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.
Below, we review Principality Building Society’s savings accounts in detail.
Easy access savings accountsPrincipality Building Society's best easy access rate of 5.06% is significantly lower than today's market-best rate of 8%.
Cash ISAsPrincipality Building Society's best cash ISA rate of 5.06% is slightly lower than today's market-best rate of 5.71%.
Fixed-rate bondsPrincipality Building Society's best fixed-rate bond rate of 5.1% is slightly lower than today's market-best rate of 5.8%.
Regular savings accountsPrincipality Building Society's best regular savings account rate of 5.5% is significantly lower than today's market-best rate of 8%.
Overview of Principality Building Society savings
|Savings account types include||Easy access, cash ISAs, fixed-rate bonds, regular savers|
|Best easy access rate||5.06%|
|Best cash ISA rate||5.06%|
|Best fixed-rate bond rate||5.1%|
|Best regular saver rate||5.5%|
|Fixed bond terms||1 year - 5 years|
|Opening options||Branch, website, post|
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
- 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.
- 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.
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
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