diff --git a/docs/src/whatsnew/latest.rst b/docs/src/whatsnew/latest.rst
index e04b832e23..bbef181057 100644
--- a/docs/src/whatsnew/latest.rst
+++ b/docs/src/whatsnew/latest.rst
@@ -45,6 +45,9 @@ This document explains the changes made to Iris for this release
    grid-mappping syntax -- see : :issue:`3388`.
    (:issue:`5562`, :pull:`6016`)
 
+#. `@HGWright`_ added the `monthly` and `yearly` options to the
+   :meth:`~iris.coords.guess_bounds` method. (:issue:`4864`, :pull:`6090`)
+
 
 🐛 Bugs Fixed
 =============
diff --git a/lib/iris/coords.py b/lib/iris/coords.py
index a56c13d9af..d2f5b05f89 100644
--- a/lib/iris/coords.py
+++ b/lib/iris/coords.py
@@ -2195,7 +2195,7 @@ def serialize(x):
             coord = self.copy(points=points, bounds=bounds)
         return coord
 
-    def _guess_bounds(self, bound_position=0.5):
+    def _guess_bounds(self, bound_position=0.5, monthly=False, yearly=False):
         """Return bounds for this coordinate based on its points.
 
         Parameters
@@ -2203,6 +2203,12 @@ def _guess_bounds(self, bound_position=0.5):
         bound_position : float, default=0.5
             The desired position of the bounds relative to the position
             of the points.
+        monthly : bool, default=False
+            If True, the coordinate must be monthly and bounds are set to the
+            start and ends of each month.
+        yearly : bool, default=False
+            If True, the coordinate must be yearly and bounds are set to the
+            start and ends of each year.
 
         Returns
         -------
@@ -2225,7 +2231,7 @@ def _guess_bounds(self, bound_position=0.5):
         if self.ndim != 1:
             raise iris.exceptions.CoordinateMultiDimError(self)
 
-        if self.shape[0] < 2:
+        if not monthly and self.shape[0] < 2:
             raise ValueError("Cannot guess bounds for a coordinate of length 1.")
 
         if self.has_bounds():
@@ -2234,31 +2240,80 @@ def _guess_bounds(self, bound_position=0.5):
                 "before guessing new ones."
             )
 
-        if getattr(self, "circular", False):
-            points = np.empty(self.shape[0] + 2)
-            points[1:-1] = self.points
-            direction = 1 if self.points[-1] > self.points[0] else -1
-            points[0] = self.points[-1] - (self.units.modulus * direction)
-            points[-1] = self.points[0] + (self.units.modulus * direction)
-            diffs = np.diff(points)
+        if monthly or yearly:
+            if monthly and yearly:
+                raise ValueError(
+                    "Cannot guess monthly and yearly bounds simultaneously."
+                )
+            dates = self.units.num2date(self.points)
+            lower_bounds = []
+            upper_bounds = []
+            months_and_years = []
+            if monthly:
+                for date in dates:
+                    if date.month == 12:
+                        lyear = date.year
+                        uyear = date.year + 1
+                        lmonth = 12
+                        umonth = 1
+                    else:
+                        lyear = uyear = date.year
+                        lmonth = date.month
+                        umonth = date.month + 1
+                    date_pair = (date.year, date.month)
+                    if date_pair not in months_and_years:
+                        months_and_years.append(date_pair)
+                    else:
+                        raise ValueError(
+                            "Cannot guess monthly bounds for a coordinate with multiple "
+                            "points in a month."
+                        )
+                    lower_bounds.append(date.__class__(lyear, lmonth, 1, 0, 0))
+                    upper_bounds.append(date.__class__(uyear, umonth, 1, 0, 0))
+            elif yearly:
+                for date in dates:
+                    year = date.year
+                    if year not in months_and_years:
+                        months_and_years.append(year)
+                    else:
+                        raise ValueError(
+                            "Cannot guess yearly bounds for a coordinate with multiple "
+                            "points in a year."
+                        )
+                    lower_bounds.append(date.__class__(date.year, 1, 1, 0, 0))
+                    upper_bounds.append(date.__class__(date.year + 1, 1, 1, 0, 0))
+            bounds = self.units.date2num(np.array([lower_bounds, upper_bounds]).T)
+            contiguous = np.ma.allclose(bounds[1:, 0], bounds[:-1, 1])
+            if not contiguous:
+                raise ValueError("Cannot guess bounds for a non-contiguous coordinate.")
+
+        # if not monthly or yearly
         else:
-            diffs = np.diff(self.points)
-            diffs = np.insert(diffs, 0, diffs[0])
-            diffs = np.append(diffs, diffs[-1])
+            if getattr(self, "circular", False):
+                points = np.empty(self.shape[0] + 2)
+                points[1:-1] = self.points
+                direction = 1 if self.points[-1] > self.points[0] else -1
+                points[0] = self.points[-1] - (self.units.modulus * direction)
+                points[-1] = self.points[0] + (self.units.modulus * direction)
+                diffs = np.diff(points)
+            else:
+                diffs = np.diff(self.points)
+                diffs = np.insert(diffs, 0, diffs[0])
+                diffs = np.append(diffs, diffs[-1])
 
-        min_bounds = self.points - diffs[:-1] * bound_position
-        max_bounds = self.points + diffs[1:] * (1 - bound_position)
+            min_bounds = self.points - diffs[:-1] * bound_position
+            max_bounds = self.points + diffs[1:] * (1 - bound_position)
 
-        bounds = np.array([min_bounds, max_bounds]).transpose()
+            bounds = np.array([min_bounds, max_bounds]).transpose()
 
-        if self.name() in ("latitude", "grid_latitude") and self.units == "degree":
-            points = self.points
-            if (points >= -90).all() and (points <= 90).all():
-                np.clip(bounds, -90, 90, out=bounds)
+            if self.name() in ("latitude", "grid_latitude") and self.units == "degree":
+                points = self.points
+                if (points >= -90).all() and (points <= 90).all():
+                    np.clip(bounds, -90, 90, out=bounds)
 
         return bounds
 
-    def guess_bounds(self, bound_position=0.5):
+    def guess_bounds(self, bound_position=0.5, monthly=False, yearly=False):
         """Add contiguous bounds to a coordinate, calculated from its points.
 
         Puts a cell boundary at the specified fraction between each point and
@@ -2275,6 +2330,13 @@ def guess_bounds(self, bound_position=0.5):
         bound_position : float, default=0.5
             The desired position of the bounds relative to the position
             of the points.
+        monthly : bool, default=False
+            If True, the coordinate must be monthly and bounds are set to the
+            start and ends of each month.
+        yearly : bool, default=False
+            If True, the coordinate must be yearly and bounds are set to the
+            start and ends of each year.
+
 
         Notes
         -----
@@ -2289,8 +2351,14 @@ def guess_bounds(self, bound_position=0.5):
             produce unexpected results :  In such cases you should assign
             suitable values directly to the bounds property, instead.
 
+        .. note::
+
+            Monthly and Yearly work differently from the standard case. They
+            can work for single points but cannot be used together.
+
+
         """
-        self.bounds = self._guess_bounds(bound_position)
+        self.bounds = self._guess_bounds(bound_position, monthly, yearly)
 
     def intersect(self, other, return_indices=False):
         """Return a new coordinate from the intersection of two coordinates.
diff --git a/lib/iris/tests/unit/coords/test_Coord.py b/lib/iris/tests/unit/coords/test_Coord.py
index 3740b17f22..c63261f95c 100644
--- a/lib/iris/tests/unit/coords/test_Coord.py
+++ b/lib/iris/tests/unit/coords/test_Coord.py
@@ -9,9 +9,11 @@
 import iris.tests as tests  # isort:skip
 
 import collections
+from datetime import datetime
 from unittest import mock
 import warnings
 
+import cf_units
 import dask.array as da
 import numpy as np
 import pytest
@@ -236,6 +238,163 @@ def test_points_inside_bounds_outside_wrong_name_2(self):
         self.assertArrayEqual(lat.bounds, [[-120, -40], [-40, 35], [35, 105]])
 
 
+def test_guess_bounds_monthly_and_yearly():
+    units = cf_units.Unit("days since epoch", calendar="gregorian")
+    points = units.date2num(
+        [
+            datetime(1990, 1, 1),
+            datetime(1990, 2, 1),
+            datetime(1990, 3, 1),
+        ]
+    )
+    coord = iris.coords.AuxCoord(points=points, units=units, standard_name="time")
+    with pytest.raises(
+        ValueError,
+        match="Cannot guess monthly and yearly bounds simultaneously.",
+    ):
+        coord.guess_bounds(monthly=True, yearly=True)
+
+
+class Test_Guess_Bounds_Monthly:
+    def test_monthly_multiple_points_in_month(self):
+        units = cf_units.Unit("days since epoch", calendar="gregorian")
+        points = units.date2num(
+            [
+                datetime(1990, 1, 3),
+                datetime(1990, 1, 28),
+                datetime(1990, 2, 13),
+            ]
+        )
+        coord = iris.coords.AuxCoord(points=points, units=units, standard_name="time")
+        with pytest.raises(
+            ValueError,
+            match="Cannot guess monthly bounds for a coordinate with multiple points "
+            "in a month.",
+        ):
+            coord.guess_bounds(monthly=True)
+
+    def test_monthly_non_contiguous(self):
+        units = cf_units.Unit("days since epoch", calendar="gregorian")
+        expected = units.date2num(
+            [
+                [datetime(1990, 1, 1), datetime(1990, 2, 1)],
+                [datetime(1990, 2, 1), datetime(1990, 3, 1)],
+                [datetime(1990, 5, 1), datetime(1990, 6, 1)],
+            ]
+        )
+        points = expected.mean(axis=1)
+        coord = iris.coords.AuxCoord(points=points, units=units, standard_name="time")
+        with pytest.raises(
+            ValueError, match="Cannot guess bounds for a non-contiguous coordinate."
+        ):
+            coord.guess_bounds(monthly=True)
+
+    def test_monthly_end_of_month(self):
+        units = cf_units.Unit("days since epoch", calendar="gregorian")
+        expected = units.date2num(
+            [
+                [datetime(1990, 1, 1), datetime(1990, 2, 1)],
+                [datetime(1990, 2, 1), datetime(1990, 3, 1)],
+                [datetime(1990, 3, 1), datetime(1990, 4, 1)],
+            ]
+        )
+        points = units.date2num(
+            [
+                datetime(1990, 1, 31),
+                datetime(1990, 2, 28),
+                datetime(1990, 3, 31),
+            ]
+        )
+        coord = iris.coords.AuxCoord(points=points, units=units, standard_name="time")
+        coord.guess_bounds(monthly=True)
+        dates = units.num2date(coord.bounds)
+        expected_dates = units.num2date(expected)
+        np.testing.assert_array_equal(dates, expected_dates)
+
+    def test_monthly_multiple_years(self):
+        units = cf_units.Unit("days since epoch", calendar="gregorian")
+        expected = [
+            [datetime(1990, 10, 1), datetime(1990, 11, 1)],
+            [datetime(1990, 11, 1), datetime(1990, 12, 1)],
+            [datetime(1990, 12, 1), datetime(1991, 1, 1)],
+        ]
+        expected_points = units.date2num(expected)
+        points = expected_points.mean(axis=1)
+        coord = iris.coords.AuxCoord(points=points, units=units, standard_name="time")
+        coord.guess_bounds(monthly=True)
+        dates = units.num2date(coord.bounds)
+        np.testing.assert_array_equal(dates, expected)
+
+    def test_monthly_single_point(self):
+        units = cf_units.Unit("days since epoch", calendar="gregorian")
+        expected = [
+            [datetime(1990, 1, 1), datetime(1990, 2, 1)],
+        ]
+        expected_points = units.date2num(expected)
+        points = expected_points.mean(axis=1)
+        coord = iris.coords.AuxCoord(points=points, units=units, standard_name="time")
+        coord.guess_bounds(monthly=True)
+        dates = units.num2date(coord.bounds)
+        np.testing.assert_array_equal(dates, expected)
+
+
+class Test_Guess_Bounds_Yearly:
+    def test_yearly_multiple_points_in_year(self):
+        units = cf_units.Unit("days since epoch", calendar="gregorian")
+        points = units.date2num(
+            [
+                datetime(1990, 1, 1),
+                datetime(1990, 2, 1),
+                datetime(1991, 1, 1),
+            ]
+        )
+        coord = iris.coords.AuxCoord(points=points, units=units, standard_name="time")
+        with pytest.raises(
+            ValueError,
+            match="Cannot guess yearly bounds for a coordinate with multiple points "
+            "in a year.",
+        ):
+            coord.guess_bounds(yearly=True)
+
+    def test_yearly_non_contiguous(self):
+        units = cf_units.Unit("days since epoch", calendar="gregorian")
+        expected = units.date2num(
+            [
+                [datetime(1990, 1, 1), datetime(1990, 1, 1)],
+                [datetime(1991, 1, 1), datetime(1991, 1, 1)],
+                [datetime(1994, 1, 1), datetime(1994, 1, 1)],
+            ]
+        )
+        points = expected.mean(axis=1)
+        coord = iris.coords.AuxCoord(points=points, units=units, standard_name="time")
+        with pytest.raises(
+            ValueError, match="Cannot guess bounds for a non-contiguous coordinate."
+        ):
+            coord.guess_bounds(yearly=True)
+
+    def test_yearly_end_of_year(self):
+        units = cf_units.Unit("days since epoch", calendar="gregorian")
+        expected = units.date2num(
+            [
+                [datetime(1990, 1, 1), datetime(1991, 1, 1)],
+                [datetime(1991, 1, 1), datetime(1992, 1, 1)],
+                [datetime(1992, 1, 1), datetime(1993, 1, 1)],
+            ]
+        )
+        points = units.date2num(
+            [
+                datetime(1990, 12, 31),
+                datetime(1991, 12, 31),
+                datetime(1992, 12, 31),
+            ]
+        )
+        coord = iris.coords.AuxCoord(points=points, units=units, standard_name="time")
+        coord.guess_bounds(yearly=True)
+        dates = units.num2date(coord.bounds)
+        expected_dates = units.num2date(expected)
+        np.testing.assert_array_equal(dates, expected_dates)
+
+
 class Test_cell(tests.IrisTest):
     def _mock_coord(self):
         coord = mock.Mock(