have lost track of an old account, My Lost Account is a free service that can help find accounts unused for three years or more⁵.

For a sense of scale, complaints data for 2025/26 shows 1,294 complaints opened about deposits and savings accounts excluding cash ISAs across the whole market⁶, a reminder that savings disputes are relatively rare but do happen, and that routes exist to resolve them.

MonBS mortgages, including interest-only lending

Monbs's other main business is mortgage lending, which is one of its two regulatory permissions². The general guide to mortgages explains how the market works; this section covers what is specific to Monbs and to the lending types it uses.

An interest-only mortgage is a loan for a property that allows you to pay off just the interest on your borrowing each month, and not the capital⁷. The balance you borrowed stays the same until the mortgage ends, when it must be repaid in full. Interest-only mortgages are available with fixed and variable rates⁷, so the choice of rate type is separate from the choice of repayment structure.

They are not easy to get. Interest-only mortgages are still available, but you will need to meet very strict criteria, and you will also need to have an adequate repayment vehicle linked to the mortgage⁸, such as savings or investments built up alongside it, because the lender will want evidence that the balance can actually be cleared at the end. If you are weighing up how a repayment mortgage compares, or how much a move might cost, the guides to home buying and loans set out the wider picture.

Monbs requires mortgage payments to come from an account held within the mortgage account holders: "we do not accept payments from a third-party account"¹. That matters if a partner, parent or anyone else was intending to make the payment from their own account, even on your behalf.

New mortgage lending paused while MonBS upgrades its systems

Monbs is in the middle of upgrading its systems, and its digital services show the limits of that work in progress. The Monbs app does not yet support recurring payments: "No, recurring payments aren't able to be setup within the MonBS app at this stage"¹. The phrase "at this stage" signals that the society treats its current app capability as incomplete, and customers managing regular commitments may need to use phone, branch or agency channels in the meantime.

The wider mortgage market context matters too. Lending activity in 2024 Q2 was still around 16 per cent lower than that seen in 2022⁹, so borrowers across the market have faced a smaller pool of active lenders and products than in the peak years. Government-backed schemes have also narrowed: previous mortgage guarantee schemes are now closed to new applications¹⁰, so the support that existed for high loan-to-value borrowing in earlier years is no longer available.

If you are hoping to borrow from Monbs during this period, the practical step is to check with the society directly about current lending availability before making plans around it, and to keep the lenders directory in mind as a map of who else lends in the UK market.

Decision in Principle: checking what you could borrow

A Decision in Principle (also called an agreement in principle) is a lender's indication of what it might be prepared to lend you. It is based on what you can afford: lenders use their own affordability criteria to work this out, looking at your income and spending in full⁸. It is not a guarantee of a mortgage, and the full application comes later, with fuller checks.

What a lender looks at is broad. All potential borrowing is subject to affordability checks and credit status, and depends on regular commitments, pay type, self-employment, deposit, age and borrowing beyond retirement date, as well as individual lender criteria¹¹. Under the FCA's mortgage rules, lenders' policy controls may include, where appropriate, maximum loan to value limits, minimum equity requirements, regional factors such as property prices, or other eligibility requirements¹².

One thing to weigh before applying: getting a decision in principle usually involves a credit check, so independent guidance advises only doing this when formally applying for the mortgage, or if an estate agent asks for one to check you are a credible buyer¹³. Capacity matters too: having capacity to take out a loan means you can understand and remember information about the loan, weigh up that information when deciding whether you want it, and let someone know what your decision is¹⁴. The guide to credit scores explains how credit checks work and what shows up on your file.

Switching to a new rate when your mortgage deal ends

When a fixed-rate mortgage deal ends, you need to remortgage. If you do not, you will be moved to your lender's standard variable rate (SVR), which is usually much more expensive¹⁶. That is the single most important date in any fixed-rate mortgage, and Monbs mortgage holders can plan for it.

Monbs operates a rate switch process for existing borrowers. Once you have selected your new product, your rate will switch over when your current mortgage deal ends¹⁷, so the new rate can be lined up in advance rather than leaving you on the SVR in the gap. The society publishes rate switch FAQs covering this process, including its adviser opening hours: Monday 9am to 8pm, Tuesday 9am to 8pm, Wednesday 10am to 8pm, Thursday 9am to 8pm, Friday 9am to 5pm, and closed on Sunday¹⁷.

There is also a market-wide protection worth knowing about. Under the Mortgage Charter, customers who are up to date with payments can switch to a new mortgage deal with their lender at the end of their existing fixed-rate agreement without a new affordability check¹⁸. That removes one of the obstacles that used to catch borrowers whose circumstances had changed since they first borrowed. The guide to mortgages covers how remortgaging works more generally.

Managing your account through the app, branches and agencies

The Monbs app is the society's main digital channel, and it is worth being clear about what it can and cannot do. It is mobile-only: "The app is mobile-only login"¹, so there is no browser-based access from a computer. You cannot sign up using a landline, because a mobile is needed to verify your app access¹. On the security side, the app supports biometric login, using face recognition or fingerprint¹.

Within the app, you can view information about your mortgage and savings accounts, and you can open savings products directly through the app¹. Transfers are limited: "No, you can only make internal transfers from one MonBS account to another"¹, so payments to other people or other banks need to be made another way. Recurring payments cannot be set up in the app at this stage¹.

For anything the app cannot do, Monbs operates through branches and agency offices, and by phone. Mortgage advisers are available Monday to Thursday 9am to 8pm (Wednesday from 10am), Friday 9am to 5pm, and closed Sunday¹⁷. If you operate a Monbs savings account on behalf of another adult, there is an extra step: "you must complete an Official Signatory Form. A copy of the Trust Deed, Power of Attorney, Will, Grant of Probate or Letters of Administration (as applicable) must accompany the form"¹.

Help if you are struggling with mortgage payments

If mortgage payments become difficult, the first rule is to contact the lender early. Lenders can help if you are struggling to pay your mortgage, and this could include reducing your monthly payments or taking a break from your payments for a few months¹⁹. In Scotland, official cost of living guidance makes the same point: if you are having problems with your mortgage you could get help from your lender if they have signed up to the Mortgage Charter²⁰.

Support also exists at government level. Homeowners can get help with their mortgage interest payments through Support for Mortgage Interest (SMI), which is offered as a repayable loan²¹. If you receive Income Support, you may be able to get help with the cost of your mortgage and other home loans²². In Wales, the Help to Stay scheme may be able to provide financial help if you are having or facing difficulty making mortgage payments²³; you may qualify if your household is already missing payments or building up arrears, or is at risk of missing payments soon, for example because of a change in circumstances such as an increase in your mortgage rate or loss of income²⁴. Free debt advice charities such as StepChange also help specifically with mortgage problems⁸.

There are rules on what lenders can charge when things go wrong. In one Financial Ombudsman Service case study, the ombudsman found a lender should have offered a customer options that might help, "like a temporary switch to interest only, or accepting reduced payments for a while", before charging arrears fees²⁵. The ombudsman can look at whether a firm has followed the rules¹⁹, and the guide to debt sets out the full range of help available.

Extra support, scam reimbursement and Power of Attorney

Monbs's Official Signatory Form process, described above, is how the society handles accounts operated under a Power of Attorney, a Trust Deed, a Will, a Grant of Probate or Letters of Administration¹. If you are acting for someone who has lost the capacity to manage their own money, the documentation must accompany the form before the account can be operated. When an account holder dies, how Monbs administers their sole accounts depends on the amount of savings they held in their sole name¹; separately, HM Revenue and Customs must be told who is dealing with the person's estate, either by calling its helpline or, if you cannot call, by filling in form P1000²⁶.

On scams, the rules have changed significantly in recent years. The Payment Systems Regulator introduced a reimbursement requirement within Faster Payments to improve fraud prevention and focus firms' efforts²⁷, with the policy set out in detail in its policy statements²⁷. The requirement means reimbursement in all but exceptional cases, so more victims get their money back²⁸. There are limits: claims are subject to a £100 excess, and a maximum cap of £85,000²⁹. Special protections apply for customers deemed vulnerable³⁰. If your payment provider does decide to reimburse you, it may deduct an excess of up to £100 for each scam claim³¹. The guide to scams and fraud explains how to spot the common types and what to do if you have been caught.

How to complain to MonBS

Complaints to Monbs start with the society itself. Its internal complaints procedure covers claims for consequential loss, distress or inconvenience, and if you are not satisfied with the outcome you can refer the matter to the Financial Ombudsman Service¹. The society can be reached in person at any branch or agency office, by phone, or in writing to its Complaints Team¹.

The ombudsman route has a clear sequence. You make a formal complaint to the company first; if it does not send you a final response letter within eight weeks, or you are unhappy with the response, you can bring the complaint to the Ombudsman³². The ombudsman service is free to use. If your complaint is about a claims management company rather than Monbs itself, the Claims Management Ombudsman takes complaints through online forms or its helpline, but not in person at offices or regional hubs³³.

How your savings with MonBS are protected

Money held in savings accounts with Monbs is protected by the Financial Services Compensation Scheme (FSCS), the UK's deposit protection scheme. FSCS protection covers deposits in current accounts, savings accounts, cash ISAs and savings bonds³⁴. Because Monbs's permissions include accepting deposits², its savings accounts and cash ISAs fall within that protection, up to the scheme's limit for eligible depositors. The Bank of England's explainer on the scheme sets out how it works³⁴, and the guide to consumer protection covers the wider safety net around UK financial services.

Two related points complete the picture. First, membership: holding a qualifying savings account or mortgage normally makes you a member of the society¹, and members can vote at the AGM in August each year; where an account is held jointly, voting rights are normally exercised by the first-named account holder¹. Second, if you are tracing money from years past, a dormant Monbs account is one with no customer-initiated transactions for 15 years¹, and My Lost Account is a free service that can help find accounts unused for three years or more⁵. The full list of banks and building societies operating in the UK is in the banks and building societies directory.