It was founded in 1900, and its first statutes were approved on January 23 of the same year. It is currently governed by statutes approved by decree on January 17, 1917, having had previous ones approved by decree on May 31, 1913.

Only individuals aged 16 to 55, of good moral and civil behavior, are allowed to be members of the mutual benefit society, and they are permitted to subscribe with a capital of 50 to 400 escudos.

The Montepio Madeirense had 1134 members in October 1921 and has owned the building in which it is located since 1915.