Savings Interest Rates, Switch Offers and Guides for Principality Building Society

Who they are

Principality Building Society is based in Cardiff, Wales. Founded in 1860 , it has grown into the largest building society in Wales and the sixth largest in the UK, with assets of over £11 billion. As a mutual, it is owned by its members rather than shareholders - meaning profits stay in the business rather than flowing to external investors. Wales' largest building society, Principality has committed to maintaining its high street and community presence until at least the end of 2030, recognising the importance of access to cash and in-person services for its members. It also serves customers through the internet and telephone.

On FSCS protection, Principality sits slightly apart from most banks. Your eligible deposits held by a UK establishment of Principality Building Society are protected up to a total of £120,000 by the FSCS - higher than the standard £85,000 limit that applies to most banks, because building societies hold their own separate FSCS authorisation. Joint accounts are protected up to £120,000 per account holder, so £240,000 in total.

Savings accounts

Principality covers most of what savers look for. The standout product is the 1 Year Regular Saver Bond at 4.85%, fixed, with a minimum of just £1. If you can commit to locking money away for a full year without touching it, that is the headline rate on offer here.

For straightforward fixed-rate bonds, the 1 Year Fixed Rate Bond sits at 4.3% and both the 2 Year and 3 Year Fixed Rate Bonds come in at 4.1%, all requiring a £500 minimum and no access until maturity. The 5 Year Fixed Rate Bond also sits at 4.1% - so the curve is fairly flat beyond one year, which reflects broader market expectations about where interest rates are heading.

On the ISA side, Principality offers fixed Cash ISAs across one, two, three and five year terms. The 1 Year Fixed Rate Cash ISA pays 4.2%, while the 2 Year, 3 Year and 5 Year options each pay 4.1%. All start from £500.

For savers who need some flexibility, the limited-access accounts - both branch and online versions - pay 3.35%, which includes a 1.05% bonus for 12 months on top of a 2.30% base rate, and allow up to 5 withdrawals a year. There is also a 3 Year Children's Regular Saver at 4.00% variable, opening from £1.

The weakest part of the range is easy access. The Online Easy Access, Branch Instant Access and their ISA equivalents all pay 2.25% - noticeably below what the most competitive easy access providers offer right now. If instant access is your priority, it is worth weighing that against the wider market.

Is it right for you?

Principality works well for savers who value a proper branch network - after 165 years, they have more branches on Welsh high streets than any other bank or building society, with more than 50 branches and agencies across Wales. That said, online accounts are available too, so you are not limited to in-branch access. Customer feedback tends to praise the phone service, though some users note the online interface can be clunky and limited. The higher FSCS limit of £120,000 is a genuine practical advantage if you hold larger balances. Where Principality is less competitive is on easy access rates, so if flexible savings are your main need, compare carefully. Fixed and regular saving is where this society earns its place in the market.

Rates change regularly - use the live figures shown on this page to make your comparison.