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 fixed-rate bond accounts.
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.
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
To transfer an ISA, you will need to apply for an ISA with Principality Building Society if you don't already have one, then complete an ISA transfer form.
The cheque clearing cycle usually takes 2 business days which means you should be able to withdraw your funds from the third business day after the deposit.
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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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