Principality Building Society

Who they are

Principality Building Society is a mutual building society headquartered in Cardiff, Wales - owned by its members rather than shareholders. It was formed in 1860 and has grown steadily ever since. It is the largest building society in Wales and the sixth largest in the UK. It serves over 500,000 members through more than 60 branches and agencies across Wales and the bordering English counties. Being a mutual means profits stay in the business rather than going to outside investors - the idea being that this translates into better rates and service for members.

Principality is authorised by the FCA (firm reference 155998) and your eligible deposits are protected up to £120,000 per person by the FSCS.

Savings accounts

The range covers fixed bonds, Cash ISAs, regular savers, easy access and children's accounts. The fixed-rate lineup is the headline act. The 1 Year Regular Saver Bond currently pays 4.85% and requires just £1 to open, though no access is allowed until maturity. The 1 Year Fixed Rate Bond pays 4.80% from £500, and the 2 Year Fixed Rate Bond pays 4.75%.

On the ISA side, the 1 Year Fixed Rate Cash ISA pays 4.75% and the 2 Year version pays 4.70%, both from £500. Longer-term fixed options - the 3, 5 Year Bonds and Cash ISAs - sit in the 4.65%-4.70% range.

For those who need some flexibility, the Branch 5 Access Bonus Saver and its ISA equivalent each pay 3.35%, though that rate includes a 1.05% bonus for the first 12 months - the base rate underneath is 2.30%. Plain easy access accounts (branch or online) and the instant-access Cash ISA currently pay 2.25%.

There is also a 3 Year Children's Regular Saver at 4.00% and the Dylan Advanced Saver at 3.35% for younger savers.

All accounts carry FSCS deposit protection up to £120,000 per person. Principality holds its own banking licence independently, so that full allowance belongs entirely to Principality savers - it is not shared with any other brand.

Is it right for you?

Principality suits savers who want a well-established, genuinely mutual institution and are comfortable with at least some of their money locked away. The fixed bond and ISA rates are competitive, and the low minimum on the Regular Saver Bond (£1) is useful if you want to drip money in. Branch access across Wales and the borders is a genuine bonus if you prefer face-to-face service.

The easy access rates are less competitive than some digital-only rivals, and the bonus on the 5 Access accounts drops away after 12 months - so it pays to diarise a review date.

Rates change regularly, so check the live figures shown on this page before making any decision.