Monmouthshire BS praised for savings consistency

Monmouthshire Building Society, one of Wales’ largest and most successful institutions, has been recognised by Moneysupermarket.com as providing the UK’s ‘most consistent’ Cash ISA, generating the best returns over a 3 year period.

Since April of this year, the Society’s Cash ISA 2 product has featured in the Sunday Times Best Buys listing, every week, as the number one most consistent Cash ISA product in the UK. The Sunday Times listing is published using product information gathered by Moneysupermarket.com, the UK's leading finance price comparison website.

The savings market has endured severe market turbulence over the past 12 months. The recent spate of cuts to the Bank of England base rate has seen a dramatic decrease in the interest rates paid to savers.

Many financial providers have launched accounts with short-term introductory bonuses that grab headlines but which often fail to deliver long-term value. Monmouthshire Building Society attempts to provide accounts, like its Cash ISA, that are praised for their consistency over the longer term.

From 6th October 2009, savers aged 50 or over looking to open or transfer an ISA should be aware that the annual ISA limit will be raised to £10,200, of which up to £5,100 of which can be saved in cash. The same increased limit will apply to all savers aged 18 or over as of 6th April 2010.

Now in its 140th year of business, Monmouthshire Building Society, who recently announced a record inflow of members’ funds as a result of an excellent year against challenging economic conditions, continues to pursue its policy of profit sufficiency as opposed to profit maximisation. Being customer-focused and providing long-term competitive savings rates are key elements of that policy.

Commenting on the recognition, Andrew Lewis, Chief Executive of Monmouthshire Building Society said ‘In the current economic climate, it’s pleasing to be recognised for the consistency of our Cash ISA. Being a regional building society we always put the customer first. We are not in the market to offer flashy initial rates or short-term bonuses; we are about providing competitive long-term savings products that pay our members consistent rates”.

Chairman Mr Robert Williams added that while a key theme of financial regulation in recent years has been ‘treating customers fairly’, as a local mutual society, the Monmouthshire has always held this as a key part of its ethos.

“The ‘treating customers fairly’ concept has been wholly incorporated into all our business areas, and I believe that our record growth in retail savings funds during the year has been accomplished precisely because of our focus on customer fairness, coupled with consistently competitive products,” said Mr Williams.

In pursuit of providing a customer-focused service, the Society continues to go from strength to strength in the development of its branch network. Its high-street presence has been significantly strengthened by the recent opening of its new Swansea branch, the relocation of its flagship branch in Newport and the opening of its first ever branch in Cardiff.

For more information, visit monbs.com