18 February 2020

Taking the first steps – Principality launches savings account for first time buyers

Principality Building Society has launched a savings account to help young people into their first home. First Home Steps, which offers a tiered interest rate and three withdrawals per year, will support first time buyers in their savings journey.

Savers can also benefit from a £500 cash bonus, which is given to customers upon taking a mortgage out with Principality directly.

Available in branch and agency, the First Home Steps regular saver offers savers a tiered interest rate between 1-2%. The account gives flexibility to savers, including allowing multiple deposits of up to £1,500 per calendar month and three withdrawals per year, without penalties. 

Julie-Ann Haines, Chief Customer Officer at Principality Building Society, said:
“Our ethos as a mutual building society is to help people to prosper in their homes and we realise that it is getting more difficult for young people to save and get into their first home. First Home Steps will support savers in reaching the goal of home ownership, whilst also giving them flexibility when they need it.”

To find out more, visit www.principality.co.uk/firsthomestepsaccount

Product Summary:
• Product Interest Rates:
 £1-£2,500 – 1.00% Gross* p.a./AER† (Variable)
£2,501-£7,500 – 1.50% Gross* p.a./AER† (Variable)
£7,501-£25,000 – 2.00% Gross* p.a./AER† (Variable)
• Minimum balance per account is £1; the overall maximum balance per account is £25,000. 
• Available in branch or agency.
• Multiple deposits can be made up to the maximum monthly deposit of £1,500.
• Interest is calculated on a daily balance and paid annually on 1st January every year. For balances eligible for the higher rates of interest, the higher rate will apply to the total balance when that day’s interest is accrued.
• Based in Wales, Principality is the UK’s sixth largest building society, with 53 branches and 17 agencies across Wales and the borders. In 2019, the Society helped over 4,900 first time buyers onto the property ladder.
• Celebratory Bonus of £500 is subject to meeting lending and affordability criteria for a Principality mortgage product.
• Accounts can be opened in joint names, but are limited to one account per customer.

Published: 18/02/2020