Monmouthshire praised for ‘most consistent’ Cash ISA

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

Since March 2009, 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.

As further validation of the product’s consistency, the Society was also recognised by Moneyfacts for providing one of the most consistent Cash ISAs in the UK over 36 months to January 2010. The account has also been listed as a best rate Cash ISA on the influential Which? website since April 2009, and recently received praise for its consistency on the BBC2 ‘Working Lunch’ programme.

The savings market has endured severe market turbulence over the past 18 months. The spate of cuts that led to the Bank of England base rate reaching its historic low also led to a dramatic decrease in the interest rates being 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.

Monmouthshire Building Society, who last year 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, which can now be opened online as well as any of our branch or agency offices. 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 last financial year was 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 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 www.monbs.com