Principality Building Society savings rates — compare every account, plus switch offers and guides

Who they are

Principality Building Society is based in Cardiff, Wales , and traces its roots all the way back to 1860. As a mutual, it is owned by its members rather than shareholders - meaning there are no outside investors to satisfy. It is the sixth largest building society in the UK , and the largest in Wales, with over 60 branches. Principality does not offer an everyday current account , so its focus is squarely on savings and mortgages. Its savings and mortgage services both hold gold ribbons from Fairer Finance, and it ranks in the top 10 providers for trust in Fairer Finance's Customer Experience Ratings for Savings.

Savings accounts

The range here is broad enough to suit most saving styles. The headline rate sits on the 1 Year Regular Saver Bond at 4.85% - though you need to save regularly and cannot touch the money until maturity. For lump-sum savers, the 1 Year Fixed Rate Bond pays 4.45% and the 1 Year Fixed Rate Cash ISA pays 4.50%, both requiring a £500 minimum. Fixed Cash ISAs stretch out to 5 years, where the rate currently sits at 4.30%.

If you want some flexibility, the Online Bonus 5 Access account pays 4.25% - though that headline includes a 1.90% introductory bonus for 12 months, with a base rate of 2.35% underneath. The branch equivalent pays 3.35%, also with a 12-month bonus element. Fully instant-access accounts, online or in branch, currently pay 2.25%. There is also a Children's Regular Saver paying 4.00% over three years.

Deposits are protected up to £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 licence.

What savers say

Reviewers tend to split neatly into two camps. Regular saver fans are enthusiastic: one reviewer noted that "the regular saver set up, funding, rates and renewal is the slickest on the market" and that you do not even lose a day between renewals. Phone service gets consistent praise, with many customers highlighting the ability to speak to an experienced member of staff directly, with calls answered quickly and professionally. On the other side, a handful of savers have found the online login process frustrating, and branch experiences are occasionally mixed. Worth keeping in mind if you plan to manage everything digitally.

Is it right for you?

Principality suits savers who want a proper mutual with real high-street branches, particularly across Wales and the borders, or those who want to lock money away in a fixed bond or regular saver where rates are competitive. Easy access rates are towards the lower end of the market, so if flexibility is your priority, it is worth shopping around. The higher FSCS limit of £120,000 is a genuine practical benefit if you hold a larger balance.

Rates move frequently - check the live figures shown on this page for the current numbers before deciding.