Principality Building Society savings review

Principality Building Society offers a broad range of savings accounts with interest rates up to 7.5%.

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Principality Building Society

Based in Wales, the Principality Building Society is the sixth largest building society in the UK. It has more than 500,000 members and offers a range of mortgage, insurance and savings products.

Principality Building Society's top savings rate of 7.5% is available on one of its regular savings accounts.

Easy access savings accounts

Table: sorted by interest rate
Principality Building Society's best easy access rate of 4.5% is significantly lower than today's market-best rate of 6.89%.
1 - 5 of 8
Product UKFSA-SAV Account type Withdrawals Min. opening balance Rate Deposit protection Open via Incentive
Principality Building Society – Online Bonus 5 Access Cash ISA Issue 4
Principality Building Society logo
Cash ISA
Instant access
£1
4.5% AER variable (includes a 1.55% bonus )
FSCS logo
protected
Open via: website.
Go to siteView details
Principality Building Society – Online Bonus Triple Access Issue 6
Principality Building Society logo
Variable
Instant access
£1
4.5% AER variable (includes a 1.5% bonus )
FSCS logo
protected
Open via: website.
Go to siteView details
Principality Building Society – Branch 5 Access Bonus Saver Issue 2
Principality Building Society logo
Variable
Instant access
£1
4% AER variable (includes a 1.05% bonus )
FSCS logo
protected
Open via: branch.
Go to siteView details
Principality Building Society – Branch 5 Access Bonus Cash ISA Issue 2
Principality Building Society logo
Cash ISA
Instant access
£1
4% AER variable (includes a 1.05% bonus )
FSCS logo
protected
Open via: branch.
Go to siteView details
Principality Building Society – Branch Instant Access
Principality Building Society logo
Variable
Instant access
£1
2.9% AER variable
FSCS logo
protected
Open via: branch.
Go to siteView details
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Cash ISAs

Table: sorted by interest rate
Principality Building Society's best cash ISA rate of 4.5% is slightly lower than today's market-best rate of 5.01%.
1 - 5 of 12
Product UKFSA-SAV Rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description
Principality Building Society – Online Bonus 5 Access Cash ISA Issue 4
Principality Building Society logo
4.5% AER variable (includes a 1.55% bonus )
£1
Yearly
Instant access
FSCS logo
protected
Open via: website.
Go to siteView details
Principality Building Society – 1 Year Fixed Rate Cash ISA (Issue 373)
Principality Building Society logo
4.25% AER fixed for 1 year
£500
Monthly
Withdrawals not permitted
FSCS logo
protected
Open via: branch, website, post.
Go to siteView details
Principality Building Society – 1 Year Fixed Rate Cash ISA (Issue 373)
Principality Building Society logo
4.25% AER fixed for 1 year
£500
Anniversary of account opening
Withdrawals not permitted
FSCS logo
protected
Open via: branch, website, post.
Go to siteView details
Principality Building Society – 2 Year Fixed Rate Cash ISA (Issue 374)
Principality Building Society logo
4.2% AER fixed for 2 years
£500
Monthly
Withdrawals not permitted
FSCS logo
protected
Open via: branch, website, post.
Go to siteView details
Principality Building Society – 2 Year Fixed Rate Cash ISA (Issue 374)
Principality Building Society logo
4.2% AER fixed for 2 years
£500
Anniversary of account opening
Withdrawals not permitted
FSCS logo
protected
Open via: branch, website, post.
Go to siteView details
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Fixed-rate bonds

Table: sorted by interest rate
Principality Building Society's best fixed-rate bond rate of 4.2% is very slightly lower than today's market-best rate of 4.63%.
1 - 5 of 8
Product UKFSA-SAV Rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description
Principality Building Society – 1 Year Fixed Rate Bond (Issue 484)
Principality Building Society logo
4.2% AER fixed for 1 year
£500 - £2,000,000
Monthly
Withdrawals not permitted
Branch, website, post
FSCS logo
protected
Open via: branch, website, post.
Go to siteView details
Principality Building Society – 1 Year Fixed Rate Bond (Issue 484)
Principality Building Society logo
4.2% AER fixed for 1 year
£500 - £2,000,000
Anniversary of account opening
Withdrawals not permitted
Branch, website, post
FSCS logo
protected
Open via: branch, website, post.
Go to siteView details
Principality Building Society – 2 Year Fixed Rate Bond (Issue 485)
Principality Building Society logo
4.15% AER fixed for 2 years
£500 - £2,000,000
Monthly
Withdrawals not permitted
Branch, website, post
FSCS logo
protected
Open via: branch, website, post.
Go to siteView details
Principality Building Society – 2 Year Fixed Rate Bond (Issue 485)
Principality Building Society logo
4.15% AER fixed for 2 years
£500 - £2,000,000
Anniversary of account opening
Withdrawals not permitted
Branch, website, post
FSCS logo
protected
Open via: branch, website, post.
Go to siteView details
Principality Building Society – 3 Year Fixed Rate Bond (Issue 486)
Principality Building Society logo
4.05% AER fixed for 3 years
£500 - £2,000,000
Monthly
Withdrawals not permitted
Branch, website, post
FSCS logo
protected
Open via: branch, website, post.
Go to siteView details
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Regular savings accounts

Table: sorted by interest rate
Principality Building Society's top regular savings account rate of 7.5% is the best currently on the market.
Product UKFSA-SAV AER Save Withdrawal notice Interest paid Deposit protection Open via Incentive Table product description
Principality Building Society – 6 Month Regular Saver (Issue 3)
Principality Building Society logo
7.5% fixed for 182 days (on first £1,200)
£1 to £200 per month
6 month bond
On maturity
FSCS logo
protected
Open via: branch, website.
Go to siteView details
Principality Building Society – 1 Year Triple Access Regular Saver
Principality Building Society logo
5.4% variable (on first £600)
£1 to £50 per month
1 year bond
Yearly
FSCS logo
protected
Open via: branch, website.
Go to siteView details
Principality Building Society – 1 Year Regular Saver Bond (Issue 36)
Principality Building Society logo
4.85% fixed for 1 year (on first £3,000)
£1 to £250 per month
1 year bond
Anniversary of account opening
FSCS logo
protected
Open via: branch, website.
Go to siteView details
Principality Building Society – First Home Steps Account (Issue 5)
Principality Building Society logo
4.65% variable (on first £50,000)
£0 to £1,000 per month
None
Yearly
FSCS logo
protected
Open via: branch.
Celebratory Bonus of £500 paid to qualifying account holders who complete on a Principality Residential Mortgage to purchase their first home in England or Wales once the First Home Steps Account has been open for a minimum of 12 months.
Go to siteView details
Principality Building Society – First Home Steps Online (Issue 5)
Principality Building Society logo
4.65% variable (on first £50,000)
£0 to £1,000 per month
None
Yearly
FSCS logo
protected
Open via: website.
Celebratory Bonus of £500 paid to qualifying account holders who complete on a Principality Residential Mortgage to purchase their first home in England or Wales once the First Home Steps Account has been open for a minimum of 12 months.
Go to siteView details
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What is Principality Building Society's best savings account with the highest interest rate?

The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.

Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Principality Building Society offers, plus the highest interest rate currently available.

Savings account types include Easy access, cash ISAs, fixed-rate bonds, regular savers
Best easy access rate 4.5%
Best cash ISA rate 4.5%
Best fixed-rate bond rate 4.2%
Best regular saver rate 7.5%
Fixed bond terms 1 year - 5 years
Opening options Branch, website, post
FSCS protection

How to open an account

Depending on the account you choose, you will either need to open the account online, by post, in branch or at an agency. Note that branches are only in Wales or on the border.

With the exception of the children’s accounts, you will usually need to be either 16 or 18 years old, depending on the account you’re opening, and a UK resident.

Documents needed to open an account

To open an account you will need to provide a form of ID such as a UK passport or driving licence, as well as address verification such as a recent utility bill, local authority tax bill, water bill or bank or mortgage statement.

Is Principality Building Society safe?

Yes, Principality Building Society is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA. This means all eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). This increases to £170,000 for joint accounts.

Pros and cons

Pros

  • Flexibility. There’s a range of accounts to choose from, whether you’re looking for an easy access account or a fixed rate bond.
  • Multiple ways to bank. Manage your account online, by post or in branch.
  • FSCS protection. Money in accounts will be protected up to £85,000 per person.

Cons

  • Better rates elsewhere? Principality Building Society offers some competitive interest rates, but always check what’s on offer elsewhere first.
  • Limited branch access. You’ll need to live in Wales or on the border if you want branch access to your account.

Customer service information for Principality Building Society

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Our verdict: Is a savings account from Principality Building Society worth it?

Principality Building Society has a wide variety of savings accounts to choose from for a wide variety of needs. Whether you’re looking for a fixed rate bond, a cash ISA or a children’s account, there should be something for you. On top of that, you can choose from accounts designed to help you build up a deposit for your first home, as well as accounts for NHS workers.

However, as always, make sure you’ve compared your options against the wider market before making a final decision.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Written by

Writer

Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio

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