Our Community Savings Accounts are built for clubs, societies, and community groups that want a safe and straightforward way to look after their funds. With our Community Prize Draw Saver, you’ll not only earn interest on the balance within your own club savings accounts, but also get automatic entry into our quarterly prize draw - giving your group the chance to win an extra boost of £250.
We have some news!
Our Community Saver Account is back - with a twist!
We are pleased to be offering a Community Prize Draw Saver which aims to support our local Community Groups.
What does this mean for Community Groups?
- 1.75% AER/Gross
- Every quarter, one of our Community Groups will win £250 through our Prize Draw.
- Automatic entry into the quarterly prize draw (subject to meeting entry criteria - * please see T&Cs below for reference).
- The first Prize Draw will occur in December 2025.
Who Can Apply?
Our Community Prize Draw Saver is open to:
- Non-profit clubs
- Local societies
- Community associations
How To Apply
- Branch Opening Only
- A minimum of two signatories is required to manage the account
Summary and Terms & Conditions
It is important that you read the following before deciding to open an account:
Community Prize Draw Saver Terms and Conditions
Community Prize Draw Saver Summary Box
Other Important Information:
- FSCS Information Sheet
- General Terms and Conditions for Savings Accounts
- Savings Service Tariff
- Important Information About Your Personal Data
- My Accounts Terms and Conditions
Savings terms:
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
Gross is the rate of interest payable before any tax is taken off.
Fixed interest means the rate stays the same until the account matures.
Variable interest means the rate can go up or down at any time. We will always publish our rate changes and give you with at least 30 days notice if the rate on one of your accounts is due to go down.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Business day is Monday to Friday excluding bank holidays.
Our community savings accounts are variable-rate savers , built for local, not-for-profit groups. Eligible accounts are automatically entered into a quarterly £250 prize draw (Community Prize Draw Saver T&Cs). It’s opened in-branch with two signatories.
Club savings accounts are open to non-profit, member-run groups such as sports clubs, PTAs, hobby societies, residents’ associations and community projects. You’ll usually need:
- A simple constitution (club rules)
- A committee minute/mandate naming at least two signatories
- ID and address evidence for signatories
If you’re a limited company or trading for profit, this account is not suitable for you.
Every quarter, one eligible Community Prize Draw Saver holder is selected to win £250. Entry is automatic if you meet the criteria outlined in the account Terms & Conditions. The draws take place quarterly, starting from December 2025.
You’ll earn 1.75% AER/Gross (variable). “Variable” means the rate can move up or down; if it changes, we’ll communicate in line with our Savings T&Cs. Interest is shown as AER (Annual Equivalent Rate) which describes what the interest rate would be if interest was paid and compounded once each year, so you can compare accounts fairly.
Community savings accounts are set up for not-for-profit governance: multiple signatories, clear mandates and processes that suit committees and trustees. They help separate operational banking from ring-fenced reserves and are designed to be simple to manage and audit.
Yes - eligible savings are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person. This gives our building society savers peace of mind that their money is protected. If your group holds funds across providers, remember FSCS limits apply per institution.
They’re often the same thing in practice: products tailored for not-for-profit groups rather than private individuals or limited companies. Whether you search for community savings accounts or club savings accounts, look for the same essentials - clear governance (two or more signatories), FSCS coverage, a fair variable or fixed rate, and simple branch support when you need it.
Monmouthshire Building Society doesn’t separate funds within a single account. You can keep both general and restricted money in one Community Savings Account, but it’s best practice to either track restricted funds carefully in your records.
