Principality Building Society

Principality Building Society savings review

Principality Building Society offers a broad range of savings accounts with interest rates up to 5.5%.

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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 accounts

Table: sorted by interest rate
Principality Building Society's best easy access rate of 5.06% is significantly lower than today's market-best rate of 8%.
Name Product Account type Withdrawals Min. opening balance Interest rate Deposit protection Open via Incentive Apply link
Principality BS – Online Bonus ISA
Cash ISA
Instant access
£1
5.06% AER variable (Includes a bonus )
FSCS logo
protected
Open via: website
Go to site
View details
Principality BS – Online Double Access (Issue 2)
Variable
Instant access
£1
4.85% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
Principality BS – Branch 5 Access Bonus Cash ISA
Cash ISA
Instant access
£1
4.8% AER variable (Includes a bonus )
FSCS logo
protected
Open via: branch
Go to site
View details
Principality BS – Triple Access Saver (Issue 4)
Variable
Instant access
£1
3.65% AER variable (on first £25,000)
FSCS logo
protected
Open via: branch
Go to site
View details
Principality BS – Triple Access Cash ISA (Issue 5)
Cash ISA
Instant access
£1
3.65% AER variable
FSCS logo
protected
Open via: branch
Go to site
View details
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Cash ISAs

Table: sorted by interest rate
Principality Building Society's best cash ISA rate of 5.06% is slightly lower than today's market-best rate of 5.71%.
Name Product Interest rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description Apply link
Principality BS – Online Bonus ISA
5.06% AER variable (Includes a bonus )
£1
Yearly
Instant access
FSCS logo
protected
Open via: website
Go to site
View details
Principality BS – 1 Year Fixed Rate Cash ISA (Issue 310)
5.05% AER fixed for 1 year
£500
Monthly
Withdrawals not permitted
FSCS logo
protected
Open via: branch, website, post
Go to site
View details
Principality BS – 1 Year Fixed Rate Cash ISA (Issue 310)
5.05% AER fixed for 1 year
£500
On maturity
Withdrawals not permitted
FSCS logo
protected
Open via: branch, website, post
Go to site
View details
Principality BS – 2 Year Fixed Rate Cash ISA (Issue 311)
4.9% AER fixed for 2 years
£500
Anniversary of account opening
Withdrawals not permitted
FSCS logo
protected
Open via: branch, website, post
Go to site
View details
Principality BS – 2 Year Fixed Rate Cash ISA (Issue 311)
4.9% AER fixed for 2 years
£500
Monthly
Withdrawals not permitted
FSCS logo
protected
Open via: branch, website, post
Go to site
View details
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Fixed-rate bonds

Table: sorted by interest rate
Principality Building Society's best fixed-rate bond rate of 5.1% is slightly lower than today's market-best rate of 5.8%.
Name Product Interest rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description Apply link
Principality BS – 1 Year Fixed Rate Bond (Issue 424)
5.1% 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 site
View details
Principality BS – 1 Year Fixed Rate Bond (Issue 424)
5.1% AER fixed for 1 year
£500 - £2,000,000
On maturity
Withdrawals not permitted
Branch, website, post
FSCS logo
protected
Open via: branch, website, post
Go to site
View details
Principality BS – 2 Year Fixed Rate Bond (Issue 425)
5% 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 site
View details
Principality BS – 2 Year Fixed Rate Bond (Issue 425)
5% 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 site
View details
Principality BS – 3 Year Fixed Rate Bond (Issue 426)
4.8% 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 site
View details
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Regular savings accounts

Table: sorted by interest rate
Principality Building Society's best regular savings account rate of 5.5% is significantly lower than today's market-best rate of 8%.
Name Product AER Save Withdrawal notice Interest paid Deposit protection Open via Incentive Apply link
Principality BS – 1 Year Regular Saver Bond (Issue 33)
5.5% 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 site
View details
OFFER
Principality BS – First Home Steps Online (Issue 3)
5.25% variable (on first £25,000)
£1 to £1,500 per month
5 year bond
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 after 12 months and within 5 years of the date of opening account.
Go to site
View details
OFFER
Principality BS – First Home Steps Account (Issue 4)
5.25% variable (on first £25,000)
£1 to £1,500 per month
5 year bond
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 after 12 months and within 5 years of the date of opening account.
Go to site
View details
Principality BS – NHS Thank You Online Saver
4.2% variable (on first £20,000)
£1 to £250 per month
None
Yearly
FSCS logo
protected
Open via: website
Go to site
View details
Principality BS – NHS Thank You Saver
4.2% variable (on first £20,000)
£1 to £250 per month
None
Yearly
FSCS logo
protected
Open via: branch
Go to site
View details
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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
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.

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

Savings ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.

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.

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